UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
| [X] | ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year endedOctober 31, 2014
| |
| [ ] | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| For the transition period from _________ to ________ | |
| Commission file number:333-171305 |
| Avante Systems, Inc. | |
| (Exact name of registrant as specified in its charter) | |
| Nevada | 99-0362655 |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Room 709-710, 7/F Tower 1, Silvercord Centre, Tsim Sha Tsui, Kowloon, Hong Kong |
_________ |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number:852-311-3951 | |
| Securities registered under Section 12(b) of the Exchange Act: | |
| Title of each class | Name of each exchange on which registered |
| none | not applicable |
| Securities registered under Section 12(g) of the Exchange Act: | |
| Title of class | |
| none | |
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 Section 15(d) of the Act.
Yes [X] No [ ]
Indicate by checkmark 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 [ ] No [X]
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 [ ] No [X]
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) 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.Yes [X] No [ ]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.
| [ ] Large accelerated filer | [ ] Accelerated filer |
| [ ] Non-accelerated filer | [X] Smaller reporting company |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes [X] No [ ]
State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter.Not available
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.2,350,000 as of February 9, 2015
| 2 |
PART I
Our Business
We plan to design, develop, manufacture, market, sell, and support a range of 3D print technology systems and services that are uniquely targeted to several key markets, mainly: rapid manufacturing, rapid prototyping and unique “one off” design.
We believe our advantage will be the adoption of a “direct model” that allows us to enter these markets quickly with new and relevant technology to meet changing customer needs, build systems to order, provide expert services tailored to differing customer needs, and maintain low levels of inventory and capital investment as well as facilitate consistent delivery, which will lead to profitability and strong performance across our business segments.
To date, we have not had any sales on our printers, no distribution channels in place, no sales force other than our management, and no material contracts in connection with our business plan. We are a development stage company and can provide no assurance that we will be able to successfully implement our business plan, achieve sales, compete in this business space, or continue as a going concern.
Our corporate address to Room 709-710, 7/F Tower 1, Silvercord Centre, Tsim Sha Tsui, Kowloon, Hong Kong. Our telephone number is 852-3111-3951.
Our Products
We plan to bring professional 3D printing technology to our key markets. Until recently, 3D printers have traditionally been expensive and prohibitive. Our mission is to develop a high quality and inexpensive 3D printer that allows anyone to create 3D forms with ease.
For many years 3D printers were used for prototyping, mainly in the aerospace, medical and automotive industries. Once a design was finalized, a production line would be set up and parts would be manufactured and assembled using conventional methods. But 3D printing has now improved to the point that it is starting to be used to produce the finished items themselves. It is already competitive with plastic injection-molding for runs of around 1,000 items, and this figure will rise as the technology matures. Because each item is created individually, rather than from a single mold, each can be made slightly differently at almost no extra cost. Mass production could, in short, give way to mass customization for all kinds of products, from shoes to spectacles to kitchenware.
Our stereolithography printer converts engineered print materials and composites into solid cross-sections, layer by layer, to print the desired fully fused objects. Our printer is capable of making multiple distinct parts at the same time and is designed to produce highly accurate geometries in a wide range of sizes and shapes with a variety of material performance characteristics. We believe our printer has a wide variety of applications, ranging from short production runs of end-use products to producing prototypes for automotive, aerospace and various consumer and electronic applications.
| 3 |
Market Segments
Rapid Manufacturing
Rapid manufacturing enables the production of optimized designs unconstrained by normal design-for-manufacture considerations. Here our printers can be used to manufacture functional end-use parts that have the appearance and performance of high-quality injection-molded parts and that avoid the significant costs of complex set-ups and changeovers and eliminate the costs and lead times associated with conventional tooling methods or labor- intensive craftsmanship.
Rapid Prototyping
Rapid prototyping applications allows for quick and efficient production of product-concept models, functional prototypes to test form, fit and function, master patterns and expendable patterns for urethane and investment casting that are often used for evaluating product designs and short-run production.
Unique Design
In unique design applications, our printers are used to produce presentation models, primarily for visualizing and communicating concepts; various design elements and other activities, including supply chain management and functional models.
Competition
We compete in a marketplace that is still primarily using conventional methods of model-making and prototype development. Some of the companies that have developed and employ one or more improved technologies include the following companies. Our competitors have more financial resources and capabilities than we do. We hope to compete on superior value, lower price, relevant technology, customized systems, superior service and support, and products and services that are easy to buy and use. Below are some of our competitors.
3D Systems Corporation
3D Systems, headquartered in Rock Hill, South Carolina, is a global, integrated solutions 3D printing company specializing in 3D printers, print materials, professional and consumer custom-parts services and 3D imaging and customization software. Its products are meant to make manufacturing processes more efficient, without requiring tooling. 3D Systems uses proprietary processes to fabricate physical objects using input from computer-aided design and manufacturing software, or 3D scanning and sculpting devices. 3D Systems' technologies and services are used in the design, development and production stages of many industries, including aerospace, automotive, architecture, health care, dental, entertainment, recreation and consumer goods. 3D Systems offers professional- and production-grade 3D printers, in addition to a line of personal 3D printers and 3D-printed consumer products, supported by the affiliated online forum Cubify. 3D Systems is notable within the 3D printing industry for developing stereolithography and the STL file format.
Proto Labs
Proto Labs is the world’s fastest provider of CNC machined and injection molded parts. Proto Labs Firstcut and Protomold services utilize proprietary computing technologies and automated manufacturing systems to provide both prototype and short-run production parts. Proto Labs single focus is to provide new product designers with the easiest, fastest and least-expensive way to obtain low volumes of parts based on their 3D CAD design. Proto Labs Firstcut CNC machining service supports an array of engineering-grade resins as well and metals, and our Protomold plastic injection molding service offers hundreds of material choices to designers. This capability is applicable to all markets, including but not limited to medical devices, electronics, appliance, automotive and consumer products.
Stratasys Inc.
Stratasys Ltd. was formed in 2012 by the merger of Stratasys Inc. and Objet Ltd. The company manufactures 3D printers and materials that create prototypes and manufactured goods directly from 3D CAD files or other 3D content. The company’s 3D printers are based on patented FDM® and PolyJet® inkjet-based technologies. Stratasys systems are used by manufacturers to create models and prototypes to aid in the new product design process. And they are becoming widely used for production of finished goods in low-volume manufacturing. Systems range from affordable desktop 3D printers to large production systems for direct digital manufacturing.
| 4 |
We do not lease or own any real property. Our corporate address is located at Room 709-710, 7/F Tower 1, Silvercord Centre, Tsim Sha Tsui, Kowloon, Hong Kong. Our officer has provided this space without charge. Our telephone number is 852-311-3951.
We are not a party to any pending legal proceeding. We are not aware of any pending legal proceeding to which any of our officers, directors, or any beneficial holders of 5% or more of our voting securities are adverse to us or have a material interest adverse to us.
Item 4. Mine Safety Disclosures
Not applicable.
PART II
Item 5. Market for Registrant’s Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
Our common stock is quoted under the symbol “AVTS” on the OTCBB operated by the Financial Industry Regulatory Authority, Inc. (“FINRA”) and the OTCQB operated by OTC Markets Group, Inc. Few market makers continue to participate in the OTCBB system because of high fees charged by FINRA. Consequently, market makers that once quoted our shares on the OTCBB system may no longer be posting a quotation for our shares. The criteria for listing on either the OTCBB or OTCQB are similar and include that we remain current in our SEC reporting. Our reporting is presently current and, since inception, we have filed our SEC reports on time.
There has not been trading in our securities. There is no assurance that a regular trading market will develop, or if developed, that it will be sustained. Therefore, a shareholder may be unable to resell his securities in our company.
The following tables set forth the range of high and low prices for our common stock for the each of the periods indicated as reported by the OTCQB. These quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.
| Fiscal Year Ending October 31, 2014 | ||||
| Quarter Ended | High $ | Low $ | ||
| October 31, 2014 | N/A | N/A | ||
| July 31, 2014 | N/A | N/A | ||
| April 30, 2014 | N/A | N/A | ||
| January 31, 2014 | N/A | N/A | ||
| Fiscal Year Ending October 31, 2013 | ||||
| Quarter Ended | High $ | Low $ | ||
| October 31, 2013 | N/A | N/A | ||
| July 31, 2013 | N/A | N/A | ||
| April 30, 2013 | N/A | N/A | ||
| January 31, 2013 | N/A | N/A | ||
| 5 |
Penny Stock
The SEC has adopted rules that regulate broker-dealer practices in connection with transactions in penny stocks. Penny stocks are generally equity securities with a market price of less than $5.00, other than securities registered on certain national securities exchanges or quoted on the NASDAQ system, provided that current price and volume information with respect to transactions in such securities is provided by the exchange or system. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock, to deliver a standardized risk disclosure document prepared by the SEC, that: (a) contains a description of the nature and level of risk in the market for penny stocks in both public offerings and secondary trading; (b) contains a description of the broker's or dealer's duties to the customer and of the rights and remedies available to the customer with respect to a violation of such duties or other requirements of the securities laws; (c) contains a brief, clear, narrative description of a dealer market, including bid and ask prices for penny stocks and the significance of the spread between the bid and ask price; (d) contains a toll-free telephone number for inquiries on disciplinary actions; (e) defines significant terms in the disclosure document or in the conduct of trading in penny stocks; and (f) contains such other information and is in such form, including language, type size and format, as the SEC shall require by rule or regulation.
The broker-dealer also must provide, prior to effecting any transaction in a penny stock, the customer with (a) bid and offer quotations for the penny stock; (b) the compensation of the broker-dealer and its salesperson in the transaction; (c) the number of shares to which such bid and ask prices apply, or other comparable information relating to the depth and liquidity of the market for such stock; and (d) a monthly account statement showing the market value of each penny stock held in the customer's account.
In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from those rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser's written acknowledgment of the receipt of a risk disclosure statement, a written agreement as to transactions involving penny stocks, and a signed and dated copy of a written suitability statement.
These disclosure requirements may have the effect of reducing the trading activity for our common stock. Therefore, stockholders may have difficulty selling our securities.
Holders of Our Common Stock
As of October 31, 2014, we had 2,350,000 shares of our common stock issued and outstanding, held by 38 shareholders of record.
Dividends
There are no restrictions in our articles of incorporation or bylaws that prevent us from declaring dividends. The Nevada Revised Statutes, however, do prohibit us from declaring dividends where after giving effect to the distribution of the dividend:
| 1. | we would not be able to pay our debts as they become due in the usual course of business, or; |
| 2. | our total assets would be less than the sum of our total liabilities plus the amount that would be needed to satisfy the rights of shareholders who have preferential rights superior to those receiving the distribution. |
We have not declared any dividends and we do not plan to declare any dividends in the foreseeable future.
Securities Authorized for Issuance under Equity Compensation Plans
We do not have any equity compensation plans.
Item 6. Selected Financial Data
A smaller reporting company is not required to provide the information required by this Item.
| 6 |
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Forward-Looking Statements
Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements.” These forward-looking statements generally are identified by the words “believes,” “project,” “expects,” “anticipates,” “estimates,” “intends,” “strategy,” “plan,” “may,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse affect on our operations and future prospects on a consolidated basis include, but are not limited to: changes in economic conditions, legislative/regulatory changes, availability of capital, interest rates, competition, and generally accepted accounting principles. These risks and uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.
Results of Operations for the Years Ended October 31, 2014 and 2013
We have not earned any revenues since our inception. We are presently in the development stage of our business and we can provide no assurance that we will develop a viable product, or if such product is developed, that we will be able to generate sufficient sales and enter into commercial production.
Our operating expenses for the year ended October 31, 2014 were $24,707, as compared with operating expenses in the amount of $32,645 for the year ended October 31, 2013. Our operating expenses for the year ended October 31, 2014 consisted of mainly professional fees of $24,573, which was less than $32,540 in professional fees for the year ended October 31, 2013.
We anticipate our operating expenses will increase as we undertake our plan of operations. The increase will be attributable to undertaking the development of our 3D business operations and the professional fees associating with being a reporting company under the Securities Exchange Act of 1934.
We had a net loss of $24,707 for the year ended October 31, 2014, as compared with a net loss of $32,632 for the year ended October 31, 2013.
Liquidity and Capital Resources
As of October 31, 2014, we had total current assets of $37,683. Our total current liabilities as of October 31, 2014 were $6,650. Thus, we had working capital of $_31,033 as of October 31, 2014.
Operating activities used $14,652 in cash for the year ended October 31, 2014. Our net loss of $24,707 was the main reason for our negative operating cash flow, offset mainly by a decrease in prepaid expenses of $9,475.
The success of our business plan beyond the next 12 months is contingent upon us obtaining additional financing. We intend to fund operations through debt and/or equity financing arrangements, which may be insufficient to fund our capital expenditures, working capital, or other cash requirements. We do not have any formal commitments or arrangements for the sales of stock or the advancement or loan of funds at this time. There can be no assurance that such additional financing will be available to us on acceptable terms, or at all.
| 7 |
Going Concern
We have incurred losses since inception, have limited working capital, and have not yet received revenues from sales of products or services. These factors create substantial doubt about our ability to continue as a going concern. The financial statements do not include any adjustment that might be necessary if we are unable to continue as a going concern.
Our ability to continue as a going concern is dependent on generating cash from the sale of our common stock and/or obtaining debt financing and attaining future profitable operations. Management’s plans include selling our equity securities and obtaining debt financing to fund our capital requirement and ongoing operations; however, there can be no assurance we will be successful in these efforts.
Purchase or Sale of Equipment
We do not expect to purchase or sell any plant or significant equipment.
Critical Accounting Policies
In December 2001, the SEC requested that all registrants list their most “critical accounting polices” in the Management Discussion and Analysis. The SEC indicated that a “critical accounting policy” is one which is both important to the portrayal of a company’s financial condition and results, and requires management’s most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. We do not believe that any accounting policies currently fit this definition.
Recently Issued Accounting Pronouncements
We do not expect the adoption of recently issued accounting pronouncements to have a significant impact on our results of operations, financial position or cash flow.
Off Balance Sheet Arrangements
As of October 31, 2014, there were no off balance sheet arrangements.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
A smaller reporting company is not required to provide the information required by this Item.
Item 8. Financial Statements and Supplementary Data
Index to Financial Statements Required by Article 8 of Regulation S-X:
| 8 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors of Avante Systems, Inc.
We have audited the accompanying consolidated balance sheet of Avante Systems, Inc. as of October 31, 2014 and the related consolidated statements of operations, stockholders’ equity, and cash flows for the year ended October 31, 2014 Avante Systems, Inc.’s management is responsible for these consolidated financial statements. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits 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 audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Avante Systems, Inc. as of October 31, 2014, and the consolidated results of its operations and its cash flows for the year ended October 31, 2014 in conformity with accounting principles generally accepted in the United States of America.
The accompanying consolidated financial statements have been prepared assuming that the entity will continue as a going concern. As discussed in Note 8 to the financial statements, the entity has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 8. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
KLJ & Associates, LLP | |
| St. Louis Park, MN | |
| February 11, 2015 |
| F-1 |
Silberstein Ungar, PLLC CPAs and Business Advisors
Phone (248) 203-0080
Fax (248) 281-0940
30600 Telegraph Road, Suite 2175
Bingham Farms, MI 48025-4586
Report of Independent Registered Public Accounting Firm
To the Board of Directors of
Avante Systems, Inc.
Hong Kong
We have audited the accompanying balance sheet of Avante Systems, Inc. (the “Company”) as of October 31, 2013 and the related statements of operations, stockholders’ equity (deficit), and cash flows for the year then ended. 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 audit.
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 Avante Systems, Inc. as of October 31, 2013 and the results of its operations and its cash flows for the year then ended 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 8 to the financial statements, the Company has limited working capital, has not yet received revenue from sales of products or services, and has incurred losses from operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans with regard to these matters are described in Note 8. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.
/s/ Silberstein Ungar, PLLC
Bingham Farms, Michigan
February 3, 2014
| F-2 |
CONSOLIDATED BALANCE SHEETS
AS OF OCTOBER 31, 2014 AND OCTOBER 31, 2013
| October 31, 2014 | October 31, 2013 | ||||||
| ASSETS | |||||||
| Current Assets | |||||||
| Cash and equivalents | $ | 29,436 | $ | 44,088 | |||
| Prepaid expenses | 8,247 | 17,722 | |||||
| TOTAL ASSETS | $ | 37,683 | $ | 61,810 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current Liabilities | |||||||
| Accrued expenses | $ | 6,650 | $ | 6,070 | |||
| Due to officer | — | — | |||||
| Total Liabilities | 6,650 | 6,070 | |||||
| Stockholders’ Equity | |||||||
| Common Stock, $.001 par value, 90,000,000 shares authorized, 2,350,000 and 2,350,000 shares issued and outstanding, respectively | 2,350 | 2,350 | |||||
| Preferred Stock, $.001 par value, 10,000,000 shares authorized, -0- shares issued and outstanding | — | — | |||||
| Additional paid-in capital | 159,197 | 159,197 | |||||
| Accumulated deficit | (130,514 | ) | (105,807 | ) | |||
| Total stockholders’ equity (deficit) | 31,033 | 55,740 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 37,683 | $ | 61,810 | |||
See accompanying notes to financial statements.
| F-3 |
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED OCTOBER 31, 2014 AND 2013
| Year ended October 31, 2014 | Year ended October 31, 2013 | ||||||
| REVENUES | $ | — | $ | — | |||
| OPERATING EXPENSES | |||||||
| Organization costs | — | — | |||||
| Bank charges | 134 | 105 | |||||
| Professional fees | 24,573 | 32,540 | |||||
| TOTAL OPERATING EXPENSES | 24,707 | 32,645 | |||||
| LOSS FROM OPERATIONS | (24,707 | ) | (32,645 | ) | |||
| OTHER INCOME (EXPENSES) | |||||||
| Interest income | — | 13 | |||||
| LOSS BEFORE PROVISION FOR INCOME TAXES | (24,707 | ) | (32,632 | ) | |||
| PROVISION FOR INCOME TAXES | — | — | |||||
| NET LOSS | $ | (24,707 | ) | $ | (32,632 | ) | |
| NET LOSS PER SHARE: BASIC AND DILUTED | $ | (0.01 | ) | $ | (0.01 | ) | |
| WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 2,350,000 | 2,565,000 | |||||
See accompanying notes to financial statements.
| F-4 |
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
| Common stock | Additional paid-in | Accumulated | |||||||||||||||||
| Shares | Amount | Capital | deficit | Total | |||||||||||||||
| Balance, October 31, 2012 | 2,625,000 | 2,625 | 49,875 | (73,175 | ) | (20,675 | ) | ||||||||||||
| Issuance of common stock for cash at $0.05 per share | 1,000,000 | 1,000 | 49,000 | — | 50,000 | ||||||||||||||
| Cancellation and retirement of common stock | (1,275,000 | ) | (1,275 | ) | 1,275 | — | — | ||||||||||||
| Forgiveness of amount due to shareholder | — | — | 59,047 | — | 59,047 | ||||||||||||||
| Net loss for the year ended October 31, 2013 | — | — | — | (32,632 | ) | (32,632 | ) | ||||||||||||
| Balance, October 31, 2013 | 2,350,000 | 2,350 | 159,197 | (105,807 | ) | 55,740 | |||||||||||||
| Net loss for the period ended October 31, 2014 | — | — | — | (24,707 | ) | (24,707 | ) | ||||||||||||
| Balance, October 31, 2014 | 2,350,000 | $ | 2,350 | $ | 159,197 | $ | (130,514 | ) | $ | 31,033 | |||||||||
See accompanying notes to financial statements.
| F-5 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year ended October 31, 2014 | Year ended October 31, 2013 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
| Net loss for the period | $ | (24,707 | ) | $ | (32,632 | ) | |
| Changes in assets and liabilities: | |||||||
| (Increase) decrease in prepaid expenses | 9,475 | (17,047 | ) | ||||
| Increase (decrease) in accrued expenses | 580 | 1,620 | |||||
| Net Cash Used by Operating Activities | (14,652 | ) | (48,059 | ) | |||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
| Proceeds from sales of common stock | — | 50,000 | |||||
| Proceeds from officer loan | — | 42,147 | |||||
| Net Cash Provided by Financing Activities | — | 92,147 | |||||
| Net Increase (Decrease) in Cash and Cash Equivalents | (14,652 | ) | 44,088 | ||||
| Cash and cash equivalents, beginning of period | 44,088 | — | |||||
| Cash and cash equivalents, end of period | $ | 29,436 | $ | 44,088 | |||
| SUPPLEMENTAL CASH FLOW INFORMATION | |||||||
| Interest paid | $ | — | $ | — | |||
| Income taxes paid | $ | — | $ | — | |||
| SUPPLEMENTAL NON-CASH INVESTING AND FINANCING INFORMATION | |||||||
| Forgiveness of amount due to officer recorded as contributed capital | $ | — | $ | 59,047 | |||
See accompanying notes to financial statements.
| F-6 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
OCTOBER 31, 2014
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Business
Avante Systems, Inc. (“Avante” and the “Company”) is a development stage company and was incorporated in Nevada on August 12, 2010. The Company was formed for the purpose of developing, manufacturing, and selling a video camera integrated with a 3G mobile phone module specifically for use in schools, child/eldercare facilities, and residences in Asia. On January 28, 2014, the Company acquired a 100% ownership interest in Evolv3D Printers Corp. from its sole officer.
Basis of Presentation
The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars.
Principles of Consolidation
These financial statements include the accounts of the Company and its 100% subsidiary, Evolv3D Printers Corp. All material intercompany accounts and transactions have been eliminated in consolidation
Accounting Basis
The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted an October 31 fiscal year end.
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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents
For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents.
Fair Value of Financial Instruments
Avante’s financial instruments consist of cash and cash equivalents, prepaid expenses, accrued expenses and an amount due to an officer. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.
Income Taxes
Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.
| F-7 |
AVANTE SYSTEMS, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
OCTOBER 31, 2014
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Revenue Recognition
The Company will recognize revenue when products are fully delivered or services have been provided and collection is reasonably assured.
Loss Per Common Share
Basic loss per share is calculated using the weighted-average number of common shares outstanding during each reporting period. Diluted loss per share includes potentially dilutive securities such as outstanding options and warrants, using various methods such as the treasury stock or modified treasury stock method in the determination of dilutive shares outstanding during each reporting period. The Company does not have any potentially dilutive instruments.
Stock-Based Compensation
Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options.
As of October 31, 2014, the Company has not issued any stock-based payments to its employees.
Recent Accounting Pronouncements
Avante does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.
NOTE 2 – PREPAID EXPENSES
Prepaid expenses at October 31, 2014 and 2013 consisted of an advance paid to the Company’s attorney for services to be rendered for periods after the Company’s year-end in the amount of $7,752 and $17,722, respectively, and expense advances in the amount of $495 and $0, respectively, to an officer of the Company.
NOTE 3 – ACCRUED EXPENSES
Accrued expenses consisted of the following at October 31, 2014 and October 31, 2013:
| 2014 | 2013 | ||||||
| Audit fees | $ | 4,250 | $ | 4,250 | |||
| Legal fees | — | 1,220 | |||||
| Accounting fees | 2,400 | 600 | |||||
| Transfer agent fees | — | — | |||||
| Total Accrued Expenses | $ | 6,650 | $ | 6,070 | |||
NOTE 4 – DUE TO OFFICER
During the year ended October 31, 2011, an officer and shareholder loaned the Company $1,500 to help fund operations. The officer loaned an additional $42,147 and $15,400 during the years ended October 31, 2013 and 2012, respectively. During the year ended October 31, 2013, the officer forgave the entire balance due and the amount has been recorded as contributed capital. During the period ended April 30, 2014 a shareholder paid expenses of $1,700 on behalf of the Company. During the period ended July 31, 2014, the company reimbursed the shareholder $1,700. The balance due to the officer was $0 and $0 as of October 31, 2014 and October 31, 2013, respectively. The loans were non-interest bearing, unsecured and due upon demand.
| F-8 |
AVANTE SYSTEMS, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
OCTOBER 31, 2014
NOTE 5 – CAPITAL STOCK
The Company has 90,000,000 shares of $0.001 par value common stock authorized and 10,000,000 shares of $0.001 par value preferred stock authorized.
During the period ended October 31, 2010, the Company issued 2,625,000 shares of common stock at $0.02 per share for total cash proceeds of $52,500.
During the year ended October 31, 2013, the Company issued 1,000,000 shares of common stock at $0.05 per share for total cash proceeds of $50,000.
Also during the year ended October 31, 2013, an officer returned and cancelled 1,275,000 shares of common stock.
The Company has 2,350,000 shares of common stock issued and outstanding as of October 31, 2014. There are no shares of preferred stock issued and outstanding as of October 31, 2014.
NOTE 6 – INCOME TAXES
For the year ended October 31, 2014, Avante has incurred net losses and, therefore, has no tax liability. The net deferred tax asset generated by the loss carry-forward has been fully reserved. The cumulative net operating loss carry-forward is approximately $130,514 at October 31, 2014, and will expire beginning in the year 2031.
The provision for Federal income tax consists of the following for the periods ended Oct 31:
| 2014 | 2013 | ||||||
| Federal income tax benefit attributable to: | |||||||
| Current operations | $ | 8,400 | $ | 11,095 | |||
| Less: valuation allowance | (8,400 | ) | (11,095 | ) | |||
| Net provision for Federal income taxes | $ | — | $ | — | |||
The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows:
| October 31, 2014 | October 31, 2013 | ||||||
| Deferred tax asset attributable to: | |||||||
| Net operating loss carryover | $ | 44,375 | $ | 35,974 | |||
| Less: valuation allowance | (44,375 | ) | (35,974 | ) | |||
| Net deferred tax asset | $ | — | $ | — | |||
Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $130,514 for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur net operating loss carry forwards may be limited as to use in future years.
| F-9 |
AVANTE SYSTEMS, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
OCTOBER 31, 2014
NOTE 7 – COMMITMENTS AND CONTINGENCIES
Avante neither owns nor leases any real or personal property. An officer has provided office space without charge. There is no obligation for the officer to continue this arrangement. Such costs are immaterial to the financial statements and accordingly are not reflected herein. The officers and directors are involved in other business activities and most likely will become involved in other business activities in the future.
NOTE 8 – LIQUIDITY AND GOING CONCERN
Avante has limited working capital, has not yet received revenues from sales of products or services, and has incurred operating losses since its inception. These factors create substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustment that might be necessary if the Company is unable to continue as a going concern.
The ability of Avante to continue as a going concern is dependent on the Company generating cash from the sale of its common stock and/or obtaining debt financing and attaining future profitable operations. Management’s plans include selling its equity securities and obtaining debt financing to fund its capital requirement and ongoing operations; however, there can be no assurance the Company will be successful in these efforts.
NOTE 9 – RELATED PARTY TRANSACTIONS
During the year ended October 31, 2011, an officer and shareholder loaned the Company $1,500 to help fund operations. The officer loaned an additional $42,147 and $15,400 during the years ended October 31, 2013 and 2012, respectively. During the year ended October 31, 2013, the officer forgave the entire balance due and the amount has been recorded as contributed capital. During the period ended April 30, 2014 a shareholder paid expenses of $1,700 on behalf of the Company. During the period ended July 31, 2014, the company reimbursed the shareholder $1,700. The balance due to the officer was $0 and $0 as of October 31, 2014 and October 31, 2013, respectively. The loans were non-interest bearing, unsecured and due upon demand.
NOTE 10 – SUBSEQUENT EVENTS
In accordance with ASC Topic 855-10, the Companyhas analyzed its operations subsequent to October 31, 2014 to the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements other than the events described above.
| F-10 |
Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure
On August 4, 2014, Silberstein Ungar, PLLC notified us that its principals joined the accounting firm of KLJ & Associates, LLP. As a result of the transaction, on August 4, 2014, Silberstein Ungar, PLLC resigned as our independent registered public accounting firm and we engaged KLJ & Associates, LLP as our independent registered public accounting firm.
Item 9A. Controls and Procedures
As required by Rule 13a-15 under the Securities Exchange Act of 1934, we have carried out an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this annual report, being October 31, 2014. This evaluation was carried out under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer.
Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed in our company’s reports filed under the Securities Exchange Act of 1934 is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.
Based upon that evaluation, including our Chief Executive Officer and Chief Financial Officer, we have concluded that our disclosure controls and procedures were ineffective as of the end of the period covered by this annual report.
Management’s Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934). Management has assessed the effectiveness of our internal control over financial reporting as of October 31, 2014 based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. As a result of this assessment, management concluded that, as of October 31, 2014, our internal control over financial reporting was not effective. Our management identified the following material weaknesses in our internal control over financial reporting, which are indicative of many small companies with small staff: (i) inadequate segregation of duties and effective risk assessment; and (ii) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines.
We plan to take steps to enhance and improve the design of our internal control over financial reporting. During the period covered by this annual report on Form 10-K, we have not been able to remediate the material weaknesses identified above. To remediate such weaknesses, we hope to implement the following changes during our fiscal year ending October 31, 2015: (i) appoint additional qualified personnel to address inadequate segregation of duties and ineffective risk management; and (ii) adopt sufficient written policies and procedures for accounting and financial reporting. The remediation efforts set out in (i) and (ii) are largely dependent upon our securing additional financing to cover the costs of implementing the changes required. If we are unsuccessful in securing such funds, remediation efforts may be adversely affected in a material manner.
This annual report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant to an exemption for non-accelerated filers set forth in Section 989G of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
None
| 9 |
PART III
Item 10. Directors, Executive Officers and Corporate Governance
The following information sets forth the names of our current directors and executive officers, their ages as of October 31, 2014 and their present positions.
| Name | Age | Position Held with the Company |
Yuen Hong Szeto Room 709-710, 7/F Tower 1, Silvercord Centre, Tsim Sha Tsui, Kowloon, Hong Kong | 36 | President, Chief Executive Officer, Principal Executive Officer, Chief Financial Officer, Principal Financial Officer, Principal Accounting Officer, and Director |
Set forth below is a brief description of the background and business experience of our executive officer and Directors.
Mr. Yuen Hong Szeto was born in Hong Kong and holds a B.A. degree in Mathematics for Commerce. From April 2011 to Feb 2012 Mr. Szeto has been served as Project Manager at Binyee Technology and Trading Co., Ltd, he oversees and Prepares marketing objectives and plans for the company’s products launch in Hong Kong and China, including 2d and 3d printers and its prototyping products and services. From 2007 to Feb 2011 Mr. Szeto has been served as Account Manager at Richfield Group Holdings Ltd. He is oversees projects in property consolidation, assembly and redevelopment. He provides budgeting analysis reports, profit projections in redevelopment projects. He liaises with different parties including: developers, landlords, government authorities, lawyers, surveying and engineering consultants.
Our officer and director has not had any material direct or indirect interest in any of our transactions or proposed transactions over the last two years. At this time, we do not have any written employment agreements or other formal compensation agreements with Yuen Hong Szeto. Compensation arrangements with our officers and directors are the subject of ongoing development and we will make appropriate additional disclosures as they are further developed and formalized.
Term of Office
Our directors are appointed for a one-year term to hold office until the next annual general meeting of our shareholders or until removed from office in accordance with our bylaws. Our officers are appointed by our board of directors and hold office until removed by the board.
Significant Employees
We do not currently have any significant employees aside from Yuen Hong Szeto.
Family Relationships
There are no family relationships between or among the directors, executive officers or persons nominated or chosen by us to become directors or executive officers.
Involvement in Certain Legal Proceedings
To the best of our knowledge, during the past ten years, none of the following occurred with respect to a present or former director, executive officer, or employee: (1) any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time; (2) any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses); (3) being subject to any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his or her involvement in any type of business, securities or banking activities; and (4) being found by a court of competent jurisdiction (in a civil action), the SEC or the Commodities Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated.
| 10 |
Committees of the Board
Our company currently does not have nominating, compensation or audit committees or committees performing similar functions nor does our company have a written nominating, compensation or audit committee charter. Our directors believe that it is not necessary to have such committees, at this time, because the functions of such committees can be adequately performed by the board of directors.
Our company does not have any defined policy or procedural requirements for shareholders to submit recommendations or nominations for directors. The board of directors believes that, given the stage of our development, a specific nominating policy would be premature and of little assistance until our business operations develop to a more advanced level. Our company does not currently have any specific or minimum criteria for the election of nominees to the board of directors and we do not have any specific process or procedure for evaluating such nominees. The board of directors will assess all candidates, whether submitted by management or shareholders, and make recommendations for election or appointment.
A shareholder who wishes to communicate with our board of directors may do so by directing a written request addressed to our President and director, Yuen Hong Szeto, at the address appearing on the first page of this annual report.
Code of Ethics
As of October 31, 2014, we had not adopted a Code of Ethics for Financial Executives, which would include our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.
Item 11. Executive Compensation
Summary Compensation Table
The table below summarizes all compensation awarded to, earned by, or paid to both to our officers and to our directors for all services rendered in all capacities to us for our fiscal years ended October 31, 2014 and 2013.
| SUMMARY COMPENSATION TABLE | |||||||||
Name and principal position | Year | Salary ($) | Bonus ($) |
Stock Awards ($) | Option Awards ($) | Non-Equity Incentive Plan Compensation ($) | Nonqualified Deferred Compensation Earnings ($) | All Other Compensation ($) | Total ($) |
Yuen Hong Szeto,President, Chief Executive Officer, Principal Executive Officer, Chief Financial Officer, Principal Financial Officer, Principal Accounting Officer, and Director | 2013 2014
| 0 0
| 0 0
| 0 0
| 0 0
| 0 0
| 0 0
| 0 0
| 0 0
|
Xu Hai Bo Former officer and director | 2013 2014
| 0 n/a
| 0 n/a
| 0 n/a
| 0 n/a
| 0 n/a
| 0 n/a
| 0 n/a
| 0 n/a
|
Ran Hong Dan Former officer and director | 2013 2014
| 0 n/a
| 0 n/a
| 0 n/a
| 0 n/a
| 0 n/a
| 0 n/a
| 0 n/a
| 0 n/a
|
Narrative Disclosure to the Summary Compensation Table
We have not entered into any employment agreement or consulting agreement with our executive officers. There are no arrangements or plans in which we provide pension, retirement or similar benefits for executive officers.
Although we do not currently compensate our officers, we reserve the right to provide compensation at some time in the future. Our decision to compensate officers depends on the availability of our cash resources with respect to the need for cash to further our business purposes.
| 11 |
Stock Option Grants
We have not granted any stock options to the executive officers or directors since our inception.
Outstanding Equity Awards at Fiscal Year-End
The table below summarizes all unexercised options, stock that has not vested, and equity incentive plan awards for each named executive officer as of October 31, 2014.
| OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END | |||||||||
| OPTION AWARDS | STOCK AWARDS | ||||||||
Name |
Number of Securities Underlying Unexercised Options (#) Exercisable |
Number of Securities Underlying Unexercised Options (#) Unexercisable |
Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) |
Option Exercise Price ($) |
Option Expiration Date
|
Number of Shares or Units of Stock That Have Not Vested (#) |
Market Value of Shares or Units of Stock That Have Not Vested ($) |
Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested (#) |
| Yuen Hong Szeto | - | - | - | - | - | - | - | - | - |
Directors
We do not pay any compensation to our directors at this time. However, we reserve the right to compensate our directors in the future with cash, stock, options, or some combination of the above.
Stock Option Plans
We did not have a stock option plan in place as of October 31, 2014.
| 12 |
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The following table sets forth certain information known to us with respect to the beneficial ownership of our common stock as of November 17, 2014 by (1) all persons who are beneficial owners of 5% or more of our voting securities, (2) each director, (3) each executive officer, and (4) all directors and executive officers as a group. The information regarding beneficial ownership of our common stock has been presented in accordance with the rules of the Securities and Exchange Commission. Under these rules, a person may be deemed to beneficially own any shares of capital stock as to which such person, directly or indirectly, has or shares voting power or investment power, and to beneficially own any shares of our capital stock as to which such person has the right to acquire voting or investment power within 60 days through the exercise of any stock option or other right. Unless otherwise indicated, each person or entity named in the table has sole voting power and investment power (or shares that power with that person’s spouse) with respect to all shares of capital stock listed as owned by that person or entity.
Except as otherwise indicated, all Shares are owned directly and the percentage shown is based on 2,350,000 shares of Common Stock issued and outstanding.
Title of class | Name and address of beneficial owner | Amount of beneficial ownership | Percent of class | ||||||||
| Common | Yuen Hong Szeto Room 709-710, 7/F Tower 1, Silvercord Centre, Tsim Sha Tsui, Kowloon, Hong Kong | 1,000,000 | 42 | % | |||||||
| All Officers and Directors as a Group (one person) | 1,000,000 | 42 | % | ||||||||
| Other 5% owners | |||||||||||
| None. | |||||||||||
Other than the shareholders listed above, we know of no other person who is the beneficial owner of more than five percent (5%) of our common stock.
Item 13. Certain Relationships and Related Transactions, and Director Independence
Except as provided below, none of our directors or executive officers, nor any proposed nominee for election as a director, nor any person who beneficially owns, directly or indirectly, shares carrying more than 5% of the voting rights attached to all of our outstanding shares, nor any members of the immediate family (including spouse, parents, children, siblings, and in-laws) of any of the foregoing persons has any material interest, direct or indirect, in any transaction over the last two years or in any presently proposed transaction which, in either case, has or will materially affect us.
On April 19, 2013, we entered into an Agreement of Conveyance, Transfer and Assignment of Assets and Assumption of Obligations (the “Agreement”) with our prior officers and directors, Xu Hai Bo and Ran Hong Dan. Pursuant to the Agreement, we transferred all assets and business operations associated with our cellular video camera to Xu Hai Bo and Ran Hong Dan. In exchange, Xu Hai Bo and Ran Hong Dan agreed to cancel their 1,275,000 shares in our company and assume and cancel all liabilities relating to our former business, including officer loans amounting to $20,650.
On April 19, 2013, we issued 1,000,000 shares of our common stock pursuant to Regulation S of the Securities Act of 1933, as amended, to Yuen Hong Sezto. We received proceeds of $50,000 from the offering.
As of the date of this annual report, our common stock is traded on the OTC Bulletin Board (the “Bulletin Board”). The Bulletin Board does not impose on us standards relating to director independence or the makeup of committees with independent directors, or provide definitions of independence.
Item 14. Principal Accounting Fees and Services
Below is the table of Audit Fees (amounts in US$) billed by our auditor in connection with the audit of the Company’s annual financial statements for the years ended:
| Financial Statements for the Year Ended October 31 | Audit Services | Audit Related Fees | Tax Fees | Other Fees | ||||||||||||||
| 2014 | $ | 10,000 | $ | 0 | $ | 0 | $ | 0 | ||||||||||
| 2013 | $ | 10,000 | $ | 0 | $ | 0 | $ | 0 | ||||||||||
| 13 |
PART IV
Item 15. Exhibits, Financial Statements Schedules
| (a) | Financial Statements and Schedules |
The following financial statements and schedules listed below are included in this Form 10-K.
Financial Statements (See Item 8)
| (b) | Exhibits |
| Exhibit Number | Description |
| 3.1 | Articles of Incorporation, as amended(1) |
| 3.2 | Bylaws, as amended(1) |
| 31.1 | Certification of Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| 31.2 | Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| 32.1 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| 101** | The following materials from the Company’s Annual Report on Form 10-K for the year ended October 31, 2010 formatted in Extensible Business Reporting Language (XBRL). |
| 1 | Incorporated by reference to the Registration Statement on Form S-1 filed on December 21, 2010. |
| 14 |
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Avante Systems, Inc.
| By: | /s/ Yuen Hong Szeto |
Yuen Hong Szeto President, Chief Executive Officer, Principal Executive Officer, Chief Financial Officer, Principal Financial Officer, Principal Accounting Officer and Director
| |
| February 13, 2015 |
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/ Yuen Hong Szeto |
Yuen Hong Szeto President, Chief Executive Officer, Principal Executive Officer, Chief Financial Officer, Principal Financial Officer, Principal Accounting Officer and Director
| |
| February 13, 2015 |
| 15 |