UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
| þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2013
OR
| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number 000-54549
Accelerated Acquisitions XVII, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 45-3743440 |
| (State or other jurisdiction of | (I.R.S. Employer |
| incorporation or organization) | Identification No.) |
1840 Gateway Drive, Suite 200, Foster City, CA 94404
(Address of principal executive offices)
(650) 283-2653
(Registrant’s telephone number, including area code)
Securities registered under Section 12(b) of the Exchange Act:
None.
Securities registered under Section 12(g) of the Exchange Act:
Common Stock, $0.0001 par value per share
(Title of Class)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes þ No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes þ Noo
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, non-accelerated filer or a smaller reporting company. See definition of “accelerated filer”, “large accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act):
Large Accelerated Filer o | Accelerated Filer o | Non-Accelerated Filer o | Smaller Reporting Company þ | |||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes þNo o
Indicate the number of shares outstanding of each of the issuer’s classes of the common stock, as of the latest practicable date: Common Stock, $0.0001 par value: 5,000,000 shares outstanding as of August 14, 2013.
ACCELERATED ACQUISITIONS XVII, INC.
- INDEX -
| Page(s) | |||||||
| PART I – FINANCIAL INFORMATION: | |||||||
| Item 1. | Financial Statements (unaudited) | 3 | |||||
Balance Sheets as of June 30, 2013 (unaudited) and September 30, 2012 (audited) | 3 | ||||||
Statements of Operations for the three and six months ended June 30, 2013 and period from inception (October 21, 2011) through June 30, 2013 (unaudited) | 4 | ||||||
Statement of Changes in Stockholders’ Deficit (unaudited) | 5 | ||||||
Statements of Cash Flows for the six months ended June 30, 2013 and period from inception (October 21, 2011) to June 30, 2013 (unaudited) | 6 | ||||||
| Notes to Financial Statements (unaudited) | 7 | ||||||
| Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 11 | |||||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 12 | |||||
| Item4T. | Controls and Procedures | 12 | |||||
| PART II – OTHER INFORMATION: | |||||||
| Item 1. | Legal Proceedings | 13 | |||||
| Item 1A | Risk Factors | 13 | |||||
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 13 | |||||
| Item 3. | Defaults Upon Senior Securities | 13 | |||||
| Item 4. | (Reserved and Removed) | 13 | |||||
| Item 5. | Other Information | 13 | |||||
| Item 6. | Exhibits | 14 | |||||
| �� | |||||||
| Signatures | 15 | ||||||
2
PART - FINANCIAL INFORMATION
ITEM 1 - FINANCIAL STATEMENTS
ACCELERATED ACQUISITIONS XVII, INC.
(A Development Stage Company)
Balance Sheets
| As of | ||||||||
June 30, | September 30, | |||||||
| 2013 | 2012 | |||||||
| ASSETS: | (Unaudited) | (Audited) | ||||||
| Current Assets: | ||||||||
| Cash | $ | - | $ | 56 | ||||
| Total Assets | $ | - | $ | 56 | ||||
| LIABILIITES AND STOCKHOLDERS' DEFICIT: | ||||||||
| Current Liabilities: | ||||||||
| Bank overdraft | $ | 40 | $ | - | ||||
| Total Current Liabilities | 40 | - | ||||||
| Stockholders' deficit | ||||||||
| Preferred stock, $0.0001 par value; 10,000,000 shares authorized; none issued or outstanding | ||||||||
| Common Stock, 100,000,000 shares authorized ( par value $.0001) and 5,000,000 shares issued and outstanding | $ | 500 | $ | 500 | ||||
| Additional Paid in capital | 8,865 | 2,325 | ||||||
| Accumulated Deficit | (9,365 | ) | (2,769 | ) | ||||
| Total Liabilities and Shareholders' Equity | $ | - | $ | 56 | ||||
The accompanying notes are an integral part of these financial statements.
3
ACCELERATED ACQUISITIONS XVII, INC.
(A Development Stage Company)
Statements of Operations
(Unaudited)
Three months ended June 30, | Nine months ended June 30, | Inception (October 21, 2011) through June 30, 2013 (Cumulative) | ||||||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Revenues | $ | - | $ | - | $ | - | $ | - | - | |||||||||||
| Operating expenses | ||||||||||||||||||||
General and administrative | - | - | 6,596 | 2,625 | 9,365 | |||||||||||||||
| Operating loss | - | - | 6,596 | 2,625 | 9,365 | |||||||||||||||
| Net loss | - | - | (6,596 | ) | (2,625 | ) | (9,365 | ) | ||||||||||||
| Basic and diluted net loss per share | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | ||||||||||||
| Shares used in basic and diluted net loss per share calculation | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | ||||||||||||||||
The accompanying notes are an integral part of these financial statements.
4
ACCELERATED ACQUISITIONS XVII, INC.
(A Development Stage Company)
Statements of Changes in Shareholders' Equity
(Unaudited)
Number of Common Shares | Amount | Additional Paid-In Capital | Deficit Accumulated during development stage | Total | ||||||||||||||||
| Balance at inception | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
| Issuance of Common Stock | ||||||||||||||||||||
| Founders for cash | 5,000,000 | 500 | 1,500 | - | 2,000 | |||||||||||||||
| Forgiveness of shareholder advances | - | - | 825 | - | 825 | |||||||||||||||
| Net Loss | - | - | - | (2,769 | ) | (2,769 | ) | |||||||||||||
| Balance at September 30,2012 | 5,000,000 | 500 | 2,325 | (2,769 | ) | 56 | ||||||||||||||
| Forgiveness of Shareholder advances | - | - | 6,540 | - | 6,540 | |||||||||||||||
| Net Loss | (6,596 | ) | (6,596 | ) | ||||||||||||||||
Balance as of June 30, 2013 (Unaudited) | 5,000,000 | $ | 500 | $ | 8,865 | $ | (9,365 | ) | $ | 0 | ||||||||||
The accompanying notes are an integral part of these financial statements.
5
ACCELERATED ACQUISITIONS XVII, INC.
(A Development Stage Company)
Cash Flow
(Unaudited)
For the Nine Months Ended June 30, 2013 | From Inception (October 21, 2011) through June 30,, 2013 | |||||||
| Operating Activities | ||||||||
| Net loss | $ | (6,596 | ) | (9,365 | ) | |||
| Net Cash used in operations | (6,596 | ) | (9,365 | ) | ||||
| Financing Activities | ||||||||
| Proceeds from the issurance of common stock | - | 2,000 | ||||||
| Shareholder advances | 6,540 | 7,325 | ||||||
| Net cash provided by financing activities | 6,540 | 9,325 | ||||||
| Net decrease in cash | (56 | ) | - | |||||
| Cash at the Beginning of the Period: | 56 | - | ||||||
| Cash (Bank Overdraft) at the End of the Period | $ | - | - | |||||
The accompanying notes are an integral part of these financial statements.
6
ACCELERATED ACQUISITIONS XVII, INC.
A Development Stage Company
NOTES TO FINANCIAL STATEMENTS
June 30, 2013
(Unaudited)| NOTE 1 | - | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: |
(a) Organization and Business:
Accelerated Acquisitions XVII, Inc. (“the Company”) was incorporated in the state of Delaware on October 21, 2011 for the purpose of raising capital that is intended to be used in connection with its business plan which may include a possible merger, acquisition or other business combination with an operating business.
The Company is currently in the development stage. All activities of the Company to date relate to its organization, initial funding and share issuances.
(b) Basis of Presentation
The accompanying Interim Financial Statements are unaudited and have been prepared in accordance with accounting principles generally accepted for interim financial statement presentation and in accordance with the instructions to Regulations S-K. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statement presentation. In the opinion of management, all adjustments for a fair statement of the results and operations and financial position for the interim periods presented have been included. All such adjustments are of a normal recurring nature. The financial information should be read in conjunction with the financial statements and notes thereto included in our annual report on Form 10-K filed on December 28, 2012. The June 30, 2013 financial statements presented herein may not be indicative of the results of the Company for the year ending September 30, 2013.
| (c) | Use of Estimates |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
| (d) | Emerging Growth Company |
We are an “emerging growth company,” as defined in the Jumpstart our Business Startups Act of 2012, and we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden
parachute payments not previously approved.
Under the Jumpstart Our Business Startups Act, “emerging growth companies” can delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have elected not to avail ourselves to this exemption from new or revised accounting standards and, therefore, we will be subject to the same new or revised accounting standards as other public companies that are not “emerging growth companies.”
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ACCELERATED ACQUISITIONS XVII, INC.
A Development Stage Company
NOTES TO FINANCIAL STATEMENTS
June 30, 2013
(Unaudited)| (e) | 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. The Company has no cash equivalent as of June 30, 2013 and September 30, 2012.
| (f) | Loss Per Common Share |
Basic loss per share is calculated using the weighted-average number of common shares outstanding during each reporting period. Diluted 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 has incurred a loss during the current period, therefore any potentially dilutive shares are excluded, as they would be anti-dilutive. The Company does not have any potentially dilutive instruments for this reporting period.
| (g) | Fair Value of Financial Instruments |
The Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
• Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
• Level 3 inputs are unobservable inputs for the asset or liability.
The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments.
| (h) | Going Concern |
The accompanying financial statements have been prepared on a going concern basis, which assumes the Company will realize its assets and discharge its liabilities in the normal course of business. As reflected in the accompanying financial statements, the Company has a deficit accumulated during the development stage of $9,365, used cash from operations of $9,365 since its inception, and had $(40) working capital at June 30, 2013. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. The Company’s ability to continue as a going concern is also dependent on its ability to find a suitable target company and enter into a possible reverse merger with such company. Management’s plan includes obtaining additional funds by equity financing through a reverse merger transaction and/or related party advances, however there is no assurance of additional funding being available. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might arise as a result of this uncertainty.
8
ACCELERATED ACQUISITIONS XVII, INC.
A Development Stage Company
NOTES TO FINANCIAL STATEMENTS
June 30, 2013
(Unaudited)
| (i) | Use of Estimates: |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
| (j) | Recent Accounting Pronouncements |
Adopted
Effective January 2013, we adopted FASB ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (ASU 2011-11). The amendments in ASU 2011-11 require the disclosure of information on offsetting and related arrangements for financial and derivative instruments to enable users of its financial statements to understand the effect of those arrangements on its financial position. Amendments under ASU 2011-11 will be applied retrospectively for fiscal years, and interim periods within those years, beginning after January 1, 2013. The adoption of this update did not have a material impact on the financial statements.
Effective January 2013, we adopted FASB ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive (ASU 2013-02). This guidance is the culmination of the FASB’s deliberation on reporting reclassification adjustments from accumulated other comprehensive income (AOCI). The amendments in ASU 2013-02 do not change the current requirements for reporting net income or other comprehensive income. However, the amendments require disclosure of amounts reclassified out of AOCI in its entirety, by component, on the face of the statement of operations or in the notes thereto. Amounts that are not required to be reclassified in their entirety to net income must be cross-referenced to other disclosures that provide additional detail. This standard is effective prospectively for annual and interim reporting periods beginning after December 15, 2012. The adoption of this update did not have a material impact on the financial statements.
Not Adopted
In February 2013, the FASB issued ASU No. 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date. The amendments in ASU 2013-04 provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this Update is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance in this Update also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The amendment in this standard is effective retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. We are evaluating the effect, if any, adoption of ASU No. 2013-04 will have on our financial statements.
In April 2013, the FASB issued ASU No. 2013-07, Presentation of Financial Statements (Top 205): Liquidation Basis of Accounting. The objective of ASU No. 2013-07 is to clarify when an entity should apply the liquidation basis of accounting and to provide principles for the measurement of assets and liabilities under the liquidation basis of accounting, as well as any required disclosures. The amendments in this standard is effective prospectively for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. We are evaluating the effect, if any, adoption of ASU No. 2013-07 will have on our financial statements.
Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the United States Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements.
9
ACCELERATED ACQUISITIONS XVII, INC.
A Development Stage Company
NOTES TO FINANCIAL STATEMENTS
June 30, 2013
(Unaudited)
| NOTE 2 | - | INCOME TAXES: |
The Company has incurred net operating losses since inception. The Company has not reflected any benefit of such net operating loss carry forward in the financial statements. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income based on the level of historical taxable losses and projections of future taxable income (losses) over the periods in which the deferred tax assets can be realized, management currently believes that it is more likely than not that the Company will not realize the benefits of these deductible differences. Accordingly, the Company has provided a valuation allowance against the gross deferred tax assets as follows:
June 30, 2013 | September 30, 2012 | |||||||
Gross deferred tax assets | 9,365 | 2,769 | ||||||
Valuation allowance | (9,365 | ) | (2,769 | ) | ||||
Net deferred tax asset | — | — | ||||||
As of June 30, 2013 all of the federal net operating loss carry forwards expire in the tax year 2030. Federal tax laws impose significant restrictions on the utilization of net operating loss carry forwards and research and development credits in the event of a change in ownership of the Company, as defined by the Internal Revenue Code Section 382. The Company’s net operating loss carry forwards and research and development credits may be subject to the above limitations.
The relevant FASB standard resulted in no adjustments to the Company’s liability for unrecognized tax benefits. As of both the date of adoption and as of June 30, 2013 there were no unrecognizable tax benefits. Accordingly, a tabular reconciliation from beginning to ending periods is not provided. The Company will classify any future interest and penalties as a component of income tax expense if incurred. To date, there have been no interest or penalties charged or accrued in relation to unrecognized tax benefits. The Company is subject to federal and state examinations for the year 2011 forward. There are no tax examinations currently in progress.
NOTE 3 | - | RELATED PARTY TRANSACTIONS: |
Accelerated Venture Partners, LLC, the only shareholder of the Company, paid $6,596 operating expenses on behalf of the Company and re-invoice the full amount of expenses to the Company for the six months ended June 30, 2013.
Accelerated Venture Partners, LLC, advances $6,500 to the Company and forgive the full amount during the nine months ended June 30, 2013.
10
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Accelerated Acquisitions XVII, Inc. (“we”, “our”, “us” or the “Company”) was organized as a vehicle to investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being a publicly held corporation. Our principal business objective for the next 12 months and beyond such time will be to achieve long-term growth potential through a combination with a business rather than immediate, short-term earnings. The Company will not restrict our potential candidate target companies to any specific business, industry or geographical location and, thus, may acquire any type of business.
Results of Operations
For the three months ending June 30, 2013, the Company had no revenues and incurred general and administrative expenses of $0. For the nine months ending June 30, 2013, the Company had no revenues and incurred general and administrative expenses of $6,596.
For the period from inception (October 21, 2011) through June 30, 2013, the Company had no activities that produced revenues from operations and had a net loss of $(9,365), due to legal, accounting, audit and other professional service fees incurred in relation to the formation of the Company and the filing of the Company’s Registration Statement on Form 10 filed in November 2011 and other SEC-related compliance matters.
Liquidity and Capital Resources
As of June 30, 2013, the Company had assets deficit equal to $(40) and had no current liabilities.
The following is a summary of the Company's cash flows from operating, investing, and financing activities:
For the Cumulative Period from Inception (October 21, 2011) through June 30, 2013
| Operating activities | $ | (9,365) | ||
| Investing activities | - | |||
| Financing activities | $ | 9,365 | ||
| Net effect on cash | $ | - |
The Company has nominal assets and has generated no revenues since inception. The Company is also dependent upon the receipt of capital investment or other financing to fund its ongoing operations and to execute its business plan of seeking a combination with a private operating company. If continued funding and capital resources are unavailable at reasonable terms, the Company may not be able to implement its plan of operations
Plan of Operations
The Company currently does not engage in any business activities that provide cash flow. The costs of investigating and analyzing business combinations for the next 12 months and beyond such time will be paid with money in our treasury.
During the next twelve months we anticipate incurring costs related to:
| (i) | filing of reports under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and | |
| (ii) | consummating an acquisition. |
We believe we will be able to meet these costs through use of funds in our treasury, through deferral of fees by certain service providers and additional amounts, as necessary, to be loaned to or invested in us by our sole stockholder, management or other investors.
11
The Company may consider a business which has recently commenced operations, is a developing company in need of additional funds for expansion into new products or markets, is seeking to develop a new product or service, or is an established business which may be experiencing financial or operating difficulties and is in need of additional capital. In the alternative, a business combination may involve the acquisition of, or merger with, a company which does not need substantial additional capital, but which desires to establish a public trading market for its shares, while avoiding, among other things, the time delays, significant expense, and loss of voting control which may occur in a public offering.
Since our Registration Statement on Form 10SB became effective, our officers and sole director have had limited contact or discussions with representatives of other entities regarding a business combination with us. Any target business that is selected may be a financially unstable company or an entity in its early stages of development or growth, including entities without established records of sales or earnings. In that event, we will be subject to numerous risks inherent in the business and operations of financially unstable and early stage or potential emerging growth companies. In addition, we may effect a business combination with an entity in an industry characterized by a high level of risk, and, although our management will endeavor to evaluate the risks inherent in a particular target business, there can be no assurance that we will properly ascertain or assess all significant risks.
The Company anticipates that the selection of a business combination will be complex and extremely risky. Because of general economic conditions, rapid technological advances being made in some industries and shortages of available capital, our management believes that there are numerous firms seeking even the limited additional capital which we will have and/or the perceived benefits of becoming a publicly traded corporation. Such perceived benefits of becoming a publicly traded corporation include, among other things, facilitating or improving the terms on which additional equity financing may be obtained, providing liquidity for the principals of and investors in a business, creating a means for providing incentive stock options or similar benefits to key employees, and offering greater flexibility in structuring acquisitions, joint ventures and the like through the issuance of stock. Potentially available business combinations may occur in many different industries and at various stages of development, all of which will make the task of comparative investigation and analysis of such business opportunities extremely difficult and complex.
Off-Balance Sheet Arrangements
The Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.
ITEM 4T. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (Exchange Act), as of March 31, 2013. Based on this evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission's rules and forms and that our disclosure and controls are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
There were no changes (including corrective actions with regard to significant deficiencies or material weaknesses) in our internal controls over financial reporting that occurred during the fiscal quarter ended June 30, 2013 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
12
PART II — OTHER INFORMATION
Item 1. Legal Proceedings.
To the best knowledge of the sole officer and sole director, the Company is not a party to any legal proceeding or litigation.
Item 1A. Risk Factors.
As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
None.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. (Removed and Reserved).
None.
Item 5. Other Information.
None.
13
Item 6. Exhibits.
Exhibit No. | Description | |
31.1 | Certification of the Company’s Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, with respect to the registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013. | |
31.2 | Certification of the Company’s Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, with respect to the registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013. | |
32.1 | Certification of the Company’s Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002. |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document* | |
101.INS | XBRL Instance Document | |
101SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
14
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: August 14, 2013 | ||
| ACCELERATED ACQUISITIONS XVII, INC. | ||
| By: | /s/ Timothy J. Neher | |
| Timothy J. Neher | ||
| President | ||
15
EXHIBIT INDEX
Exhibit No. | Description | |
31.1 | Certification of the Company’s Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, with respect to the registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013. | |
31.2 | Certification of the Company’s Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, with respect to the registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013. | |
32.1 | Certification of the Company’s Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002. |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document* | |
101.INS | XBRL Instance Document | |
101SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |