Our audited financial statements for the periods ended June 30, 2016 and 2015 and unaudited financial statements for the three months ended September 30, 2016 are included in this prospectus. Pritchett, Siler & Hardy, P.C. has audited our June 30, 2016 and 2015, financial statements. We include the financial statements in reliance on their reports, given upon their authority as experts in accounting and auditing.
McMurdo Law Group, LLC with an address 28 West 44th Street, 16th Floor, New York, New York 10036 has provided an opinion upon the validity of the common stock offered hereby.
No expert or counsel named in this prospectus as having prepared or certified any part of this prospectus or having given an opinion upon the validity of the securities being registered or upon other legal matters in connection with the registration or offering of the common stock was employed on a contingency basis or had, or is to receive, in connection with the offering, a substantial interest, directly or indirectly, in us, nor was any such person connected with us as a promoter, managing or principal underwriter, voting trustee, director, officer or employee.
INFORMATION WITH RESPECT TO THE REGISTRANT
PLAN OF OPERATION
We intend to commence operations in the business of unique decoration items production made from cork materials. We have generated limited revenues as of the date of this filing and our principal business activities to date consist of creating a business plan, purchased wood engraving machine and flatbed printer for our future operations, creating our webpage, a signed rent agreement to lease our office space from July 2016 for one year and signedan agreement with Un Rien De Vous, designing company, for one year term with an option of extension. As of the date of this filing the Company has generated $4,850 from selling its design items to our first customer Un Rien De Vous, the agreement with them is filed as Exhibit 10.3 to this registration statement. Jasmin Corp’s corporate address is 33 Rue Theophile Lamy, Bourges 18000 France. Our telephone number in France is 0033644631118.
The agreement between Jasmin Corp. and our customer, Un Rien De Vous does not bind the parties signed the agreement and it does not serve as a contract obligating the customer to purchase our products.
The Company currently has an additional sales contract with Ladivor Leu, from which on October 20, 2016 we have received an advance payment of $1,500 from a total of $3,000 and planning to receive another payment approximately on November 2016, start of December 2016. Jasmin Corp. is currently in verbal negotiations with Du Mondere Mais, the Company who is willing to buy our unique decoration items made from cork for the amount of $800 and we are planning to sign a sales contact with this company shortly. The agreement with Ladivor Leu is filed as Exhibit 10.4 to this registration statement, accordingly.
Our current cash balance will not be sufficient to fund our operations for the next 12 months, if we are unable to successfully raise money in this offering. However, if we sell less than a half of the securities offered for sale by the Company and raise the gross proceeds of $20,000 will satisfy cash requirements for 12 months, and we will not be required to raise additional funds to meet operating expenses, but our company’s development will be strictly limited. If we sell more than a half of the shares in this offering, we believe the money will last for more than a year, and also provide funds for growth development of the Company. If we need more money, we will have to revert to obtaining additional financing by way of a private debt or equity financing. We may also utilize funds from Mr. Chavanaz, our sole officer and director, who has informally agreed to advance funds to allow us to pay for offering costs, filing fees, professional fees, including fees payable in connection with the filing of this registration statement and operation expenses. There is no a maximum amount of funds that our President has agreed to advance. Mr. Chavanaz, however, has no formal commitment, arrangement or legal obligation to advance or loan funds to the company.
Our independent registered public accountant has issued a going concern opinion. This means that there is a doubt that we can continue as an on-going business for the next twelve months unless we obtain additional capital to pay our bills. This is because we have generated limited revenues as of the date of this filing. During first months after completion of this offering, we will establish our office and develop our web site, make samples of our products and will be developing our marketing campaign, and we believe we will start to sell our product and earn revenue. Until this time, we do not believe that our operations will be profitable. There is no assurance we will ever reach that stage.
We will not be conducting any product research or development. We do not expect to sell our equipment. Further we do not expect significant changes in the number of employees. Upon completion of our public offering, our specific goal is to profitably sell our products to our future clients.
After the effectiveness of our registration statement by the Securities and Exchange Commissions, we intend to concentrate our efforts on raising capital. During this period, our operations will be limited due to the limited amount of funds on hand. Our plan of operations following the completion and priority of spending raised funds, if any, is as follows:
Renting an office space
Time frames 1st -2nd month
Material costs: $5,760-$9,600
Upon completion of the offering we plan to spend certain funds on renting bigger office space for our production and every day needs. If we sell 25% from the offered shares, we will stay at the same place as we are renting now, which is paid from the loan of our Director, and no funds from this offering will be spent in this case. If we sell 50% of the offered shares, we will rent a bigger office space, which will cost the Company $5,760 per year, approximately $480 per month. In case of selling 75% of the offered shares, we will rent a space with the price $650 per month and $7,800 in total amount. If all of the shares are sold in this offering, our lease expanses will cost us $9,600 in total amount. We are planning to rent two offices with the prices of $400 per month each in the perfect scenario.
Jasmin Corp. has also signed an agreement for leasing an office space from July 2016, which is filed as Exhibit 10.2.
Establish our Office
Time Frame: 1st- 3rd months
Material costs: $1,500-$4,700
Upon completion of the offering we plan to set up an office in France and acquire the necessary equipment to continue operations. We plan to purchase office equipment such as computer, telephones, fax, office supplies and furniture. Our sole officer and director, Jean-Paul Chavanaz will take care of our initial administrative duties. We believe that it will cost at least $1,500 in case of selling 25% from offered shares to set up office and obtain the necessary equipment and stationery to continue operations. In case of selling 50% of the offered shares we will spend $3,000 on our office establishment. If we sell 75% of the shares offered, we would buy better equipment with advanced features that will cost us approximately $1,000 more. In this case, set up costs will be approximately $4,000. In the event we sell all of the shares offered, we would buy additional and more advanced equipment that will help us in everyday operations; therefore the office set up costs will be approximately $4,700.