UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 31, 2015
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____ to _____
Commission file number: 333-194492
ADAMAS VENTURES, INC.
(Exact name of Registrant as specified
in its charter)
Nevada
(State or other jurisdiction of incorporation
or organization)
N/A
(I.R.S. Employer Identification No.)
Room 1403, No. 408 Jie Fang Zhong
Road
Guangzhou, Guangdong, PR China, 510030
(Address of principal executive offices,
including zip code)
86-2028-8808
(Registrant's telephone number, including
area code)
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.
[X] YES [ ] NO
Indicate by check mark whether the registrant
has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted
and posted pursuant to Rule 405 of Regulation S-T (§232.045 of this chapter) during the preceding 12 months (or for such shorter
period that the registrant was required to submit and post such files).
[ ] YES [ X] NO
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company. See the definitions
of "large accelerated filer", "accelerated filer" and "smaller reporting company" in Rule 12b-2 of
the Exchange Act.
Large accelerated filer [ ]
Accelerated filer [ ]
Non-accelerated filer (Do not check if
a smaller reporting company) [ ]
Smaller reporting company [X]
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act.
[ ]YES [X]NO
Indicate the number of shares outstanding
of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock |
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Outstanding Shares at October 31, 2015 |
Common stock, par value $0.0001 per share |
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30,000,000 |
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ADAMAS VENTURES, INC.
INDEX
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Part I. Financial Information |
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Item 1 |
Financial Statements |
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Balance Sheets as of October 31, and January 31, 2015 |
1 |
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Statements of Operations for the three months ended October 31, 2015 and October 31, 2014 |
2 |
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Statements of Cash Flows for the three months ended October 31, 2015 and October 31, 2014 |
3 |
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Notes to the Unaudited Condensed Consolidated Financial Statements |
4 |
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Item 2 |
Management's Discussion and Analysis of Financial Condition and Results of Operations |
7 |
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Item 3 |
Quantitative and Qualitative Disclosures about Market Risk |
8 |
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Item 4 |
Controls and Procedures |
8 |
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Part II. Other Information |
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Item 1 |
Legal Proceedings |
9 |
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Item 2 |
Unregistered Sales of Equity Securities and Use of Proceeds |
9 |
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Item 3 |
Defaults upon Senior Securities |
9 |
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Item 4 |
Submission of Matters to a Vote of Security Holders |
9 |
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Item 5 |
Other Information |
9 |
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Item 6 |
Exhibits |
9 |
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Signatures |
10 |
PART 1 - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Adamas Ventures Inc. |
(A Development Stage Company) |
Balance Sheets |
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October 31, |
January 31, |
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2015 |
2015 |
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(Unaudited) |
(Unaudited) |
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ASSETS |
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Current Assets |
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Cash and Cash Equivalents |
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$ 2,285 |
$ 2,285 |
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Stock Subscription Receivables |
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100,000 |
- |
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TOTAL ASSETS |
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$ 102,285 |
$ 2,285 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current Liabilities |
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Accounts Payable and Accrued Liabilities |
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$ 1,370 |
$ - |
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TOAL CURRENT LIABILITIES |
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$ 1,370 |
$ - |
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Stockholders' Equity |
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Common Stock |
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Authorized: |
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75,000,000 common shares at $0.0001 par value |
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Issued and Outstanding: |
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20,000,000 common shares at $0.0001 par value |
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2,000 |
2,000 |
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10,000,000 common shares at $0.0001 par value |
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1,000 |
- |
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Additional Paid-in Capital |
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107,000 |
8,000 |
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(Deficit) accumulated during the development stage |
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(9,085) |
(7,715) |
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TOTAL STOCKHOLDERS' EQUITY |
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$ 100,915 |
$ 2,285 |
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TOTAL LIABILITIES AND EQUITY |
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$ 102,285 |
$ 2,285 |
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The accompanying notes are an integral part of these financial statements |
Adamas Ventures Inc. |
(A Development Stage Company) |
Statements of Operations |
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For the Three
Months Ended |
For the Three
Months Ended |
For the Nine
Months Ended |
For the Nine
Months Ended |
From January 31, 2014
(Inception) to |
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October 31, |
October 31, |
October 31, |
October 31, |
October 31, |
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2015 |
2014 |
2015 |
2014 |
2015 |
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Revenues |
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- |
- |
- |
- |
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General and Administration Expenses |
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Filing Fees |
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213 |
213 |
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Professional Fees |
$ 120 |
382 |
1,370 |
1,507 |
8,872 |
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Total Expenses |
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$ 120 |
382 |
1,370 |
1,720 |
9,085 |
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Operating loss |
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$ (120) |
(382) |
(1,370) |
(1,720) |
(9,085) |
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Net (loss) for the period |
$ (120) |
$ (382) |
$ (1,370) |
$ (1,720) |
$ (9,085) |
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Net (loss) per share |
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Basic and diluted |
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$ - |
$ - |
$ - |
$ - |
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Weighted Average Shares Outstanding |
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Basic and diluted |
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30,000,000 |
30,000,000 |
30,000,000 |
30,000,000 |
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The accompanying notes are an integral part of these financial statements. |
Adamas Ventures Inc. |
(A Development Stage Company) |
Statement of Cash Flows |
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For the Three Months Ended |
For the Nine Months Ended |
From January 31, 2014
(Inception) to |
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October 31, |
October 31, |
October 31, |
October 31, |
October 31, |
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2015 |
2014 |
2015 |
2014 |
2015 |
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Cash Flow from Operating Activities |
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Net (loss) for the period |
$ (120) |
(382) |
(1,370) |
(1,720) |
$ (9,085) |
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Changes in Non-Cash Working Capital Items |
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Accounts Payable and Accrued Liabilities |
120 |
382 |
1,370 |
382 |
1,370 |
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Net Cash Flow Used in Operating Activities |
$ - |
$ - |
$ - |
$ (1,338) |
$ (7,715) |
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Investing Activities |
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Due from Related Party |
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- |
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Net Cash Flow Provided by Investing Activities |
$ - |
$ - |
$ - |
$ - |
$ - |
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Financing Activities |
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Share Capital Contribution |
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10,000 |
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Shareholder Loan |
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Net Cash Flow Provided by Financing Activities |
$ - |
$ - |
$ - |
$ - |
$ 10,000 |
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Net Change in Cash |
$ - |
$ - |
$ - |
$ (1,338) |
$ 2,285 |
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Cash, Beginning of Period |
$ 2,285 |
$ 5,337 |
$ 2,285 |
$ 6,675 |
$ - |
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Cash, End of Period |
$ 2,285 |
$ 5,337 |
$ 2,285 |
$ 5,337 |
$ 2,285 |
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3
ADAMAS VENTURES, INC.
NOTES TO THE FINANCIAL STATEMENTS
(Unaudited)
Note 1: Organization and Basis of Presentation
Adamas Ventures, Inc. (the “Company”) is a for
profit corporation established under the corporation laws in the State of Nevada, United States of America on January 31, 2014.
The Company is in the development phase and intends to sell
baby products. As such, the Company is subject to all risks inherent to the establishment of a start-up business enterprise.
Certain information and footnote disclosures normally included
in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have
been condensed or omitted pursuant to such rules and regulations. In our opinion, these financial statements include all adjustments
(consisting only of normal recurring adjustments) necessary for the fair statement of the results for the period. These financial
statements should be read in conjunction with the financial statements for the six months ended July 31, 2015. Unless the context
otherwise requires, all references to “Adamas Ventures,” “we,” “us,” “our” or the
“company” are to Adamas Ventures, Inc. and any subsidiaries.
Note 2: Recent Accounting Pronouncements
In December 2011, the FASB issued ASU 2011-11, Disclosures
about Offsetting Assets and Liabilities, (“ASU 2011-11”). ASU 2011-11 requires an entity to disclose both gross information
and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments
and transactions subject to an agreement similar to a master netting arrangement. ASU 2011- 11 is effective for annual reporting
periods beginning on or after January 1, 2013, and interim periods within those annual periods. Retrospective disclosure is required
for all comparative periods presented. The adoption of ASU 2011-11 did not have a material impact on the Company’s financial
statements. In October 2012, the FASB issued ASU No. 2012-04, Technical Corrections and Improvements, (“ASU 2012-04”).
This update includes source literature amendments, guidance clarification, reference corrections and relocated guidance affecting
a variety of topics in the Codification. The update also includes conforming amendments to the Codification to reflect ASC 820’s
fair value measurement and disclosure requirements. The amendments in this update that will not have transition guidance are effective
upon issuance. The amendments in this update that are subject to the transition guidance will be effective for fiscal periods beginning
after December 15, 2012. The adoption of ASU 2012-04 did not have a material impact on the Company’s financial statements.
In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet
(Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities (“ASU 2013-01”). This update
clarifies that ordinary trade receivables and receivables are not in the scope of ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures
about Offsetting Assets and Liabilities (“ASU 2011-11”). Specifically, ASU 2011-11 applies only to derivatives, repurchase
agreements and reverse purchase agreements, and securities borrowing and securities lending transactions that are either offset
in accordance with specific criteria contained in the FASB Accounting Standards Codification or subject to a master netting arrangement
or similar agreement. The Company is required to apply the amendments in ASU 2013-01 beginning January 1, 2013. The adoption of
ASU 2013-01 by the Company did not have a material impact on the consolidated financial statements.
In February 2013, the Financial Accounting Standards Board
issued Accounting Standards Update, or ASU, 2013-02, Comprehensive Income (Topic 220), Reporting of Amounts Reclassified Out of
Accumulated Other Comprehensive Income. This update requires companies to provide information regarding the amounts reclassified
out of accumulated other comprehensive income by component. In addition, companies are required to present, either on the face
of the statement where net income is presented or in the accompanying notes, significant amounts reclassified out of accumulated
other comprehensive income by the respective line items of net income. ASU 2013-02 is effective for annual reporting periods beginning
on or after December 15, 2012, and interim periods within those annual periods. ASU 2013-02 was adopted January 1, 2013 and did
not have a significant impact on our financial statements.
Note 3: Concentrations
The company has not had any sales.
Note 4: Legal Matters
The Company has no known legal issues pending.
Note 5: Debt
The Company has no debt.
4
NOTES TO THE FINANCIAL STATEMENTS (continued)
Note 6: Capital Stock
On January 31, 2014 the Company authorized 75,000,000 shares
of commons stock with a par value of $0.0001 per share.
On January 31, 2014 the Company issued 20,000,000 shares of
common stock for a purchase price of $0.0001 per share to its founding shareholder. The Company received aggregate gross proceeds
of $10,000.00.
During the period of May and June, 2015, the Company issued
10,000,000 shares of common stocks for a purchase price of $0.01 per share for gross proceeds of $100,000.
As of October 31, 2015 there were no outstanding stock options
or warrants.
Note 7: Income Taxes
The Company uses the asset and liability method of accounting
for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized
for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences
resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets
and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates
is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to
reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely
than not some portion or all of the deferred tax assets will not be realized.
ASC Topic 740.10.30 clarifies the accounting for uncertainty
in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement
attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.
ASC Topic 740.10.40 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods,
disclosure, and transition.
Note 8: Related Party Transactions
The Company neither owns nor leases any real or personal property.
The sole officer of the Company provides office space and services free of charge. The Company's sole officer and director is involved
in other business activities and may in the future, become involved in other business opportunities as they become available.
Note 9: Subsequent Events
The Company has evaluated events subsequent through the date
these financial statements have been issued to assess the need for potential recognition or disclosure in this report. Such events
were evaluated through the date these financial statements were available to be issued. Based upon this evaluation, it was determined
that no subsequent events occurred that require recognition or disclosure in the financial statements.
Note 10: Going Concern
The accompanying financial statements and notes have been prepared
assuming that the Company will continue as a going concern.
For the period ended October 31, 2015, the Company had an accumulated
deficit of $9,085 and working capital of $102,285, which may not be sufficient to sustain operations over the next 12 months. The
Company’s ability to continue as a going concern is dependent upon the Company’s ability to generate sufficient revenues
to operate profitably or raise additional capital through debt financing and/or through sales of common stock.
Management plans to fund operations of the Company through
the proceeds from an offering pursuant to a Registration Statement on Form S-1 or private placements of restricted securities or
the issuance of stock in lieu of cash for payment of services until such a time as profitable operations are achieved. There are
no written agreements in place for such funding or issuance of securities and there can be no assurance that such will be available
in the future. Management believes that this plan provides an opportunity for the Company to continue as a going concern.
The failure to achieve the necessary levels of profitability
or obtain the additional funding would be detrimental to the Company.
5
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
This quarterly report contains forward-looking statements.
These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements
by terminology such as "may", "should", "expects", "plans", "anticipates", "believes",
"estimates", "predicts", "potential" or "continue" or the negative of these terms or other
comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors
that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different
from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future
results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of
the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.
The following discussion and analysis provides information
which management of ADAMAS VENTURES, INC. (the "Company") believes to be relevant to an assessment and
understanding of the Company's results of operations and financial condition. This discussion should be read together with the
Company's financial statements and the notes to financial statements, which are included in this report.
Caution About Forward-Looking Statements
This management's discussion and analysis or plan of operation
should be read in conjunction with the financial statements and notes thereto of the Company for the quarter ended October 31,
2015.
This section includes a number of forward-looking statements
that reflect our current views with respect to future events and financial performance. Forward-looking statements are often identified
by words like: believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature,
refer to future events. You should not place undue certainty on these forward-looking statements, which apply only as of the date
of this prospectus. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results
to differ materially from historical results or our predictions.
General Overview
We are a development stage company and plan to operate in the
distribution of baby products. We plan to market and distribute an assortment of high quality baby products in the Central and
South American markets. Our products will include cribs, strollers, clothing, shoes, bottles, bibs, blankets, and toys. Some of
our baby products will be designed as part of a series, meaning they will be designed and made in the same color-scheme and style.
We intend to purchase baby products from manufacturers in China, ship them to Central and South America and sell the products directly
to retailers. We are identifying potential manufacturers, shipping companies and negotiating arrangements for such products and
services. In addition, we are securing office space and developing a website.
6
ITEM 2 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (Continued)
Results of Operations
The Company experienced general and administration expenses
of $1,370 and $1,720 for the nine months ended October 31, 2015 and 2014, respectively. The decrease in general and administration
expenses for this period are attributed to an decrease in professional fees and filings fees.
For the nine months period ended October 31, 2015, the company
experienced a net loss of $1,370 compared to a loss of $1,720 for the nine months ended October 31, 2014.
Liquidity and Capital Resources
During the three months period ended October 31, 2015, the
Company had no working capital needs. As of October 31, 2015, the Company has cash on hand in the amount of $2,285. Management
does not expect that the current level of cash on hand will be sufficient to fund our operations for the next twelve month period.
In the event that additional funds are required to maintain operations, our officers and directors have agreed to advance us sufficient
capital to allow us to continue operations. We may also be able to obtain loans from our shareholders, but there are no agreements
or understandings in place currently.
We believe we will require additional funding to expand our
business and ensure its future profitability. We anticipate that any additional funding will be in the form of equity financing
from the sale of our common stock. However, we do not have any arrangements in place for any future equity financing. In the event
we are not successful in selling our common stock, we may also seek to obtain short-term loans from our director.
7
Item 3. Quantitative Disclosures about Market Risks
As a "smaller reporting company", we are not required
to provide the information required by this Item.
Item 4. Controls and Procedures.
Management's Report on Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed
to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended,
is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules
and forms, and that such information is accumulated and communicated to our management, including our president (our principal
executive officer and our principal financial officer and principle accounting officer) to allow for timely decisions regarding
required disclosure.
As of October 31, 2015, the end of our quarter covered by this report,
we carried out an evaluation, under the supervision and with the participation of our president (our principal executive officer
and our principal financial officer and principle accounting officer), of the effectiveness of the design and operation of our
disclosure controls and procedures. Based on the foregoing, our president (our principal executive officer and our principal financial
officer and principle accounting officer) concluded that our disclosure controls and procedures were effective as of the end of
the period covered by this quarterly report.
Changes in Internal Control over Financial Reporting
There have been no changes in our internal controls over financial
reporting that occurred during the quarter ended October 31, 2015 that have materially or are reasonably likely to materially affect,
our internal controls over financial reporting.
8
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
We know of no material, existing or pending legal proceedings
against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings
in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has
a material interest adverse to our interest.
Item 2. Unregistered Sales of Equity Securities and Use
of Proceeds
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
None.
Item 6. Exhibits
Exhibit No. |
|
Exhibit Description |
31.1* |
|
Certification of Principal Executive Officer and Principal Financial Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
32.1* |
|
Certification of 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 |
9
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.
ADAMAS VENTURES, INC.
|
|
|
Date
: December 15, 2015 |
/s/ Jinshan Dai |
|
Jinshan Dai |
|
President, Treasurer and Secretary |
|
(Principal Executive, Financial and Accounting Officer) |
10
Exhibit
31. CERTIFICATION AS REQUIRED BY RULE 13a-14(a) OR RULE 15d-14(a)
I,
Jinshan Dai, certify that:
I
have reviewed this quarterly report of Adamas Ventures, Inc.. Based on my knowledge, this report does not
contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this
report; Based on my knowledge, the financial statements, and other financial information included in this report, fairly
present in all material respects the financial condition, results of operations and cash flows of the small business issuer
as of, and for, the periods presented in this report; The small business issuer's other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(3)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for
the small business issuer and have: a. Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information relating to the small business
issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the
period in which the report is being prepared;
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;
c.
Evaluated the effectiveness of the small business issuer's disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report
based on such evaluation; and
d.
Disclosed in this report any change in the small business issuer's internal control over financial reporting that occurred during
the small business issuer's most recent fiscal quarter (the small business issuer's fourth fiscal quarter in the case of an annual
report) that has materially affected, or is reasonably likely to materially affect, the small business issuer's internal control
over financial reporting; and
The small business issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal
control over financial reporting, to the small business issuer's auditors and the audit committee of the small business issuer's
board of directors (or persons performing the equivalent functions):
a.
All significant deficiencies and material weaknesses in the design of operation of internal control over financial reporting which
are reasonably likely to adversely affect the small business issuer's ability to record, process, summarize and report financial
information; and
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business
issuer's internal control over financial reporting.
Dated:December
15, 2015
/s/ Jinshan Dai
Jinshan Dai
President, Treasurer
and Secretary
EX-32.
CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. SECTION 1350)
In
connection with the report of Adamas Ventures, Inc. (the "Company"), on Form 10-Q for the quarter
ending October 31, 2015, as filed with the Securities and Exchange Commission (the "Report"), I, Jinshan Dai,
Chief Executive Officer of the Company, certify, pursuant to Sect 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Sect
1350), that to my knowledge:
(1)
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations
of the Company.
Dated:
December 15, 2015
/s/
Jinshan Dai
Jinshan Dai
President, Chief Executive
Officer, Treasurer and Secretary
v3.3.1.900
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v3.3.1.900
Balance Sheets - USD ($)
|
Oct. 31, 2015 |
Jan. 31, 2015 |
ASSETS |
|
|
Cash and Cash Equivalents |
$ 2,285
|
$ 2,285
|
Stock Subscription Receivables |
100,000
|
|
TOTAL ASSETS |
102,285
|
$ 2,285
|
Current Liabilities |
|
|
Accounts Payable and Accrued Liabilities |
1,370
|
|
TOTAL CURRENT LIABILITIES |
1,370
|
|
Stockholders' Equity |
|
|
Issued and Fully paid: 20,000,000 common shares at $0.0001 par value |
$ 2,000
|
$ 2,000
|
Issued and Fully paid: 10,000,000 common shares at $0.0001 par value |
1,000
|
|
Additional paid in capital |
$ 107,000
|
8,000
|
(Deficit) accumulated during the development stage |
(9,085)
|
(7,715)
|
TOTAL STOCKHOLDERS' EQUITY |
100,915
|
2,285
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ 102,285
|
$ 2,285
|
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v3.3.1.900
Balance Sheets (Parenthetical) - $ / shares
|
Oct. 31, 2015 |
Jan. 31, 2015 |
Statement of Financial Position [Abstract] |
|
|
Common Stock Par Value |
$ 0.0001
|
$ 0.0001
|
Common Stock Authorized |
75,000,000
|
75,000,000
|
Common Stock Issued and Outstanding |
20,000,000
|
20,000,000
|
Common Stock Issued and Outstanding |
10,000,000
|
|
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v3.3.1.900
Statements of Operations - USD ($)
|
3 Months Ended |
9 Months Ended |
Oct. 31, 2015 |
Oct. 31, 2014 |
Oct. 31, 2015 |
Oct. 31, 2014 |
General and Administration Expenses |
|
|
|
|
Filing Fee |
|
$ 0
|
$ 0
|
$ 213
|
Professional Fees |
$ 120
|
382
|
1,370
|
1,507
|
Operating Loss |
120
|
382
|
1,370
|
1,720
|
Net (loss) for the period |
$ 120
|
$ 382
|
$ 1,370
|
$ 1,720
|
Net (loss) per share |
|
|
|
|
Basic and diluted |
|
|
|
|
Weighted Average Number of Common |
|
|
|
|
Shares Outstanding - Basic and Diluted |
30,000,000
|
30,000,000
|
30,000,000
|
30,000,000
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v3.3.1.900
Statements of Cash Flows - USD ($)
|
3 Months Ended |
9 Months Ended |
Oct. 31, 2015 |
Oct. 31, 2014 |
Oct. 31, 2015 |
Oct. 31, 2014 |
Cash flow from Operating Activities |
|
|
|
|
Net loss |
$ (120)
|
$ (382)
|
$ (1,370)
|
$ (1,720)
|
Change in Non-Cash Working Capital Items: |
|
|
|
|
Accounts Payable and Accrued Liabilities |
$ 120
|
$ 382
|
$ 1,370
|
382
|
Net Cash Flow Used in Operating Activities |
|
|
|
$ (1,338)
|
Investing Activities |
|
|
|
|
Due from Related Party |
|
|
|
|
Financing Activities |
|
|
|
|
Capital Contribution |
|
|
|
|
Net Cash Flow Provided by Financing Activities |
|
|
|
|
Net change in cash |
|
|
|
$ (1,338)
|
Cash, Beginning of Period |
$ 2,285
|
$ 5,337
|
$ 2,285
|
6,675
|
Cash, End of Period |
$ 2,285
|
$ 5,337
|
$ 2,285
|
$ 5,337
|
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v3.3.1.900
Organization and Basis of Presentation
|
9 Months Ended |
Oct. 31, 2015 |
Accounting Policies [Abstract] |
|
Organization and Basis of Presentation |
Note 1: Organization and Basis of Presentation
Adamas Ventures, Inc. (the Company) is a for
profit corporation established under the corporation laws in the State of Nevada, United States of America on January 31, 2014.
The Company is in the development phase and intends to sell
baby products. As such, the Company is subject to all risks inherent to the establishment of a start-up business enterprise.
Certain information and footnote disclosures normally included
in financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) have
been condensed or omitted pursuant to such rules and regulations. In our opinion, these financial statements include all adjustments
(consisting only of normal recurring adjustments) necessary for the fair statement of the results for the period. These financial
statements should be read in conjunction with the financial statements for the six months ended July 31, 2015. Unless the context
otherwise requires, all references to Adamas Ventures, we, us, our or the
company are to Adamas Ventures, Inc. and any subsidiaries.
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v3.3.1.900
Recent Accounting Pronouncements
|
9 Months Ended |
Oct. 31, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Recent Accounting Pronouncements |
Note 2: Recent Accounting Pronouncements
In December 2011, the FASB issued ASU 2011-11, Disclosures
about Offsetting Assets and Liabilities, (ASU 2011-11). ASU 2011-11 requires an entity to disclose both gross information
and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments
and transactions subject to an agreement similar to a master netting arrangement. ASU 2011- 11 is effective for annual reporting
periods beginning on or after January 1, 2013, and interim periods within those annual periods. Retrospective disclosure is required
for all comparative periods presented. The adoption of ASU 2011-11 did not have a material impact on the Companys financial
statements. In October 2012, the FASB issued ASU No. 2012-04, Technical Corrections and Improvements, (ASU 2012-04).
This update includes source literature amendments, guidance clarification, reference corrections and relocated guidance affecting
a variety of topics in the Codification. The update also includes conforming amendments to the Codification to reflect ASC 820s
fair value measurement and disclosure requirements. The amendments in this update that will not have transition guidance are effective
upon issuance. The amendments in this update that are subject to the transition guidance will be effective for fiscal periods beginning
after December 15, 2012. The adoption of ASU 2012-04 did not have a material impact on the Companys financial statements.
In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet
(Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities (ASU 2013-01). This update
clarifies that ordinary trade receivables and receivables are not in the scope of ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures
about Offsetting Assets and Liabilities (ASU 2011-11). Specifically, ASU 2011-11 applies only to derivatives, repurchase
agreements and reverse purchase agreements, and securities borrowing and securities lending transactions that are either offset
in accordance with specific criteria contained in the FASB Accounting Standards Codification or subject to a master netting arrangement
or similar agreement. The Company is required to apply the amendments in ASU 2013-01 beginning January 1, 2013. The adoption of
ASU 2013-01 by the Company did not have a material impact on the consolidated financial statements.
In February 2013, the Financial Accounting Standards Board
issued Accounting Standards Update, or ASU, 2013-02, Comprehensive Income (Topic 220), Reporting of Amounts Reclassified Out of
Accumulated Other Comprehensive Income. This update requires companies to provide information regarding the amounts reclassified
out of accumulated other comprehensive income by component. In addition, companies are required to present, either on the face
of the statement where net income is presented or in the accompanying notes, significant amounts reclassified out of accumulated
other comprehensive income by the respective line items of net income. ASU 2013-02 is effective for annual reporting periods beginning
on or after December 15, 2012, and interim periods within those annual periods. ASU 2013-02 was adopted January 1, 2013 and did
not have a significant impact on our financial statements.
|
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- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.3.1.900
Capital Stock
|
9 Months Ended |
Oct. 31, 2015 |
Equity [Abstract] |
|
Capital Stock |
Note 6: Capital Stock
On January 31, 2014 the Company authorized 75,000,000 shares
of commons stock with a par value of $0.0001 per share.
On January 31, 2014 the Company issued 20,000,000 shares of
common stock for a purchase price of $0.0001 per share to its founding shareholder. The Company received aggregate gross proceeds
of $10,000.00.
During the period of May and June, 2015, the Company issued
10,000,000 shares of common stocks for a purchase price of $0.01 per share for gross proceeds of $100,000.
As of October 31, 2015 there were no outstanding stock options
or warrants.
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- DefinitionThe entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
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Income Taxes
|
9 Months Ended |
Oct. 31, 2015 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Note 7: Income Taxes
The Company uses the asset and liability method of accounting
for income taxes in accordance with ASC Topic 740, Income Taxes. Under this method, income tax expense is recognized
for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences
resulting from matters that have been recognized in an entitys financial statements or tax returns. Deferred tax assets
and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates
is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to
reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely
than not some portion or all of the deferred tax assets will not be realized.
ASC Topic 740.10.30 clarifies the accounting for uncertainty
in income taxes recognized in an enterprises financial statements and prescribes a recognition threshold and measurement
attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.
ASC Topic 740.10.40 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods,
disclosure, and transition.
|
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v3.3.1.900
Related Party Transactions
|
9 Months Ended |
Oct. 31, 2015 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Note 8: Related Party Transactions
The Company neither owns nor leases any real or personal property.
The sole officer of the Company provides office space and services free of charge. The Company's sole officer and director is involved
in other business activities and may in the future, become involved in other business opportunities as they become available.
|
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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Subsequent Events
|
9 Months Ended |
Oct. 31, 2015 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Note 9: Subsequent Events
The Company has evaluated events subsequent through the date
these financial statements have been issued to assess the need for potential recognition or disclosure in this report. Such events
were evaluated through the date these financial statements were available to be issued. Based upon this evaluation, it was determined
that no subsequent events occurred that require recognition or disclosure in the financial statements.
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v3.3.1.900
Going Concern
|
9 Months Ended |
Oct. 31, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Going Concern |
Note 10: Going Concern
The accompanying financial statements and notes have been prepared
assuming that the Company will continue as a going concern.
For the period ended October 31, 2015, the Company had an accumulated
deficit of $9,085 and working capital of $102,285, which may not be sufficient to sustain operations over the next 12 months. The
Companys ability to continue as a going concern is dependent upon the Companys ability to generate sufficient revenues
to operate profitably or raise additional capital through debt financing and/or through sales of common stock.
Management plans to fund operations of the Company through
the proceeds from an offering pursuant to a Registration Statement on Form S-1 or private placements of restricted securities or
the issuance of stock in lieu of cash for payment of services until such a time as profitable operations are achieved. There are
no written agreements in place for such funding or issuance of securities and there can be no assurance that such will be available
in the future. Management believes that this plan provides an opportunity for the Company to continue as a going concern.
The failure to achieve the necessary levels of profitability
or obtain the additional funding would be detrimental to the Company.
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