Clavis Technologies International Co., Ltd.

CIK:0001482550|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
NET REVENUES	$ 304	$ 54,338	$ 57,561	$ 125,207
COST OF REVENUES		26,232	43,099	85,421
GROSS PROFITS	304	28,106	14,462	39,786
OPERATING EXPENSES
Research and development	4,114	19,204	64,138	149,165
Selling, general and administrative expenses	45,740	74,356	160,985	268,361
Technical fees		23,284		331,285
Total expenses	49,854	116,844	225,123	748,811
LOSS FROM OPERATIONS	(49,550)	(88,738)	(210,661)	(709,025)
OTHER EXPENSES
Interest expense, net	(11,217)	(15,389)	(33,525)	(45,840)
Loss on foreign currency transaction	(49,578)		(25,976)
Other expense, net	(548)	(44)	(695)	(251)
[OtherNonoperatingIncomeExpense]	(61,343)	(15,433)	(60,196)	(46,091)
LOSS BEFORE INCOME TAXES PROVISION	(110,893)	(104,171)	(270,857)	(755,116)
Income tax provision
NET LOSS	$ (110,893)	$ (104,171)	$ (270,857)	$ (755,116)
LOSS PER SHARE - basic and diluted (in Dollars per share)	$ (0.01)	$ (0.01)	$ (0.01)	$ (0.01)
WEIGHTED AVERAGE NUMBER OF COMMON STOCKS OUTSTANDING - basic and diluted (in Shares)	62,375,200	62,109,702	62,375,200	62,109,702

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2011	Sep. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (270,857)	$ (755,116)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	115	14,849
Severance expense	7,297	17,180
Technical fee		331,285
Loss on foreign currency transaction	25,976
Change in assets and liabilities (net of acquisition):
Accounts receivable		(7,839)
Inventory	189,337
Prepaid expenses and other assets	(3,868)	51,282
Restricted cash		967
Accounts payable	124,177	105,425
Advance payments on contracts		40,784
Accrued liabilities and other liabilities	49,776	(41,726)
Deferred revenue	(15,305)	(48,673)
Accrued severance payable	(66,566)	(43,659)
Net Cash Provided by (Used in) Operating Activities	40,082	(335,241)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term borrowings	2,182	88,880
Payments on short-term borrowings	(3,651)	(1,071)
Advances from stockholders	69,940	263,479
Payments of loans to stockholders	(141,622)	(12,139)
Proceed from issuance of common stock, net		5,434
Net Cash Provided by (Used in) Financing Activities	(73,151)	344,583
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENT	(33,069)	9,342
EFFECT OF CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	321	(10,256)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	34,257	17,401
CASH AND CASH EQUIVALENTS, END OF PERIOD	1,509	16,487
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid Interest	33,552	46,775
NON-CASH TRANSACTION
Installment payment arrangement of technical fee		$ 331,285

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2011	Dec. 31, 2010
CURRENT ASSETS
Cash and cash equivalents	$ 1,509	$ 34,257
Inventory		4,412
Capitalized costs on contracts	65,287	53,793
Prepaid expenses and other assets	3,757	178
Total Current Assets	70,553	92,640
Property and equipment, net	753	905
Security deposits	25,483	26,830
TOTAL ASSETS	96,789	120,375
CURRENT LIABILITIES
Short-term borrowings	168,121	178,272
Accounts payable	464,223	367,505
Related party loans payable	447,994	541,658
Deferred revenue	171,401
Accrued severance benefit	60,675	121,751
Other current liabilities	58,020	12,357
Total Current Liabilities	1,370,434	1,221,543
Technical fee payable	318,666	335,505
TOTAL LIABILITIES	1,689,100	1,557,048
COMMITMENTS (Note 12)
STOCKHOLDERS' DEFICIT:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 1,000,000 shares issued and outstanding at September 30, 2011 and December 31, 2010.	1,000	1,000
Common stock, $0.001 par value; 100,000,000 shares authorized; 62,375,200 shares issued and outstanding at September 30, 2011 and December 31, 2010.	62,375	62,375
Additional paid-in capital	2,053,732	2,053,732
Accumulated other comprehensive income	188,114	72,895
Accumulated deficit	(3,897,532)	(3,626,675)
Total Stockholders' Deficit	(1,592,311)	(1,436,673)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 96,789	$ 120,375