2017 Q1 Form 10-Q Financial Statement
#000109991023000020 Filed on January 23, 2023
Income Statement
Concept | 2017 Q1 | 2016 Q1 |
---|---|---|
Revenue | $31.68K | $38.15K |
YoY Change | -16.96% | |
Cost Of Revenue | ||
YoY Change | ||
Gross Profit | ||
YoY Change | ||
Gross Profit Margin | ||
Selling, General & Admin | ||
YoY Change | ||
% of Gross Profit | ||
Research & Development | ||
YoY Change | ||
% of Gross Profit | ||
Depreciation & Amortization | ||
YoY Change | ||
% of Gross Profit | ||
Operating Expenses | $97.97K | $177.6K |
YoY Change | -44.85% | |
Operating Profit | -$66.29K | -$139.5K |
YoY Change | -52.48% | |
Interest Expense | $52.98K | $301.8K |
YoY Change | -82.44% | -205.54% |
% of Operating Profit | ||
Other Income/Expense, Net | -$97.86K | $634.2K |
YoY Change | -115.43% | |
Pretax Income | ||
YoY Change | ||
Income Tax | ||
% Of Pretax Income | ||
Net Earnings | -$164.2K | $494.7K |
YoY Change | -133.19% | -273.0% |
Net Earnings / Revenue | -518.19% | 1296.64% |
Basic Earnings Per Share | $0.00 | $0.00 |
Diluted Earnings Per Share | $0.00 | $0.00 |
COMMON SHARES | ||
Basic Shares Outstanding | 223.4M shares | 125.4M shares |
Diluted Shares Outstanding | 1.201B shares | 954.7M shares |
Balance Sheet
Concept | 2017 Q1 | 2016 Q1 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | ||
YoY Change | ||
Cash & Equivalents | $9.362K | $7.592K |
Short-Term Investments | ||
Other Short-Term Assets | ||
YoY Change | ||
Inventory | $5.450K | |
Prepaid Expenses | ||
Receivables | $3.609K | |
Other Receivables | ||
Total Short-Term Assets | $19.92K | |
YoY Change | ||
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $11.75K | |
YoY Change | ||
Goodwill | ||
YoY Change | ||
Intangibles | ||
YoY Change | ||
Long-Term Investments | ||
YoY Change | ||
Other Assets | ||
YoY Change | ||
Total Long-Term Assets | $11.75K | |
YoY Change | ||
TOTAL ASSETS | ||
Total Short-Term Assets | $19.92K | |
Total Long-Term Assets | $11.75K | |
Total Assets | $31.67K | |
YoY Change | ||
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $201.3K | |
YoY Change | ||
Accrued Expenses | $2.265M | |
YoY Change | ||
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | ||
YoY Change | ||
Long-Term Debt Due | ||
YoY Change | ||
Total Short-Term Liabilities | $5.491M | |
YoY Change | ||
LONG-TERM LIABILITIES | ||
Long-Term Debt | ||
YoY Change | ||
Other Long-Term Liabilities | ||
YoY Change | ||
Total Long-Term Liabilities | ||
YoY Change | ||
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $5.491M | |
Total Long-Term Liabilities | ||
Total Liabilities | $5.491M | |
YoY Change | ||
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$6.278M | |
YoY Change | ||
Common Stock | $235.1K | |
YoY Change | ||
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | -$5.459M | -$5.666M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $31.67K | |
YoY Change |
Cashflow Statement
Concept | 2017 Q1 | 2016 Q1 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | -$164.2K | $494.7K |
YoY Change | -133.19% | -273.0% |
Depreciation, Depletion And Amortization | ||
YoY Change | ||
Cash From Operating Activities | $99.62K | -$80.12K |
YoY Change | -224.35% | |
INVESTING ACTIVITIES | ||
Capital Expenditures | ||
YoY Change | ||
Acquisitions | ||
YoY Change | ||
Other Investing Activities | ||
YoY Change | ||
Cash From Investing Activities | ||
YoY Change | ||
FINANCING ACTIVITIES | ||
Cash Dividend Paid | $62.14K | |
YoY Change | ||
Common Stock Issuance & Retirement, Net | $0.00 | $0.00 |
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | -$111.7K | $75.98K |
YoY Change | -246.98% | |
NET CHANGE | ||
Cash From Operating Activities | $99.62K | -$80.12K |
Cash From Investing Activities | ||
Cash From Financing Activities | -$111.7K | $75.98K |
Net Change In Cash | -$12.05K | -$4.135K |
YoY Change | 191.46% | |
FREE CASH FLOW | ||
Cash From Operating Activities | $99.62K | -$80.12K |
Capital Expenditures | ||
Free Cash Flow | ||
YoY Change |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
CY2017Q1 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2017-02-28 | |
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Entity Filer Category
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Non-accelerated Filer | |
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Document Transition Report
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|
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|
TELCO CUBA, INC. | |
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Suite 3A | |
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|
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Net Cash Provided By Used In Financing Activities
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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|
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Preferred B Stock Conversion To Common Shares
PreferredBStockConversionToCommonShares
|
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Stock Issued1
StockIssued1
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Stock Issued1
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Nature Of Operations
NatureOfOperations
|
<p id="xdx_80A_eus-gaap--NatureOfOperations_z1WPPwKzT4p6" style="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. <span id="xdx_82A_zk17noHYgSW7">Nature of Operations and Going Concern</span></b></span></p> <p style="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telco Cuba, Inc. (fka CaerVision Global, Inc., fka American Mineral Group Minerals Inc.) (the "Company") was incorporated in the State of Nevada on August 10, 2007. Up until June 12, 2015, the company was previously engaged in the exploration, development, and acquisition of mineral properties.</span></p> <p style="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 12, 2015, the Company consummated a Share Exchange with Amgentech, Inc., a Florida corporation. <span id="xdx_907_ecustom--SharesExchangeDescription_c20161201__20170228" title="Shares Exchange description">Under the terms of the Share Exchange, the holders of Amgentech received 50,088 shares of Series B Preferred Stock that had been previously issued to third parties in exchange for 100% of the issued and outstanding capital of Amgentech. Each share of Series B preferred is convertible into 5,000 shares of common stock (254,440,000 shares total) and has voting rights of 5,000 per share (254,440,000 votes).</span> As a result of this transaction, Amgentech became a wholly owned subsidiary of the Company with control transferring to the previous owners of Amgentech. Amgentech elected to be treated as the successor issuer for SEC reporting and accounting purposes. The Share Exchange was accounted for as a reverse acquisition and re-capitalization. The Amgentech Shareholders obtained approximately 60% of voting control on the date of Share Exchange. Amgentech was the acquirer for financial reporting purposes and the Company was the acquired company. <span style="line-height: 107%"> </span>The Company filed an amendment to its articles of incorporation and changed its name to Telco Cuba, Inc. Telco Cuba is foremost a technology solutions service provider offering services under the brand names “Amgentech” and “Telco Cuba”.</span></p> <p style="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Going Concern</b></span></p> <p style="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying financial statements have been prepared on the basis of accounting principles applicable to a going concern; accordingly, they do not give effect to adjustments that would be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and retire its liabilities in other than the normal course of business and at amounts different from those in the accompanying financial statements. As shown in the accompanying financial statements, the Company has an accumulated deficit of $<span id="xdx_90E_eus-gaap--RetainedEarningsAppropriated_iI_pdn3_dm_c20170228_z4K2jEeqMJL4" title="Accumulated deficit">4.962</span> million. <span style="background-color: white">The Company currently does not have the cash resources to meet its operating commitments for the next twelve months and expects to have ongoing requirements for capital investment or debt to implement its business plan. These factors, among others, raise substantial doubt that the Company will be able to continue as a going concern for a reasonable period of time.</span> Management plans to raise cash from public or private debt or equity financing, on an as needed basis. The Company's ability to continue as a going concern is in substantial doubt unless it can achieve profitable operations and/or upon obtaining additional financing. The outcome of these matters cannot be predicted at this time.</span></p> | |
CY2017Q1 | QBAN |
Shares Exchange Description
SharesExchangeDescription
|
Under the terms of the Share Exchange, the holders of Amgentech received 50,088 shares of Series B Preferred Stock that had been previously issued to third parties in exchange for 100% of the issued and outstanding capital of Amgentech. Each share of Series B preferred is convertible into 5,000 shares of common stock (254,440,000 shares total) and has voting rights of 5,000 per share (254,440,000 votes). | |
CY2017Q1 | us-gaap |
Retained Earnings Appropriated
RetainedEarningsAppropriated
|
4962000 | usd |
CY2017Q1 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
0 | shares |
CY2016Q4 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
0 | shares |
CY2016Q4 | us-gaap |
Derivative Liabilities Current
DerivativeLiabilitiesCurrent
|
132098 | usd |
CY2017Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
223366678 | shares |
CY2016Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
125412657 | shares |
CY2017Q1 | QBAN |
Convertible Debentures
ConvertibleDebentures
|
499204197 | shares |
CY2016Q1 | QBAN |
Convertible Debentures
ConvertibleDebentures
|
473782517 | shares |
CY2017Q1 | QBAN |
Convertible Preferred Stock
ConvertiblePreferredStock
|
478275000 | shares |
CY2016Q1 | QBAN |
Convertible Preferred Stock
ConvertiblePreferredStock
|
355530000 | shares |
CY2017Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
1200845875 | shares |
CY2016Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
954725174 | shares |
CY2017Q1 | us-gaap |
Derivative Liabilities Current
DerivativeLiabilitiesCurrent
|
177390 | usd |
CY2017Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_849_eus-gaap--UseOfEstimates_zZJZDvg5zlAe" style="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>g) <span id="xdx_863_z5K2uXoxtXTd">Estimates</span></b></span></p> <p style="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The preparation of financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those reported.</span></p> <p style="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"/></p> <p style="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b/></span></p> | |
CY2017Q1 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p id="xdx_844_eus-gaap--ConcentrationRiskCreditRisk_zJlOG4ACoFU2" style="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>h) <span id="xdx_868_z8yc5EqXMBTl">Accounts receivable and concentration of credit risk</span></b></span></p> <p style="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The Company provides credit to its clients in the form of payment terms. The Company limits its credit risk by performing credit evaluations of its clients and maintaining a reserve, if deemed necessary, for potential credit losses. Such evaluations include the review of a customer’s outstanding balances with consideration towards such customer’s historical collection experience, as well as prevailing economic and market conditions and other factors. </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The Company currently has no accounts receivable in 2016 and, therefore, does not currently have a concentrated credit risk associated with trade receivables.</span></p> | |
CY2016Q1 | us-gaap |
Asset Impairment Charges
AssetImpairmentCharges
|
0 | usd |
CY2015Q1 | us-gaap |
Asset Impairment Charges
AssetImpairmentCharges
|
0 | usd |
CY2017Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
975000000 | shares |
CY2016Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
975000000 | shares |
CY2017Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
CY2016Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
CY2017Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
400000 | shares |
CY2016Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
400000 | shares |
CY2017Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
CY2016Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
CY2016Q4 | us-gaap |
Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
|
10000000 | shares |
CY2016Q4 | us-gaap |
Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
|
35000 | usd |
CY2016Q4 | us-gaap |
Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
|
0.0035 | |
CY2017Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
400000 | shares |
CY2017Q1 | QBAN |
Preferred Stock Designated
PreferredStockDesignated
|
300000 | shares |
CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
0 | shares |
CY2016Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
0 | shares |
CY2017Q1 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.35 | pure |
CY2016Q1 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.35 | pure |
CY2017Q1 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
-57400 | usd |
CY2016 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
173100 | usd |
CY2017Q1 | QBAN |
Utilization Increase In Tax Loss Carryforward
UtilizationIncreaseInTaxLossCarryforward
|
-57400 | usd |
CY2016 | QBAN |
Utilization Increase In Tax Loss Carryforward
UtilizationIncreaseInTaxLossCarryforward
|
173100 | usd |
CY2017Q1 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
6500000 | usd |
CY2017Q1 | us-gaap |
Convertible Debt
ConvertibleDebt
|
540344 | usd |
CY2016Q4 | us-gaap |
Convertible Debt
ConvertibleDebt
|
621843 | usd |
CY2017Q1 | us-gaap |
Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
|
499204917 | shares |
CY2016Q1 | us-gaap |
Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
|
473782517 | shares |
CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | pure |
CY2016 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | pure |
CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
3.5294 | pure |
CY2016 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
3.5294 | pure |
CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.04 | pure |
CY2016 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.04 | pure |
CY2017Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P0Y3M | |
CY2016 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P0Y3M | |
CY2017Q1 | us-gaap |
Share Price
SharePrice
|
0.004 | |
CY2016Q4 | us-gaap |
Share Price
SharePrice
|
0.004 | |
CY2017Q1 | us-gaap |
Notes Payable
NotesPayable
|
2156626 | usd |
CY2016Q1 | us-gaap |
Notes Payable
NotesPayable
|
2236446 | usd |
CY2017Q1 | us-gaap |
Interest Expense Other Long Term Debt
InterestExpenseOtherLongTermDebt
|
46110 | usd |
CY2016Q1 | us-gaap |
Interest Expense Other Long Term Debt
InterestExpenseOtherLongTermDebt
|
47740 | usd |
CY2017Q1 | us-gaap |
Due To Other Related Parties Classified Current
DueToOtherRelatedPartiesClassifiedCurrent
|
135221 | usd |
CY2016Q4 | us-gaap |
Due To Other Related Parties Classified Current
DueToOtherRelatedPartiesClassifiedCurrent
|
135577 | usd |
CY2017Q1 | us-gaap |
Related Party Transaction Rate
RelatedPartyTransactionRate
|
0.12 | pure |