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 June 30, 2017

 

o 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: 333-129229

 

Fitvia Corp.

(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.)

 

San Francisco Bay, Torre 200, Apt 25D, Panama City, Panama

(Address of principal executive offices)

 

507-6551-0230

(Registrant's telephone number, Including Area Code)

 

Breezer Ventures Inc.

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

 

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 o No x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer o

Accelerated Filer o

Non-Accelerated Filer o

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 o No X

As of June 30, 2017, the Issuer had  35,600,000  shares of its Common Stock outstanding.

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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Report on Form 10-Q (this "Report") includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs and other information that is not historical information and, in particular, appear in the section entitled "Management's Discussion and Analysis or Plan of Operations" and elsewhere in this Report. When used in this Report, the words "estimates," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should" and variations of these words or similar expressions (or the negative versions of any these words) are intended to identify forward-looking statements. All forward-looking statements, including, without limitation, management's examination of historical operating trends, are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. However, we can give no assurance that management's expectations, beliefs and projections will be achieved.

There are a number of risks and uncertainties that could cause our actual results to differ materially from the results referred to in the forward-looking statements contained in this Report. Important factors outside the scope of our control could cause our actual results to differ materially from the results referred to in the forward-looking statements we make in this Report. Without limiting the foregoing, if we are unable to acquire approvals or consents from third parties or governmental authorities with respect to our new business model, our plans to commence our new business may become irrevocably impaired.

All forward-looking statements included herein are expressly qualified in their entirety by the cautionary statements contained or referred to in this Report. Except to the extent required by applicable laws and regulations, the Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this Report or to reflect the occurrence of unanticipated events.

Unless otherwise provided in this Report, references to the "Company," the "Registrant," the "Issuer," "we," "us," and "our" refer to Fitvia Corp.

2

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PART I FINANCIAL INFORMATION

F-1

 

FITVIA Corp.
Formerly Known as Breezer Ventures Inc.
(A Development Stage Company)
Balance Sheet
As at June 30, 2017 and September 30, 2016
(Expressed in U.S. Dollars)
                               
                          June 30, 2017   September 30, 2016
                          (Unaudited)   (Unaudited)
                               
                  ASSETS            
Current Assets                      
    Cash and Cash Equivalents            $-    $-
                               
Total Current Assets                -    -
                               
                               
Investment in Oil Lease              72,094    72,094
                               
TOTAL ASSETS                  72,094    72,094
                               
                  LIABILITIES AND STOCKHOLDERS' EQUITY            
                               
Current Liabilities                    
  Accounts Payable and Accrued Liabilities        1,645    945
  Due to Related Parties                250,795    250,795
TOAL CURRENT LIABILITIES            252,440    251,740
                               
Stockholder's Deficit                    
  Preferred Stock, $0.001 par value, 50,000,000 shares authorized, None issued and outstanding      
  Common Stock, $0.001 par value,  100,000,0000 shares        
    authorized 35,600,000 issued and outstanding        35,600    35,600
  Additional Paid-In Capital              75,350    75,350
  (Deficit) accumulated during the development stage      (291,296)    (290,596)
                               
Total Stockholders' Deficit              (180,346)    (179,646)
                               
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT    $72,094  $  $72,094
                               
                               
                               
                               
                               
See accompanying summary of accounting policies and notes to financial statements

 

F-2

FITVIA Corp.
Formerly Known as Breezer Ventures Inc.
(A Development Stage Company)
Statements of Operation
For Three and Nine Months Ended as June 30, 2017 and 2016
and From May 19, 2005 (Inception) to June 30, 2017
(Expressed in U.S. Dollars)
(Unaudited)
                         
                         From May 19, 2005  
              For The Three Months Ended   For The Nine Months Ended  (Inception) to
              June 30, 2017 June 30, 2016   June 30, 2017 June 30, 2016 June 30, 2017
                         
General and Administration Expenses              
  Consulting and Professional fees    $700  $3,418    $700  $3,418  $187,434
  Training Costs        -  -    -  -  5,000
  Management Fees      -  -    -  -  6,000
  Office Expense      -  -    -  -  250
  Rent          -  -    -  -  44,000
  Depreciation        -  -    -  -  17,500
  Other          -  -    -  -  4,366
  Interest          -  784    -  2,352  26,746
Total Expenses        700  4,202    700  5,770  291,296
                         
Net Loss for the period      $(700)  $(4,202)    $(700)  $(5,770)  $(291,296)
                         
Net Loss per Common Share      (0.00)  (0.00)    (0.00)  (0.00)  
  Basic and diluted                  
                         
Per Share Information                
Weighted Average Number of Common Shares Outstanding          
  Basic and diluted       35,600,000 35,600,000   35,600,000 35,600,000  
                         
                         
See accompanying summary of accounting policies and notes to financial statements

 

 

F-3

FITVIA Corp.
Formerly Known as Breezer Ventures Inc.
(A Development Stage Company)
Statements of Cash Flow
For Three and Nine Months Ended as June 30, 2017 and 2016
and From May 19, 2005 (Inception) to June 30, 2017
(Unaudited)
                         
                         From May 19, 2005  
              For The Three months Ended   For The Nine Months Ended  (Inception) to
              June 30, 2017 June 30, 2016   June 30, 2017 June 30, 2016 June 30, 2017
                         
Cash Flows from Operating Activities              
  Net Loss for the Period      $(700)  $(4,202)    $(700)  $(5,770)  $(291,296)
  Adjustments to reconcile net loss to cash used in operating activities            
    Depreciation      -  -    -  -  17,500
Changes in:                  
  Accounts Payable and Accrued Liab.    700  3,418    700  3,418  1,645
Net Cash Flows Used in Operating Activities    -  (784)    -  (2,352)  (272,151)
                         
Cash Flows from Investing Activities              
Investment in Oil Lease    -  -    -  -  (72,094)
Purchase of assets        -  -    -  -  (17,500)
Net Cash Flows Used in Investing Activities    -      -    (89,594)
                         
Cash Flows from Financing Activities              
  Advances from Related Parties    -      -    250,795
  Additional Paid-In Capital      -  784    -  2,352  75,350
  Issuance of Common Stock      -      -    35,600
Net Cash Flows Provided from Financing Activities    -  784    -  2,352  361,745
                         
Net Increase (Decrease) in Cash    -  -    -  -  -
                         
Cash and Cash Equivalents, Beginning of Period    -  -    -  -  -
Cash and Cash Equivalents,  End of Period    $-  $-    $-  $-  $-
                         
Supplementary Information                
                         
  Taxes Paid        $-  $-    $-  $-  $-
  Interest Paid        $-  $-    $-  $-  $-
                         
                         
See accompanying summary of accounting policies and notes to financial statements

 

 

F-4

NOTES TO FINANCIAL STATEMENTS

June 30, 2017

 

 

Note 1 Incorporation and Operating Activities

 

Fitvia Corp. (the “Company” or “Fitvia”) was incorporated on May 18, 2005, under the laws of the State of Nevada, U.S.A. Operations, as a development stage company started on that date. On February 24, 2016, the Company changed its name to Fitvia Corp.

 

We are operating as an independent emerging natural resources company. The Company’s focus is on the acquisition, exploration, development and production of oil, natural gas and minerals. We believe that the world has entered a commodities super cycle caused by globalization and the industrialization of large emerging countries and regions such as India, China and the Middle East. Our objective is to find, acquire and develop natural resources at the lowest cost possible and recycle our cash flows into new projects yielding the highest returns with controlled risk.

 

Note 2 Summary of Significant Accounting Policies

 

Basis of Presentation

 

The Company follows accounting principles generally accepted in the United States of America.  In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the periods presented have been reflected herein.

 

Revenue Recognition

 

Revenue is recognized when it is realized or realizable and earned. Fitvia considers revenue realized or realizable and earned when persuasive evidence of an arrangement exists, services have been provided, and collectability is reasonably assured. The Company has not commenced any operations since inception to generate any revenues.

 

Use of Estimates

 

The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could materially differ from these estimates.

 

Reclassification

 

Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported net income or losses.

 

Development Stage Company

 

The Company complies with the FASB Accounting Standards Codification (ASC) Topic 915 Development Stage Entities and the Securities and Exchange Commission Exchange Act 7 for its characterization of the Company as development stage.

 

Impairment of Long Lived Assets

 

Long-lived assets are reviewed for impairment in accordance with ASC Topic 360, "Accounting for the Impairment or Disposal of Long-lived Assets". Under ASC Topic 360, long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. An impairment charge is recognized or the amount, if any, which the carrying value of the asset exceeds the fair value.

 

Foreign Currency Translation

 

Our functional and reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated in accordance with ASC Topic 830, "Foreign Currency Translation" using the exchange rate prevailing at the balance sheet date. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included in the determination of income. We have not, to the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.

 

 

Fair Value of Financial Instruments

 

The respective carrying value of certain on-balance sheet financial instruments approximate their fair values.  These financial statements include cash, receivables, advance receivable, cheques issued in excess of cash, accounts payable and property obligations payable.  Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments.  Unless otherwise noted, fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair values or they are receivable or payable on demand.

 

Income Taxes

 

The company recognizes income taxes using an asset and liability approach.  Future income tax assets and liabilities are computed annually for differences between the financial statements and bases using enacted tax laws and rates applicable to the periods in which the differences are expressed to affect taxable income.

 

Basic and Diluted Net Loss Per Common Share

 

Basic and diluted net loss per share calculations are calculated on the basis of the weighted average number of common shares outstanding during the year. The per share amounts include the dilutive effect of common stock equivalents in years with net income. Basic and diluted loss per share is the same due to the anti-dilutive nature of potential common stock equivalents.

 

Stock Based Compensation

 

The Company accounts for stock-based employee compensation arrangements using the fair value method in accordance with the provisions of ASC Topic 718 Compensation – Stock Compensation. The company accounts for the stock options issued to non-employees in accordance with the provisions of ASC Topic 718, Compensation-Stock Compensation.

   

Cash and Cash Equivalents

 

For purposes of the statement of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. As of June 30, 2017 and 2016, there were no cash equivalents.

 

Property, Plant and Equipment

 

Property, plant and equipment consist of furniture and equipment recorded at cost, with amortization provided over the estimated useful life of the asset, 5 years, straight-line.

 

Investment in Oil Lease

 

All direct costs related to the acquisition of oil lease rights are capitalized. Exploration costs are charged to operations in the period incurred until such time as it has been determined that an oil lease has economically recoverable reserves, at which time subsequent exploration costs and the costs incurred to develop an oil lease are capitalized.

 

The Company reviews the carrying values of its oil lease rights whenever events or changes in circumstances indicate that their carrying values may exceed their estimated net recoverable amounts. An impairment loss is recognized when the carrying value of those assets is not recoverable and exceeds its fair value. As of June 30, 2017, management has determined that there is no impairment in value for the purchase of the oil lease right purchased in April 2011.

 

At such time as commercial production may commence, depletion of each oil lease will be provided on a unit-of-production basis using estimated proven and probable recoverable reserves as the depletion base. In cases where there are no proven or probable reserves, depletion will be provided on the straight-line basis over the expected economic life of the oil lease.

 

The Company had no operating properties at June 30, 2017, but the Company’s oil leases will be subject to standards for oil lease reclamation that is established by various governmental agencies. For these non-operating leases, the Company accrues costs associated with environmental remediation obligations when it is probable that such costs will be incurred and they are reasonably estimable. Costs of future expenditures for environmental remediation are not discounted to their present value. Such costs are based on management's current estimate of amounts that are expected to be incurred when the remediation work is performed within current laws and regulations.

 

It is reasonably possible that due to uncertainties associated with defining the nature and extent of environmental contamination, application of laws and regulations by regulatory authorities, and changes in remediation technology, the ultimate cost of remediation and reclamation could change in the future. The Company continually reviews its accrued liabilities for such remediation and reclamation costs as evidence becomes available indicating that its remediation and reclamation liability has changed.

 

The Company recognizes the fair value of a liability for an asset retirement obligation in the period in which it is incurred, if a reasonable estimate of fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the associated long-lived assets and depreciated over the lives of the assets on a units-of-production basis. Reclamation costs are accreted over the life of the related assets and are adjusted for changes resulting from the passage of time and changes to either the timing or amount of the original present value estimate on the underlying obligation. 

 

Any and all costs associated with exploration, development, and rehabilitation in connection with all wells are capitalized on the balance sheet and will amortize when the well comes into commercial production.

 

Recent Accounting Pronouncements

 

Fitvia does not expect the adoption of recently issued accounting pronouncements to have a significant impact on its results of operations, financial position or cash flow.

 

 

 

Note 3 Going Concern

 

The company's financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business for the foreseeable future. Since inception, the Company has accumulated losses aggregating to $72,094 and has insufficient working capital to meet operating needs for the next twelve months as of June 30, 2017, all of which raise substantial doubt about the company's ability to continue as a going concern.

 

The Company does not have the necessary funds to cover the anticipated operating expenses over the next twelve months. It will be necessary for the company to raise additional funds through the issuance of equity securities, through loans or debt financings. There can be no assurance that the Company will be successful in raising the required capital or that actual cash requirements will not exceed our estimates. We do not have any agreements in place for equity financing and or loan and debt financing. In the event that the Company is unsuccessful in its financing efforts, the Company may seek to obtain short term loans.

 

The company’s management has been actively pursuing acquisitions of oil leases in the United States specifically in the Fort Worth Basin area. In pursuing this business plan we executed our first asset purchase as described below.

 

 

Note 4 Investment in Oil Lease

 

On April 7, 2011, we executed an asset purchase agreement (the "Agreement") with Catalyst Capital Group, Inc., a California corporation whereby pursuant to the terms and conditions of that Agreement we purchased Catalyst Capital Group, Inc.'s undivided 13/16th interest in and to Firecreek Global, Inc.'s right, title and interest in and to the following (based on Firecreek Global, Inc.'s 93.75% working interest (for depths above 100 feet below the top of the Ellenburger Formation) and 70.341796% net revenue interest in the ElmaJackson oil and gas; (i) Well #6 (API# 42-059-04612) together with the proration units designated for such well by the Texas Railroad Commission and the rights and appurtenances incident to such well (such well and the associated proration units and rights and appurtenances, arising from the working Interests, hereinafter referred to as the "Initial Well"); (ii) Firecreek's rights in, to and under, and obligations arising from, agreements relating to the Lease to the extent the same are applicable to the Initial Well; (iii) Firecreek's interest in fixtures and personal property used solely in connection with the operation of the Initial Well; and (iv) Firecreek's interest in books, files, data and records in Seller's possession to the extent the same relate to the Initial Well provided that possession of same will remain with Firecreek; and the right and option based on certain terms and conditions to acquire a 13/16th interest in and rehabilitate certain other wells.

 

As consideration, Catalyst Capital Group, Inc. was provided with 5,000,000 restricted common shares of our company and a one-time payment of $50,000 plus 15/16th of any excess total rehabilitation cost associated with Well #6, payable to Catalyst Capital Group, Inc, pursuant to the terms listed in the Agreement.

  

The 5,000,000 shares issues to Catalyst were issued at par value which equates to a value of $5,000.

 

Catalyst Capital Group Inc. loaned $50,000 to the Company during the period ended September 30, 2011, which is unsecured, with no specific terms of repayment.

 

At June 30, 2016, the investment in the oil lease was recorded at $72,094. This investment is comprised of $5,000 in common stock, a one-time payment of $50,000 plus $17,094 in rehabilitation costs associated with well #6. The total purchase price paid is $55,000.

 

On July 24, 2012, the Company entered into an agreement with Firecreek Global Inc. to exchange its entire interest in Well #6 for an undivided 13/16 th  interest in Wells #27 and #30 and to Firecreek Global, Inc.'s right, title and interest in and to the following (based on Firecreek Global, Inc.'s 93.75% working interest (for depths above 100 feet below the top of the Ellenburger Formation) and 70.341796% net revenue interest in the ElmaJackson oil and gas; (i) together with the proration units designated for such wells by the Texas Railroad Commission and the rights and appurtenances incident to such well (such well and the associated proration units and rights and appurtenances, arising from the working Interests, hereinafter referred to as the "Initial Well"); (ii) Firecreek's rights in, to and under, and obligations arising from, agreements relating to the Lease to the extent the same are applicable to the Initial Well; (iii) Firecreek's interest in fixtures and personal property used solely in connection with the operation of the Initial Well; and (iv) Firecreek's interest in books, files, data and records in Seller's possession to the extent the same relate to the Initial Well provided that possession of same will remain with Firecreek; and the right and option based on certain terms and conditions to acquire a 13/16th interest in and rehabilitate certain other wells.. This was a straight exchange with no further consideration changing hands.

 

The Company is not able to present financial statements and pro forma financial information of the oil and gas property acquired by the Company as there is no financial information available pertaining to value, historic or otherwise, from the Acquiree (Firecreek Global, Inc.). The Acquiree has further advised that the oil and gas well the Company purchased has a nil value on their records as the well was abandoned and plugged.

  

 

Note 5 Property, Plant and Equipment

 

Property, Plant and Equipment consists of furniture and equipment, which is being depreciated over 5 years. 

 

 

Note 6 Income Taxes

 

The Company has tax losses, which may be applied against future taxable income.  The potential tax benefits arising from these losses carry forwards expire between 2025 and 2028 and are offset by a valuation allowance due to the uncertainty of profitable operations in the future. The net operating loss carry forward was $291,296 as at June 30, 2017.

  

 

Note 7 Related Party Transaction

  

Due to the issuance of 5,000,000 shares to Catalyst Capital Group Inc during the period ended September 30, 2011, Catalyst Capital Group Inc. is considered a related-person as defined in Instruction 1.b.i to item 404(a) of Regulation S-K. As of September 30, 2014, the outstanding balance owed by the Company to Catalyst Capital Group was $201,122 which is unsecured and due on demand with no interest bearing. Catalyst Capital Group has loaned $50,000 to the Company for the acquisition of Oil Lease Agreement (Refer to Note 4) and advanced $151,122 to the Company as working capital.

 

As of June 30, 2017, the outstanding balance owed by the Company to Mr. Tang Xu, former CEO of the Company, was $250,795 for working capital purposes.

 

 

Note 8 Subsequent Events

 

On October 15, 2014, the Company sold their entire interests in the Elma Jackson Oil and Gas Leases for $95,000 pursuant to a buy-out agreement with Firecreek Global, Inc. The offer remained open until November 1, 2014 and was automatically withdrawn.

 

 

ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS

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.

Our unaudited financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this quarterly report.

In this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States dollars. All references to "US$" refer to United States dollars and all references to "common shares" refer to the common shares in our capital stock. As used in this quarterly report, the terms "we", "us", "our", "our company" and Fitvia mean Fitvia Corp., unless otherwise indicated.

Plan of Operations

Fitvia Corp. was incorporated in the state of Nevada on May 18, 2005.

We are in the process of exploring various oil and gas opportunities to expand our initial lease acquisition.

Revenues and Expenses

The Company has not generated any revenues since its inception.

The Company incurred general and administration expenses of $700 for the three months ended June 30, 2017. For the six months ended June 30, 2017, the Company also experienced general and administration expenses of $700.

Since the Company's inception, the Company has incurred total general and administration expenses of $291,296. The majority of the expenses incurred by the Company have been related to the Company's offices and expenses related to maintaining the Company's status as a publicly reporting company, including legal, accounting and filing fees.

For the three months ended June 30, 2017, the Company experienced a net loss of $700.

Should the Company commence operations in the near future, its expenses are anticipated to increase considerably.

Liquidity and Capital Resources

The Company has earned no revenues since its inception. From inception until the date of this filing, we have had no material operating activities. Our current cash balance as of the date of this Report is $0. We anticipate that our current cash balance will not satisfy our cash needs for the following twelve-month period. There can be no assurance that we will be successful in finding financing, or even if financing is found, that we will be successful in commencing operations.

During the six-months period ended June 30, 2017, the Company satisfied its working capital needs from loans from its Director. As of June 30, 2017, the Company has cash on hand in the amount of $0. Management does not expect that the current level of cash on hand will be sufficient to fund our operation for the next twelve-month period. We may also be able to obtain more future loans from our shareholders, but there are no agreements or understandings in place currently.

We believe that 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 agreements 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 certain of our shareholders.

Off Balance Sheet Arrangements

As of June 30, 2017 we did not have any off balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Pursuant to permissive authority under Regulation S-K, Rule 305, we have omitted Selected Financial Data.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We carried out an evaluation, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act (defined below)). Based upon that evaluation, our principal executive officer and principal financial officer concluded that, as of the end of the period covered in this report, our disclosure controls and procedures were not effective to ensure that information required to be disclosed in reports filed under the Securities Exchange Act of 1934, as amended (the "Exchange Act") is recorded, processed, summarized and reported within the required time periods and is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Our management, including our principal executive officer and principal financial officer, does not expect that our disclosure controls and procedures or our internal controls will prevent all error or fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Due to the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Accordingly, management believes that the financial statements included in this report fairly present in all material respects our financial condition, results of operations and cash flows for the periods presented.

Changes in Internal Control over Financial Reporting

In addition, our management with the participation of our Principal Executive Officer and Principal Financial Officer have determined that no change in our internal control over financial reporting occurred during or subsequent to the quarter ended June 30, 2017 that has materially affected, or is (as that term is defined in Rules 13(a)-15(f) and 15(d)-15(f) of the Securities Exchange Act of 1934) reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The Company is not, and has not been during the period covered by this Quarterly Report, a party to any legal proceedings.

ITEM 1A. RISK FACTORS

Not Applicable.

ITEM 2: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3: DEFAULTS UPON SENIOR SECURITIES

Not Applicable.

ITEM 4: SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

No matters were submitted to the vote of the Company's security holders during the period covered by this Quarterly Report.

ITEM 5: OTHER INFORMATION

Not Applicable.

ITEM 6. EXHIBITS

Exhibit Description

31.1 Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1 Certification of the 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.

--------------------------------------------------------------------------------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

FITVIA CORP. 

By: /s/ Ali Hussein El-dirani Khirdahi

Name: Ali Hussein El-dirani Khirdahi

Title: Principal Executive Officer Principal Financial Officer and Principal Accounting Officer

Dated: August 11, 2017

 

 

 

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