UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q 

 

(Mark One) 

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934.

 

For the Quarterly Period Ended March 31, 2020

 

or

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934.

 

Commission File Number: 333-207488

 

HOMETOWN INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

 

Nevada   46-5705488

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

25 E. Grant Street

Woodstown, NJ 08098 

(Address of principal executive offices) (Zip Code)

 

(856) 759-9034

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
 None    N/A    N/A

 

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 periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Yes   ☐    No  ☒

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

Yes  ☐    No  ☒

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company filer, or an emerging growth company filer, See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer     ☐ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company     ☒
  Emerging growth company  ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). 

Yes  ☐    No  ☒

 

As of May 13, 2020, the registrant had 7,797,004 shares of its common stock issued and outstanding.

 

 

 

 

 

 

PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements.

 

The following unaudited interim financial statements of Hometown International, Inc. (referred to herein as the “Company,” “we,” “us” or “our”) are included in this quarterly report on Form 10-Q:

 

HOMETOWN INTERNATIONAL, INC. AND SUBSIDIARY

Condensed Consolidated Balance Sheets

 

    March 31,
2020 		    December 31,
2019 		 
    (Unaudited)        
ASSETS            
             
Current Assets            
Cash   $ 10,198     $ 5,382  
Inventory     518       1,044  
Total Current Assets     10,716       6,426  
                 
Leasehold improvements and equipment, net     4,227       6,038  
Operating lease asset, net     7,021       8,324  
                 
Total  Assets   $ 21,964     $ 20,788  
                 
LIABILITIES AND STOCKHOLDERS’ DEFICIT                
                 
Current Liabilities                
Accounts payable and accrued expenses   $ 113,787     $ 68,981  
Operating lease liability, current     5,547       5,411  
Due to Officers - related parties     58,003       53,017  
Note payable - related party     330,104       362,104  
Total Current Liabilities     507,441       489,513  
                 
Long Term Liabilities                
Operating lease liability, net of current     1,474       2,913  
                 
Total Liabilities     508,915       492,426  
                 
Commitments and Contingencies (See Note 6)     -       -  
                 
Stockholders’ Deficit                
Common stock, $0.0001 par value; 250,000,000 shares authorized, 5,297,004  and 5,235,340 issued and outstanding, respectively     533       523  
Treasury stock, 38,336 and 0 shares at March 31, 2020 and December 31, 2019, respectively     (38,336 )     -  
Additional paid-in capital     442,463       334,759  
Accumulated deficit     (891,611 )     (806,920 )
                 
Total Stockholders’ Deficit     (486,951 )     (471,638 )
                 
Total Liabilities and Stockholders’ Deficit   $ 21,964     $ 20,788  

 

See accompanying notes to unaudited condensed consolidated financial statements

 

F-1

 

  

HOMETOWN INTERNATIONAL, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Operations

(Unaudited) 

 

    For the three
Months Ended 		    For the three
Months Ended 		 
    March 31, 2020     March 31, 2019  
Sales   $ 3,577     $ 4,608  
                 
Costs and Expenses                
Food, beverage and supplies     2,652       3,951  
Direct operating and occupancy     2,234       2,527  
Depreciation     1,811       1,804  
Professional fees     59,320       20,749  
General and administrative     14,922       11,782  
Total cost and expenses     80,939       40,813  
                 
Loss from Operations     (77,362 )     (36,205 )
                 
Other Expenses                
Interest Expense     (7,329 )     (6,238 )
Total Other Expenses     (7,329 )     (6,238 )
                 
LOSS FROM OPERATIONS BEFORE INCOME TAXES     (84,691 )     (42,443 )
                 
Provision for Income Taxes     -       -  
                 
NET LOSS   $ (84,691 )   $ (42,443 )
                 
Net Loss Per Share  - Basic and Diluted   $ (0.02 )   $ (0.01 )
                 
Weighted average number of shares outstanding during the period - Basic and Diluted     5,244,291       5,235,340  

 

See accompanying notes to unaudited condensed consolidated financial statements

 

F-2

 

 

HOMETOWN INTERNATIONAL, INC. AND SUBSIDIARY

Condensed Consolidated Statement of Stockholders' Deficit

For the three months ended March 31, 2020

(Unaudited)

 

    Common stock     Treasury   Additional
paid-in 		    Accumulated     Total
Stockholders’ 		 
    Shares     Amount   Shares     capital     Deficit     Deficit  
                                   
Balance, December 31, 2019     5,235,340     $ 523   $ -     $ 334,759     $ (806,920 )   $ (471,638 )
                                               
Conversion of note payable - related party to common shares ($1.00/ per share)     100,000       10     -       99,990       -     $ 100,000  
                                               
Repurchase of common shares ($1.00/ per share)     (38,336 )     -     (38,336 )     -       -     $ (38,336 )
                                               
In kind contribution of services     -       -     -       7,714       -       7,714  
                                               
Net loss for the three months ended March 31, 2020     -       -     -       -       (84,691 )     (84,691 )
                                               
Balance, March 31, 2020 (Unaudited)     5,297,004     $ 533   $ (38,336 )   $ 442,463     $ (891,611 )   $ (486,951 )

 

See accompanying notes to unaudited condensed consolidated financial statements

 

F-3

 

  

HOMETOWN INTERNATIONAL, INC. AND SUBSIDIARY

Condensed Consolidated Statement of Stockholders’ Deficit

For the three months ended March 31, 2019

(Unaudited)

 

          Additional           Total  
    Common stock     paid-in     Accumulated     Stockholders’  
    Shares     Amount     capital     Deficit     Deficit  
Balance, December 31, 2018     5,235,340     $ 523     $ 303,903     $ (657,579 )   $ (353,153 )
                                         
In kind contribution of services     -       -       7,714       -       7,714  
                                         
Net loss for the three months ended March 31, 2019     -       -       -       (42,443 )     (42,443 )
                                         
Balance, March 31, 2019 (Unaudited)     5,235,340     $ 523     $ 311,617     $ (700,022 )   $ (387,882 )

 

See accompanying notes to unaudited condensed consolidated financial statements

 

F-4

 

  

HOMETOWN INTERNATIONAL, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

    For the three
Months Ended 		    For the three
Months Ended 		 
    March 31,
2020 		    March 31,
2019 		 
Cash Flows From Operating Activities:            
Net Loss   $ (84,691 )   $ (42,443 )
Adjustments to reconcile net loss to net cash used in operations                
In-kind contribution of services     7,714       7,714  
Depreciation expense     1,811       1,804  
Amortization of operating lease assets     1,303       -  
Changes in operating assets and liabilities:                
Decrease in inventory     526       304  
Increase in accounts payable and accrued expenses     44,806       19,478  
Decrease in operating lease liability     (1,303 )     -  
Net Cash Used In Operating Activities     (29,834 )     (13,143 )
                 
Net Cash Used In Investing Activities     -       -  
                 
Cash Flows From Financing Activities:                
Proceeds from/due to officers     4,986       997  
Repayment of note payable - related party     (2,000 )     -  
Proceeds from note payable - related party     70,000       12,000  
Purchase of common stock     (38,336 )     -  
Net Cash Provided by Financing Activities     34,650       12,997  
                 
Net Increase (Decrease) in Cash     4,816       (146 )
                 
Cash at Beginning of Period     5,382       609  
                 
Cash at End of Period   $ 10,198     $ 463  
                 
Supplemental disclosure of cash flow information:                
                 
Cash paid for interest   $ -     $ -  
Cash paid for taxes   $ -     $ -  
                 
Supplemental disclosure of non-cash investing and financing activities:                
Note payable - related party, converted into shares of common stock   $ 100,000     $ -  

 

See accompanying notes to unaudited condensed consolidated financial statements

 

F-5

 

  

HOMETOWN INTERNATIONAL, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2020

(UNAUDITED)

 

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION

 

(A) Organization and Basis of Presentation

 

The accompanying condensed consolidated unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information necessary for a comprehensive presentation of financial position and results of operations.

 

These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 30, 2020.

 

It is management’s opinion that all material adjustments (consisting of normal recurring adjustments) have been made, which are necessary for a fair financial statements presentation. The results for the interim period are not necessarily indicative of the results to be expected for the year.

 

Hometown International, Inc. (the “Company”) was incorporated under the laws of the State of Nevada on May 19, 2014. The Company is the originator of a new “Delicatessen” concept (“Your Hometown Deli”). The Company intends that its delicatessens will feature “home-style” sandwiches and other entrees in a casual friendly atmosphere. Hometown Delis are designed to be comfortable community gathering places for guests of all ages.

 

On January 18, 2014, Your Hometown Deli, LLC. was formed under the laws of the State of New Jersey. On May 29, 2014, Your Hometown Deli, LLC, entered into a Membership Interest Purchase Agreement with Hometown International, Inc. For accounting purposes, this transaction is being accounted for as a merger of entities under common control and has been treated as a recapitalization of Hometown International, Inc. with Your Hometown Deli, LLC, as the accounting acquirer). The historical financial statements of the accounting acquirer became the financial statements of the registrant. The Company did not recognize goodwill or any intangible assets in connection with the transaction. The 5,000,000 shares issued to the shareholder of Your Hometown Deli, LLC, in conjunction with the share exchange transaction has been presented as outstanding for all periods.

 

The Company’s accounting year end is December 31, which is the year end of Your Hometown Deli, LLC.

 

(B) Principles of Consolidation

 

The accompanying March 31, 2020 and 2019, condensed consolidated financial statements include the accounts of Hometown International, Inc. and its wholly owned subsidiary, Your Hometown Deli, LLC. All intercompany accounts have been eliminated upon consolidation.

 

(C) Use of Estimates

 

In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Significant estimates include valuation of in kind contribution of service and valuation of deferred tax assets. Actual results could differ from those estimates.

 

(D) Cash and Cash Equivalents

 

The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. At March 31, 2020 and 2019, the Company had no cash equivalents.

 

(E) Loss Per Share

 

Basic and diluted net loss per common share is computed based upon the weighted average common shares outstanding as defined by FASB ASC No. 260, “Earnings Per Share.” Diluted loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period. The Company has no common stock equivalents and potentially dilutive securities outstanding for the three months ended March 31, 2020 and 2019, respectively.

 

F-6

 

 

HOMETOWN INTERNATIONAL, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2020

(UNAUDITED) 

 

(F) Income Taxes

 

The Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

(G) Property and Equipment

 

Property and equipment is recorded at cost and depreciated or amortized using the straight-line method over the estimated useful life of the asset or the underlying lease term for leasehold improvements, whichever is shorter onset the property and equipment is put into service.

 

(H) Revenue Recognition

 

Effective January 1, 2018, the Company recognizes revenue in accordance with Accounting Standards Codification, Revenue from Contracts with Customers (Topic 606). The standard states that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

 

The Company generates revenue operating a delicatessen. Revenue from the operations of Company-owned delicatessen are recognized when sales occur.

 

(I) Fair Value of Financial Instruments

 

The Company measures its financial assets and liabilities in accordance with GAAP. For certain of our financial instruments, including cash, accounts payable, and the short-term portion of long-term debt, the carrying amounts approximate fair value due to their short maturities.

 

We adopted accounting guidance for financial and non-financial assets and liabilities (ASC 820). The adoption did not have a material impact on our results of operations, financial position or liquidity. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard does not require any new fair value measurements, but rather applies to all other accounting pronouncements that require or permit fair value measurements. This guidance does not apply to measurements related to share-based payments. This guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

 

  ● Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

 

F-7

 

 

HOMETOWN INTERNATIONAL, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2020

(UNAUDITED)

 

  ● Level 2: Inputs other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

 

  ● Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use.

 

(J) Recent Accounting Pronouncements

 

All other newly issued accounting pronouncements but not yet effective have been deemed either immaterial or not applicable.

 

(K) Business Segments

 

The Company operates in one segment and therefore segment information is not presented.

 

(L) Inventories

 

Inventories consist of food and beverages, and are stated at cost. 

 

NOTE 2 LEASEHOLD IMPROVEMENT AND EQUIPMENT

 

Leasehold improvement and equipment consist of the following at March 31, 2020 and December 31, 2019:

 

    March 31,     December 31,  
    2020     2019  
Leasehold Improvements     33,455       33,455  
Equipment     3,120       3,120  
Leasehold Improvements and Equipment     36,575       36,575  
Less: Accumulated Depreciation     (32,348 )     (30,537 )
Leasehold Improvements and Equipment, Net   $ 4,227     $ 6,038  

  

Depreciation expense was $1,811 and $1,804 for the three months ended March 31, 2020 and 2019, respectively.

 

F-8

 

 

HOMETOWN INTERNATIONAL, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2020

(UNAUDITED)

 

NOTE 3 NOTE PAYABLE – RELATED PARTY

 

On March 18, 2020, the Company entered into an unsecured promissory note with Peter L. Coker, Jr., Chairman in the amount of $50,000. Pursuant to the terms of the note, the note is bearing 8% interest, unsecured and is due on March 31, 2021. As of March 31, 2020, the Company accrued $208 in interest expense. On April 24, 2020, the note principal and accrued interest were repaid in full (See Note 9).

 

On February 13, 2020, the Company entered into an unsecured promissory note with Peter L. Coker, Jr., Chairman in the amount of $20,000. Pursuant to the terms of the note, the note is bearing 8% interest, unsecured and is due on February 13, 2021. As of March 31, 2020, the Company accrued $142 in interest expense. On April 24, 2020, the note principal and accrued interest were repaid in full (See Note 9).

 

On December 31, 2019, the Company entered into an unsecured promissory note with Peter L. Coker, Jr., our Chairman of the Board in the amount of $10,000. Pursuant to the terms of the note, the note is bearing 8% interest, unsecured and is due on December 31, 2020. As of March 31, 2020, the Company accrued $201 in interest expense. On April 24, 2020, the note principal and accrued interest were repaid in full (See Note 9).

 

On December 31, 2019, the Company entered into an unsecured promissory note with Peter L. Coker, Jr., our Chairman of the Board in the amount of $175,000. Pursuant to the terms of the note, the note is bearing 8% interest, unsecured and is due on June 30, 2020. As of March 31, 2020, the Company accrued $3,523 in interest expense. On April 24, 2020, the note principal and accrued interest were repaid in full (See Note 9).

 

On December 31, 2019, the Company and a related party note holder agreed to combine the principal and accrued interest of multiple notes and issued a new unsecured promissory note in the amount of $144,979. The note is bearing 8% interest, unsecured and due on December 31, 2020. On March 18, 2020, the Company, entered into a Debt Exchange Agreement with a related party pursuant to which $100,000 of the principal amount of debt owed by the Company was converted to 100,000 shares of the Company’s common stock. The remaining principal balance owed to such party in the amount of $44,978.54, plus any accrued and unpaid interest, is due and payable on December 31, 2020. As of March 31, 2020, the Company accrued $2,647 in interest expense. On April 24, 2020, the note principal and accrued interest were repaid in full (See Note 9).

 

On December 31, 2019, the Company and Peter L. Coker, Jr., our Chairman of the Board agreed to combine the principal and accrued interest of a note and issued a new unsecured promissory note in the amount of $30,126. The note is bearing 8% interest, unsecured and due on December 31, 2020. As of March 31, 2020, the Company accrued $607 in interest expense. On April 24, 2020, the note principal and accrued interest were repaid in full (See Note 9).  

 

On October 16, 2014, the Company entered into an unsecured promissory note with a related party in the amount of $2,000. Pursuant to the terms of the note, the note is non-interest bearing, unsecured and is due on demand. On January 25, 2020, the note principal was repaid in full (See Note 9).

 

F-9

 

 

HOMETOWN INTERNATIONAL, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2020

(UNAUDITED)

 

NOTE 4 DUE TO OFFICERS  – RELATED PARTY

 

During the three months ended March 31, 2020, certain officers paid an aggregate $4,986 in expenses on Company’s behalf as an advance. Pursuant to the terms of the note, the note was non-interest bearing, unsecured and was due on demand. As of March 31 2020, the balance due to officers was $58,003 (See Note 9). 

 

NOTE 5 STOCKHOLDERS’   DEFICIT

 

 (A) Increase in Authorized Shares

 

On March 23, 2020, the Company filed a Certificate of Amendment to the Company’s Articles of Incorporation with the Secretary of State of the State of Nevada increasing the number of shares of common stock the Company is authorized to issue from 100,000,000 to 250,000,000.

 

(B) In kind contribution of services

 

For the three months ended March 31, 2020 and 2019, the Company recorded $7,714 and $7,714, respectively, as in kind contribution of services provided by President and Vice President of the Company (See Note 7).

 

(C) Common stock repurchase

 

On March 18, 2020, the Company repurchased an aggregate of 38,336 shares of the Company’s common stock from a total of 11 shareholders, at a purchase price of $1.00 per share. These shares were returned to the Company’s number of authorized but unissued shares of common stock.

 

(D) Warrant Issuance

 

On March 18, 2020, the Board of Directors of the Company authorized the issuance of warrants to the shareholders of record as of March 31, 2020. As of such date, the Company shall send each shareholder of record (i) five Class A Warrants entitling the holder thereof to purchase five shares of common stock at an exercise price of $1.25 per share, (ii) five Class B Warrants entitling the holder thereof to purchase five shares of common stock at an exercise price of $1.50 per share, (iii) five Class C Warrants entitling the holder thereof to purchase five shares of common stock at an exercise price of $1.75 per share and (iv) five Class D Warrants entitling the holder thereof to purchase five shares of common stock at an exercise price of $2.00 per share, with each warrant expiring on March 31, 2035. As of March 31, 2020, no warrants have been issued. The Company issued 38,985,020 warrants of each class on April 15, 2020 (See Note 9).

 

(E) Common Stock Issued on Debt Conversion

 

On March 18, 2020, the Company, entered into a Debt Exchange Agreement with a related party pursuant to which $100,000 of the principal amount of debt owed by the Company was converted to 100,000 shares of the Company’s common stock (See Note 3).

 

F-10

 

 

HOMETOWN INTERNATIONAL, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2020

(UNAUDITED)

 

NOTE 6 COMMITMENTS AND CONTINGENCIES

 

Operating Lease Agreement

 

On July 1, 2014, the Company entered into a five-year non-cancelable operating lease with a related party for its store space at a monthly rate of $500. On September 21, 2015, the Company executed the lease and opened the store on October 14, 2015. On December 29, 2015, the Company signed an addendum to the lease for the lease agreement to start 30 days after the opening of the deli. The store opened on October 14, 2015, the first payments would have been due on November 15, 2015, however since the deli was not fully functioning, the first monthly rent payment was due January 1, 2016. On August 12, 2019, the Company was granted a two-year extension of non-cancelable operating lease with a related party for its store space at a monthly rate of $500. For the three months ended March 31, 2020 and 2019, the Company had a rent expense of $1,500 and $1,500, respectively (See Note 7). The Company accounts for lease in accordance with ASC Topic 842.

 

F-11

 

 

HOMETOWN INTERNATIONAL, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2020

(UNAUDITED) 

 

Supplemental consolidated balance sheet information related to leases was as follows:

  

    March 31,
2020 		 
       
Operating lease assets - right of use   $ 7,021  
         
Lease Liability   $ 7,021  
Less: operating lease liability, current     (5,547 )
Long term operating lease liability   $ 1,474  

 

Supplemental disclosures of cash flow information related to leases were as follows:

 

   

For the three months ended

March 31,
2020

   

For the three months ended

March 31,
2019

 
                 
Cash paid for operating lease liabilities   $ 1,500     $ 1,500  

 

For the three months ended March 31, 2020 and 2019, the total lease cost were $1,500 and $1,500, respectively. The Company did not incur any variable lease cost for both periods.

 

NOTE 7 RELATED PARTY TRANSACTIONS

 

On July 1, 2014, the Company entered into a five-year non-cancelable operating lease with a related party for its store space at a monthly rate of $500. On September 21, 2015, the Company executed the lease and opened the store on October 14, 2015. On December 29, 2015, the Company signed an addendum to the lease for the lease agreement to start 30 days after the opening of the deli. The store opened on October 14, 2015, the first payments would have been due on November 15, 2015, however since the deli was not fully functioning, the first monthly rent payment was due January 1, 2016. On August 12, 2019, the Company was granted a two-year extension of non-cancelable operating lease with a related party for its store space at a monthly rate of $500. For the three months ended March 31, 2020 and 2019, the Company had a rent expense of $1,500 and $1,500, respectively (See Note 6).

 

On October 16, 2014, the Company entered into an unsecured promissory note with a related party in the amount of $2,000. Pursuant to the terms of the note, the note is non-interest bearing, unsecured and is due on demand. On January 25, 2020, the note principal was repaid in full (See Note 3).

 

For the three months ended March 31, 2020 and 2019, the Company recorded $7,714 and $7,714 as in kind contribution of services provided by President and Vice President of the Company (See Note 5(B)).

 

During three months ended March 31, 2020, certain officers paid an aggregate $4,986 in expenses on Company’s behalf as an advance. Pursuant to the terms of the note, the note was non-interest bearing, unsecured and was due on demand. As of March 31, 2020, the balance due to officers was $58,003 (See Note 4).

 

On December 31, 2019, the Company entered into an unsecured promissory note with Peter L. Coker, Jr., our Chairman of the Board in the amount of $10,000. Pursuant to the terms of the note, the note is bearing 8% interest, unsecured and is due on December 31, 2020. As of March 31, 2020, the Company accrued $201 in interest expense. On April 24, 2020, the note principal and accrued interest were repaid in full (See Note 3)

 

F-12

 

 

HOMETOWN INTERNATIONAL, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2020

(UNAUDITED)

 

On December 31, 2019, the Company entered into an unsecured promissory note with Peter L. Coker, Jr., our Chairman of the Board in the amount of $175,000. Pursuant to the terms of the note, the note is bearing 8% interest, unsecured and is due on June 30, 2020. As of March 31, 2020, the Company accrued $3,523 in interest expense. On April 24, 2020, the note principal and accrued interest were repaid in full (See Note 3).

 

On December 31, 2019, the Company and a related party note holder agreed to combine the principal and accrued interest of multiple notes and issued a new unsecured promissory note in the amount of $144,979. The note is bearing 8% interest, unsecured and due on December 31, 2020. On March 18, 2020, the Company, entered into a Debt Exchange Agreement with a related party pursuant to which $100,000 of the principal amount of debt owed by the Company was converted to 100,000 shares of the Company’s common stock. The remaining principal balance owed to such party in the amount of $44,978.54, plus any accrued and unpaid interest, is due and payable on December 31, 2020. As of March 31, 2020, the Company accrued $2,647 in interest expense. On April 24, 2020, the note principal and accrued interest were repaid in full (See Note 3).

 

On December 31, 2019, the Company and Peter L. Coker, Jr., our Chairman of the Board agreed to combine the principal and accrued interest of a note and issued a new unsecured promissory note in the amount of $30,126. The note is bearing 8% interest, unsecured and due on December 31, 2020. As of March 31, 2020, the Company accrued $607 in interest expense. On April 24, 2020, the note principal and accrued interest were repaid in full (See Note 3).

 

On March 18, 2020, the Company entered into an unsecured promissory note with Peter L. Coker, Jr., Chairman in the amount of $50,000. Pursuant to the terms of the note, the note is bearing 8% interest, unsecured and is due on March 31, 2021. As of March 31, 2020, the Company accrued $208 in interest expense. As of March 31, 2020, the Company accrued $208 in interest expense. On April 24, 2020, the note principal and accrued interest were repaid in full (See Note 3).

 

On February 13, 2020, the Company entered into an unsecured promissory note with Peter L. Coker, Jr., Chairman in the amount of $20,000. Pursuant to the terms of the note, the note is bearing 8% interest, unsecured and is due on February 13, 2021. As of March 31, 2020, the Company accrued $142 in interest expense. On April 24, 2020, the note principal and accrued interest were repaid in full (See Note 3). 

 

F-13

 

 

HOMETOWN INTERNATIONAL, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2020

(UNAUDITED)

 

NOTE 8 GOING CONCERN

 

As reflected in the accompanying condensed consolidated financial statements, the Company used cash in operations of $29,834, has an accumulated deficit of $891,611, and has a net loss of $84,691 for the three months ended March 31, 2020.

 

On March 23, 2020, we have temporarily closed the delicatessen given the stay-at-home order issued by the governor of New Jersey. We plan to reopen the delicatessen once the order is lifted. We experienced a decrease in revenues as a result of the COVID-19 pandemic even before the stay-at-home order was issued. Even once the order is lifted and the delicatessen is re-opened, we a may have a slowdown in customer’s visit due to the current economic condition. There will be no assurances that we will generate sufficient revenues. We expect our growth rate and sales to be volatile in the near term as a result of the COVID-19 once we resume our delicatessen operations.

 

We may not have sufficient working capital to fund the expansion of our operations and to provide working capital necessary for our ongoing operations and obligations. We need to raise significant additional capital to fund our operating expenses, pay our obligations, and grow our company. Therefore, our future operations may be dependent on our ability to secure additional financing. The COVID-19 pandemic may have an adverse impact on the Company’s ability to raise capital or to continue as a going concern. As a result of the above, there is substantial doubt about the ability of the Company to continue as a going concern and the accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The accompanying condensed consolidated financial statements do not include any adjustments that may result from the outcome of this uncertainty.

 

NOTE 9 SUBSEQUENT EVENT

 

On April 15, 2020, the Company issued twenty warrants for every one share of common stock held to shareholders of record as of April 15, 2020. The Company issued the following warrants (See Note 5 (D)):

 

● 38,985,020 Class A Warrants
     
● 38,985,020 Class B Warrants
     
● 38,985,020 Class C Warrants
     
● 38,985,020 Class D Warrants

 

As of the date of this report, no warrants have been exercised.

On April 24, 2020, the Company repaid in full a $50,000 related party promissory dated March 18, 2020 and accrued interest (See Note 3 and 7).

 

On April 24, 2020, the Company repaid in full a $20,000 related party promissory note dated February 13, 2020 and accrued interest (See Note 3 and 7).

 

On April 24, 2020, the Company repaid in full a $10,000 related party promissory note dated December 31, 2019 and accrued interest (See Note 3 and 7).

 

On April 24, 2020, the Company repaid in full a $175,000 related party promissory note dated December 31, 2019 and accrued interest (See Note 3 and 7).

 

On April 24, 2020, the Company repaid in full a $30,126 related party promissory note dated December 31, 2019 and accrued interest (See Note 3 and 7).

 

In April 2020, the Company sold 663,750 shares of common stock to unrelated party for $663,750 in cash. The funds were received by the Company on April 14, 2020.

 

In April 2020, the Company sold 1,380,000 shares of common stock to unrelated party for $1,380,000 in cash. The funds were received by the Company on April 15, 2020.

 

In April 2020, the Company sold 456,250 shares of common stock to unrelated party for $456,250 in cash. The funds were received by the Company on April 14, 2020.

 

On May 1, 2020, the Company entered into a consulting agreement with an entity related to one of our officers, to receive administrative and other miscellaneous services. The Company is required to pay $15,000 a month. The agreement is to remain in effect for one year.

 

On May 1, 2020, the Company entered into a consulting agreement with a related party to receive consulting services. The Company is required to pay $25,000 a month. The agreement is to remain in effect for one year. 

 

We have temporarily closed the delicatessen given the stay-at-home order issued by the governor of New Jersey on March 23, 2020. We plan to reopen the delicatessen once the order is lifted. As of the date of this report, the delicatessen remains closed as the stay-at-home order has been extended until further notice.

 

F-14

 

  

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

The information set forth in this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, including, among others (i) expected changes in our revenue and profitability, (ii) prospective business opportunities and (iii) our strategy for financing our business. Forward-looking statements are statements other than historical information or statements of current condition. Some forward-looking statements may be identified by use of terms such as “believes”, “anticipates”, “intends” or “expects”. These forward-looking statements relate to our plans, liquidity, ability to complete financing and purchase capital expenditures, growth of our business including entering into future agreements with companies, and plans to successfully develop and obtain approval to market our product. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs.

 

Although we believe that our expectations with respect to the forward-looking statements are based upon reasonable assumptions within the bounds of our knowledge of our business and operations, in light of the risks and uncertainties inherent in all future projections, the inclusion of forward-looking statements in this Quarterly Report should not be regarded as a representation by us or any other person that our objectives or plans will be achieved.

 

We assume no obligation to update these forward-looking statements to reflect actual results or changes in factors or assumptions affecting forward-looking statements.

 

Our revenues and results of operations could differ materially from those projected in the forward-looking statements as a result of numerous factors, including, but not limited to, the following: the risk of significant natural disaster, the inability of our company to insure against certain risks, inflationary and deflationary conditions and cycles, currency exchange rates, and changing government regulations domestically and internationally affecting our products and businesses.

 

You should read the following discussion and analysis in conjunction with the Financial Statements and Notes attached hereto, and the other financial data appearing elsewhere in this Quarterly Report.

 

US Dollars are denoted herein by “USD”, “$” and “dollars”.

 

Overview

 

Hometown International, Inc. (the “Company”) was incorporated on May 19, 2014 under the laws of the State of Nevada. The Company is the originator of a new Delicatessen concept. Through our wholly-owned subsidiary, Your Hometown Deli Limited Liability Company (“Your Hometown Deli”), we operate a delicatessen store that features “home-style” sandwiches and other entrees in a casual and friendly atmosphere. The store is designed to offer local patrons of all ages with a comfortable community gathering places. Targeted towards smaller towns and communities, the Company’s sole unit was built in Paulsboro, New Jersey.

 

We have temporarily closed the delicatessen given the stay-at-home order issued by the governor of New Jersey on March 23, 2020. We plan to reopen the delicatessen once the order is lifted. As of the date of this report, the delicatessen remains closed as the stay-at-home order has been extended until further notice.

On April 14, 2020, we consummated a private offer and sale of an aggregate of 2,500,000 shares of common stock for gross cash proceeds to us of $2,500,000. The Company intends to utilize the net proceeds from this offering to explore and evaluate potential merger candidates for the Company and for general corporate purposes.

 

15

 

  

  

On April 15, 2020, we issued to each shareholder of record on said date: (i) five Class A Warrants, entitling the holder thereof to purchase five shares of the Company’s common stock at an exercise price of $1.25 per share (the “Class A Warrants”), (ii) five Class B Warrants, entitling the holder thereof to purchase five shares of the Company’s common stock at an exercise price of $1.50 per share (the “Class B Warrants”), (iii) five Class C Warrants, entitling the holder thereof to purchase five shares of the Company’s common stock at an exercise price of $1.75 per share (the “Class C Warrants”), and (iv) five Class D Warrants, entitling the holder thereof to purchase five shares of the Company’s common stock at an exercise price of $2.00 per share (the “Class D Warrants”), with each warrant expiring on April 15, 2035 (collectively, the “Warrants”). The Company issued an aggregate of 155,940,080 Warrants. As of the date of this report, no warrants have been exercised.

  

Results of Operations - Three Months Ended March 31, 2020 Compared to Three Months Ended March 31, 2019

 

We generated revenue of $3,577 and $4,608 for the three months ended March 31, 2020 and 2019, respectively. The decrease in revenue is mainly attributed to decline in customer’s visits and a temporary closure of our delicatessen as a result of the COVID-19 pandemic. The total cost and expenses was $80,939 for the three months ended March 31, 2020, compared to $40,813 for the three months ended March 31, 2019. Increase in cost and expense was mostly attributable to increases in professional and general and administrative fees. Increase is professional fees was mostly attributable to legal fees and expenses relating to the shareholder repurchases, the debt conversion, issuances of the warrants and the capital raise. Increase in general and administrative fees was attributable to fees required in connection with filings with the Securities and Exchange Commission. These increases were slightly offset by the slight decrease in delicatessen direct expenses such as food, beverage, supplies and other direct operating and occupancy costs.

 

We incurred loss from operations of $77,362 and $36,205 for the three months ended March 31, 2020 and 2019, respectively. The increase in loss from operations is mainly attributed to increase in total costs and expenses and our decrease in revenue during the three months ended March 31, 2020, as compared to the same period ended March 31, 2019.

 

Due to the described factors above, we had a net loss of $84,691 and $42,443 for the three months ended March 31, 2020 and 2019, respectively.

 

Liquidity and Capital Resources

 

As of March 31, 2020, we had total assets of $21,964, consisting of $10,198 in cash, $7,021 in net operating lease asset, $4,227 in leasehold improvements and $518 in inventory. Our liabilities as of March 31, 2020 were $508,915, which comprised of $330,104 in notes payable due to related parties, $113,787 in accounts payable and accrued expenses, $58,003 due to officers and $7,021 in operating lease liability. As of March 31, 2020, we had a working capital deficit of $496,725.

 

The following is a summary of our cash flows provided by (used in) operating, investing, and financing activities for the three months ended March 31, 2020 and 2019:

 

    For the three
months ended
March 31,
2020 		    For the three
months ended
March 31,
2019 		 
Net Cash Used in Operating Activities   $ (29,834 )   $ (13,143 )
Net Cash Used in Investing Activities     -       -  
Net Cash Provided by Financing Activities   $ 34,650     $ 12,997  
Net Decrease in Cash and Cash Equivalents   $ 4,816     $ (146 )

 

For the three months ended March 31, 2020, net cash used in operations of $29,834 was the result of a net loss of $84,691, offset by in kind contribution of services by $7,714, depreciation expense of $1,811, a decrease in inventory of $526 and an increase in accounts payable of $44,806. For the three months ended March 31, 2019, net cash used in operations of $13,143 was the result of a net loss of $42,443, offset by in kind contribution of services by $7,714, depreciation expense of $1,804 , a decrease in inventory of $304, and an increase in accounts payable of $19,478.

  

Net cash used in our investing activities were $0 and $0 for the three months ended March 31, 2020 and March 31, 2019, respectively.

 

Our financing activities resulted in a cash inflow of $34,650 for the three months ended March 31, 2020, which is represented by $4,986 proceeds from officers, $2,000 loan repayment, $70,000 proceeds from note payable, related party and $38,336 of repurchase of common stock. Our financing activities resulted in a cash inflow of $12,997 for the three months ended March 31, 2019, which is represented by $997 proceeds from officers, and $12,000 proceeds from note payable – related party.

 

On March 23, 2020, we have temporarily closed the delicatessen given the stay-at-home order issued by the governor of New Jersey. We plan to reopen the delicatessen once the order is lifted. We experienced a decrease in revenues as a result of the COVID-19 pandemic even before the stay-at-home order was issued. Even once the order is lifted and the delicatessen is re-opened, we a may have a slowdown in customer’s visit due to the current economic condition. There will be no assurances that we will generate sufficient revenues. We expect our growth rate and sales to be volatile in the near term as a result of the COVID-19 once we resume our delicatessen operations.

We are dependent on the revenues from our delicatessen operations and receipt of capital investment or other financing to fund our ongoing operations. On April 14, 2020, we consummated a private offer and sale of an aggregate of 2,500,000 shares of common stock for gross cash proceeds to us of $2,500,000. The Company plans to utilize the net proceeds from this offering to explore and evaluate potential merger candidates for the Company and to fund general corporate purposes. On April 24, 2020, the Company fully repaid the notes payable from related party totaling $285,126 along with its accrued interest. We may not have any available working capital to fund our delicatessen and ongoing operations and to pay our obligations. There will be no assurances that the new business plan will be successful and able to generate sufficient revenues to fund the operations. If we continue to generate insufficient revenues to fund the operations, we may decide to exit our existing business and explore potential strategic alternatives, including establishing a new business, or target an existing business for acquisition, without restriction to any specific business, industry or geographical location. This raises substantial doubt about our ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan.

16

 

 

Going Concern

 

As reflected in the accompanying condensed consolidated financial statements, the Company used cash in operations of $29,834, has an accumulated deficit of $891,611, and has a net loss of $84,691 for the three months ended March 31, 2020.

 

On March 23, 2020, we have temporarily closed the delicatessen given the stay-at-home order issued by the governor of New Jersey. We plan to reopen the delicatessen once the order is lifted. We experienced a decrease in revenues as a result of the COVID-19 pandemic even before the stay-at-home order was issued. Even once the order is lifted and the delicatessen is re-opened, we a may have a slowdown in customer’s visit due to the current economic condition. There will be no assurances that we will generate sufficient revenues. We expect our growth rate and sales to be volatile in the near term as a result of the COVID-19 once we resume our delicatessen operations.

 

We may not have sufficient working capital to fund the expansion of our operations and to provide working capital necessary for our ongoing operations and obligations. We need to raise significant additional capital to fund our operating expenses, pay our obligations, and grow our company. Therefore, our future operations may be dependent on our ability to secure additional financing. The COVID-19 pandemic may have an adverse impact on the Company’s ability to raise capital or to continue as a going concern. As a result of the above, there is substantial doubt about the ability of the Company to continue as a going concern and the accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The accompanying condensed consolidated financial statements do not include any adjustments that may result from the outcome of this uncertainty.

 

Critical Accounting Policies and Estimates

 

Use of Estimates in Financial Statements

 

In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Significant estimates include valuation of in kind contribution of service and valuation of deferred tax assets. Actual results could differ from those estimates.

 

17

 

 

Revenue Recognition

 

Effective January 1, 2018, the Company recognizes revenue in accordance with Accounting Standards Codification, Revenue from Contracts with Customers (Topic 606).

 

The Company generates revenue operating a delicatessen. Revenue from the operations of Company-owned delicatessen are recognized when sales occur.  

  

Off Balance Sheet Arrangements

 

We do 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, sales or expenses, results of operations, liquidity or capital expenditures, or capital resources that are material to an investment in our securities.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

Not applicable because we are an emerging growth company.

 

18

 

 

Item 4. Controls and Procedures.

 

Disclosure Controls and Procedures

 

  a) Evaluation of Disclosure Controls and Procedures

 

Pursuant to Rule 13a-15(b) under the Securities Exchange Act of 1934 (“Exchange Act”), the Company carried out an evaluation, with the participation of the Company’s management, including the Company’s Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the Company’s disclosure controls and procedures (as defined under Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this report. Based upon that evaluation, the Company’s CEO and CFO concluded that our disclosure controls and procedures were not effective as of March 31, 2020 for the material weakness describe below.

 

  b) Management’s Report on Internal Control over Financial Reporting

 

The management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting for the Company. Our internal control system was designed to, in general, provide reasonable assurance to the Company’s management and board regarding the preparation and fair presentation of published financial statements, but because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

Our management assessed the effectiveness of the Company’s internal control over financial reporting as of March 31, 2019. The framework used by management in making that assessment was the criteria set forth in the document entitled “Internal Control – Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework). Based on this assessment, our management has concluded that our internal controls were not effective as of March 31, 2020 for the material weaknesses describe as follows: (i) lack of an independent board of directors, (ii) our accounting personnel lack U.S. GAAP expertise and (iii) lack of segregated duties.

 

  c) Changes in Internal Controls over Financial Reporting

 

No change in our internal control over financial reporting occurred during the first fiscal quarter ended March 31, 2020 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

19

 

 

PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

From time to time, we may become involved in various lawsuits and legal proceedings, which arise, in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. We are currently not aware of any such legal proceedings or claims that we believe will have a material adverse effect on our business, financial condition or operating results.

 

Item 1A. Risk Factors.

 

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this item.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

None, other than as previously disclosed in a Current Report on Form 8-K.

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures.

 

Not applicable.

 

Item 5. Other Information.

 

On March 19, 2020 Christine T. Lindenmuth, an officer and director of the Company, sold all her 1,500,000 shares of common stock in the Company to three accredited investors for an aggregate amount of $1,500.

 

20

 

 

Item 6. Exhibits.

 

Exhibits #   Title
31.1   CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO EXCHANGE ACT RULE 13a-14(a)/15d-14(a) AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
31.2   CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO EXCHANGE ACT RULE 13a-14(a)/15d-14(a) AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
32.1   CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
32.2   CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT of 2002
     
101.INS   XBRL Instance Document
101.SCH   XBRL Taxonomy Extension Schema Document
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document
101.LAB   XBRL Taxonomy Extension Label Linkbase Document
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document

 

21

 

  

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.

 

Date: May 15, 2020  
   
HOMETOWN INTERNATIONAL, INC.  
   
/s/ Paul F. Morina  
Name: Paul F. Morina  
Chief Executive Officer & Chief Financial Officer  
(Principal Executive Officer & Principal Financial and Accounting Officer)  

 

 

22

 

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