NAUG - don't see news but did see the annual report out today:
NOWAUTO GROUP, INC. Annual Report for the period June 30, 2015 and 2014 ITEM 1 NAME OF ISSUER AND ITS PREDECESSORS (if any): NOWAUTO GROUP, INC. – 9/2005 to present Formerly = Global-e Investments, Inc. – 1/2001 to 9/2005 ITEM 2 ADDRESS OF THE ISSUER’S PRINCIPAL EXECUTIVE OFFICES: 3651 Lindell Road Suite D580 Las Vegas, NV 89103 Phone: 702-318-7533 www.nowautoinc.com
ITEM 3 SECURITY INFORMATION: As of June 30, 2015: Trading symbol: NAUG Common stock –100,000,000 shares authorized, par value $.001 and 6,695,385 shares issued and outstanding
During the year ended June 30, 2015 the Company issued 5,000,000 restricted shares of common stock.
During the year ended June 30, 2014 the Company issued 0 shares of capital stock.
ITEM 5 FINANCIAL STATEMENTS
NOWAUTO GROUP, INC. Financial Statements June 30, 2015 and 2014
NOWAUTO GROUP, INC. BALANCE SHEETS June 30, 2015 and 2014 (Unaudited)
June 30,
June 30,
Assets: Current Assets:
2015 2014
Cash and Cash Equivalents $ - $ - Total Current Assets - -
Other Assets: Product License 25,500 - Total Other Assets 25,500 -
Total Assets $ 25,500 $ -
Liabilities: Current Liabilities:
Accounts Payable $ 4,596 $ 2,596 Total Current Liabilities
Total Liabilities $ 4,596 $ 2,596
Stockholder's Deficit: Common Stock par value $0.001 authorized 100,000,000 shares, 6,695,385 and 1,695,385 shares issued and outstanding, respectively $ 6,695 $ 1,695 Additional Paid in Capital 4,670,431 4,649,931 Accumulated Deficit (4,656,222) (4,654,222) Total Stockholders' Deficit 20,904 (2,596) Total Liabilities and Stockholders' Deficit $ 25,500 $ -
The accompanying notes are an integral part of these financial statements.
NOWAUTO GROUP, INC. STATEMENTS OF OPERATIONS For the Years Ended June 30, 2015 and 2014 (Unaudited)
Operating Expenses: Professional Services 2,000 2,596 Total Operating Expenses 2,000 2,596
Operating Income (Loss)
Net Income (Loss) Before Taxes
Income Tax
Net Income (Loss) $ (2,000) $ (2,596)
Gain (Loss) per Share, Basic & Diluted $ (0.00) $ (0.00)
Weighted Average Shares Outstanding 6,695,385 1,695,385
The accompanying notes are an integral part of these financial statements.
NOWAUTO GROUP, INC. STATEMENTS OF CASH FLOWS For the Years Ended June 30, 2015 and 2014 (Unaudited)
CASH FLOW FROM OPERATING ACTIVITES:
For the Year Ended June 30, 2015 2014
Net Income (Loss) for the Period $ (2,000) $ (2,596) Adjustments to reconcile net loss to net cash used by operating activities: Increase (Decrease) in accounts payable 2,000 2,596 Net Cash (Used) in Operating Activities - -
Net (Decrease) Increase in Cash - -
Cash at Beginning of Period - -
Cash at End of Period $ - $ -
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the year for: Interest - - Franchise and Income Taxes - - NON-CASH INVESTING AND FINANCING ACTIVITIES: Shares issued for acquisition 25,500 -
The accompanying notes are an integral part of these financial statements.
NOWAUTO GROUP, INC. NOTES TO FINANCIAL STATEMENTS June 30, 2015 and 2014 (Unaudited)
NOTE 1 - ORGANIZATION AND OPERATIONS
NowAuto Group, Inc. was originally incorporated in the State of Nevada on January 31, 2001 as Global-e Investments, Inc. In September 2005, the Company changed its name to NowAuto Group, Inc. its current name.
On June 29, 2015, the Company entered into a License Agreement with Universal Vending, Inc. (the “Licensor”). Under the terms of the agreement, the Company has the right to market the consumer products of the Licensor. The Company agreed to pay a fee of Five Million (5,000,000) shares of its restricted Common Stock.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation
The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure 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 differ from those estimates.
Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company's system of internal accounting control is designed to assure, among other items, that 1) recorded transactions are valid; 2) valid transactions are recorded; and 3) transactions are recorded in the proper period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the Company for the respective periods being presented.
Use of estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period.
The Company’s significant estimates include income taxes provision and valuation allowance of deferred tax assets; the fair value of financial instruments; the carrying value and recoverability of long-lived assets, including the values assigned to an estimated useful lives of computer equipment; and the assumption that the Company will continue as a going concern. Those significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to those estimates or assumptions, and certain estimates or assumptions are difficult to measure or value. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.
Management regularly reviews its estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such reviews, and if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates.
NOTE 3 – GOING CONCERN
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business.
As reflected in the accompanying financial statements, the Company had an accumulated deficit at June 30, 2015 of $4,656,222. These factors among others raise substantial doubt about the Company’s ability to continue as a going concern.
While the Company is attempting to commence operations and generate revenues, the Company’s cash position may not be significant enough to support the Company’s daily operations. Management intends to raise additional funds by way of a public or private offering. Management believes that the actions presently being taken to further implement its business plan and generate revenues provide the opportunity for the Company to continue as a going concern. While the Company believes in the viability of its strategy to generate revenues and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate revenues.
The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
NOTE 4 – STOCKHOLDERS’ DEFICIT
Shares authorized
The Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.001 per share.
Common Stock Issued
During the year ended June 30, 2015 the Company issued 5,000,000 restricted shares of common stock.
During the year ended June 30, 2014 the Company issued 0 shares of capital stock.
NOTE 5 – SUBSEQUENT EVENTS
The Company has evaluated all events that occurred after the balance sheet date through the date when the financial statements were issued to determine if they must be reported. The Management of the Company determined that there were no reportable subsequent events to be disclosed.
ITEM 6 DESCRIBE THE ISSUER’S BUSINESS, PRODUCTS AND SERVICES
Description of the issuer’s business operations:
On June 29, 2015, the Company entered into a License Agreement with Universal Vending, Inc. (the “Licensor”). Under the terms of the agreement, the Company has the right to market the consumer products of the Licensor. The Company agreed to pay a fee of Five Million (5,000,000) shares of its restricted Common Stock. Date and State (or Jurisdiction) of Incorporation: January 31, 2001 – Nevada The issuer’s primary and secondary SIC Codes: 5110 The issuer’s fiscal year end date: 6/30
ITEM 7 DESCRIBE THE ISSUER’S FACILITIES
The corporate headquarters at located at 3651 Lindell Road Suite D580, Las Vegas, NV 89103.
ITEM 8 OFFICER, DIRECTORS AND CONTROL PERSONS
Full Name: Joseph Arcaro Title: Chief Executive Officer / Chief Financial Officer / Secretary / Chairman of the Board of Directors Business Address: 3651 Lindell Road, Suite D580, Las Vegas, NV 89103 Compensation: None Ownership: 100 shares of common stock Biography – Mr. Arcaro is an experience entrepreneur. He has over 15 years of experience in the brokerage and venture capital business.
Legal/Disciplinary History. Please identify whether any of the foregoing persons have, in the last five years, been the subject of:
1. A conviction in a criminal proceeding or named as a defendant in a pending criminal proceeding (excluding traffic violations and other minor offenses);
None.
2. The entry of an order, judgment, or decree, not subsequently reversed, suspended or vacated, by a court of competent jurisdiction that permanently or temporarily enjoined, barred, suspended or otherwise limited such person’s involvement in any type of business, securities, commodities, or banking activities;
None.
3. A finding or judgment by a court of competent jurisdiction (in a civil action), the Securities and Exchange Commission, the Commodity Futures Trading Commission, or a state securities regulator of a violation of federal or state securities or commodities law, which finding or judgment has not been reversed, suspended, or vacated; or
None.
4. The entry of an order by a self-regulatory organization that permanently or temporarily barred suspended or otherwise limited such person’s involvement in any type of business or securities activities.
None.
The following table sets forth, as of August 4, 2015, information about the beneficial ownership of our capital stock with respect to each person known by NOWAUTO GROUP, INC. to own beneficially more than 5% of the outstanding capital stock, each director and officer, and all directors and officers as a group.
Name and Address
Number of Shares Beneficially Owned Class Percentage of Class
Joseph Arcaro 100 Common 0 Chief Executive Officer, Chief Financial Officer, Secretary and Chairman of the Board of Directors Total 100 Common 0
ITEM 9 THIRD PARTY PROVIDERS:
1. Counsel Bret Whipple 1100 S. 10TH ST. Las Vegas, NV 89104 PH. 702-731-0000
2. Accountant or Auditor
Financials prepared by Management
3. Investor Relations Consultant
None
4. Any other advisor(s) that assisted, advised, prepared or provided information with respect to this disclosure statement - the information shall include the telephone number and email address of each advisor.
None
ITEM 10 ISSUER CERTIFICATION I, Joseph Arcaro, certify that:
1. I have reviewed this annual report of NOWAUTO GROUP, INC.; 2. Based on my knowledge, this disclosure statement does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this disclosure statement; and
3. Based on my knowledge, the financial statements, and other financial information included or incorporated by reference in this disclosure statement, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this disclosure statement.
Date: August 4, 2015 /s/ Joseph Arcaro Joseph Arcaro Chief Executive Officer and Chief Financial Officer (Principal Executive Officer and Chief Financial Officer)
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