10-K
Lucent, Inc. (LUCN)
UNITEDSTATES
SECURITIESAND EXCHANGE COMMISSION
Washington,D.C. 20549
FORM10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2019
Or
[ ] 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: 333-222880
TIPMEFAST,INC.
(Exact name of registrant as specified in its charter)
| Nevada | 7373 | 83-4057513 |
|---|---|---|
| (State<br> or Other Jurisdiction of | (Primary<br> Standard Industrial | (IRS<br> Employer |
| Incorporation<br> or Organization) | Classification<br> Number) | Identification<br> Number) |
| Raid<br> Chalil<br><br> <br>HaShnura<br> St 1<br><br> <br>ZihronYa’akow,<br> Isreal<br><br> <br>972-373-70057 | ||
| --- | ||
| (Address,<br> including zip code, and telephone number, including area code, of registrant’s principal executive offices) | ||
| Elaine<br> Dowling, Esq.<br><br> <br>EAD<br> Law Group, LLC<br><br> <br>8275<br> S. Eastern Ave #20<br><br> <br>Las<br> Vegas, NV 891123<br><br> <br>ead@eadlawgroup.com<br><br> <br>702-724-2636<br><br> <br><br><br> <br>(Name,<br> address, including zip code, and telephone number, including area code, of agent for service)<br><br> <br><br><br> <br>Copies<br> to:<br><br> <br>Elaine<br> Dowling, Esq.<br><br> <br>EAD<br> Law Group, LLC<br><br> <br>8275<br> S. Eastern Ave #20<br><br> <br>Las<br> Vegas, NV 891123<br><br> <br>ead@eadlawgroup.com<br><br> <br>702-724-2636 |
Securities registered pursuant to Section 12(b) of the Act:
| Title<br> of each class | Name<br> of each exchange on which registered |
|---|---|
| N/A | N/A |
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [_] No [X]
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes [_] No [X]
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 [Y] 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 fi les). Yes [_] No [N]
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.
| Large accelerated filer<br> [_] | Accelerated filer [_] |
|---|---|
| Non-accelerated filer [_] | Smaller reporting company [X] |
| 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 Act). Yes [X] No [_]
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of February 23, 2020 is 5,600,000 shares.
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TIPMEFAST,INC.
TABLE OF CONTENTS
| PART I | ||
|---|---|---|
| ITEM 1. | Business | 4 |
| ITEM 1A. | Risk Factors | 5 |
| ITEM 1B. | Unresolved Staff Comments | 5 |
| ITEM 2. | Properties | 5 |
| ITEM 3. | Legal Proceedings | 5 |
| ITEM 4. | Safety Disclosures | 5 |
| PART II | ||
| ITEM 5. | Market for Registrant's<br> Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 5 |
| ITEM 6. | Selected Financial Data | 6 |
| ITEM 7. | Management's Discussion and Analysis of Financial<br> Condition and Results of Operations | 6 |
| ITEM 7A. | Quantitative and Qualitative Disclosures About<br> Market Risk | 7 |
| ITEM 8. | Financial Statements and Supplementary Data | 8 |
| ITEM 9. | Changes In and Disagreements with Accountants<br> on Accounting and Financial Disclosure | 9 |
| ITEM 9A. | Controls and Procedures | 9 |
| ITEM 9B. | Other Information | 10 |
| PART III | ||
| ITEM 10. | Directors, Executive Officers, and Corporate<br> Governance | 10 |
| ITEM 11. | Executive Compensation | 10 |
| ITEM 12. | Security Ownership<br> of Certain Beneficial Owners and Management and Related Stockholder Matters | 11 |
| ITEM 13. | Certain Relationships and Related Transactions,<br> and Director Independence | 12 |
| ITEM 14. | Principal Accounting Fees and Services | 12 |
| PART IV | ||
| ITEM 15. | Exhibits, Financial Statement Schedules | 13 |
| Signatures | 14 |
| 2 |
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Forward-LookingStatements
This report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. All statements other than statements of historical facts are “forward-looking statements” for purposes of these provisions, including any projections of earnings, revenues or other financial items, any statement of the plans and objectives of management for future operations, any statements concerning proposed new products or strategic arrangements, any statements regarding future economic conditions or performance, and any statement of assumptions underlying any of the foregoing. In some cases, forward-looking statements can be identified by the use of terminology such as “may,” “will,” “expects,” “plans,” “anticipates,” “estimates,” “potential,” “intends”, or “continue” or the negative thereof or other comparable terminology. Although the Company and its management believe that the expectations reflected in the forward-looking statements contained herein are reasonable, there can be no assurance that such expectations or any of the forward-looking statements will prove to be correct, and actual results could differ materially from those projected or assumed in the forward-looking statements. The Company’s future financial condition and results of operations, as well as any forward-looking statements, are subject to inherent risks and uncertainties, including but not limited to the Risk Factors set forth under Item 1A, and for the reasons described elsewhere in this report. All forward-looking statements and reasons why results may differ included in this report are made as of the date hereof, and we assume no obligation to update these forward-looking statements or reasons why actual results might differ.
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PARTI
Item1. Business
Overview
The Company was formed on December 5, 2017 in the State of Nevada as a “C” corporation.
BusinessStrategy
TipMeFast, Inc., (the company) is a Nevada “C” Corporation created to be the simplest way to get paid or pay anyone from a mobile device. With this application you can pay a bartender, barista, server, musician, valet attendant, concierge, traveling pet groomer, nail technician or pool service but have no cash. TipMeFast, Inc. is a solution to pay and to get paid without exchanging personal information.
TipMeFast allows the user to:
| · | pay<br> anonymously with a tap of a finger: Simply find the user code you want to tip or pay<br> by GPS nearby, pay any amount up to $500; |
|---|---|
| · | Option<br> to send a message, connect or chat conversation with your old (and new) favorite service<br> professionals; |
| --- | --- |
| · | The<br> receivers tips can customize an auto-reply message to let favorite patrons know the latest<br> news, band or business. |
| --- | --- |
How it works:
| · | Sign<br> up for free & create an account to pay and get paid |
|---|---|
| · | Find<br> users, pay and send ratings with personalized message |
| --- | --- |
| · | Start<br> a private chat after payment with your favorite service professional or artists |
| --- | --- |
TipMeFast App uses data encryption to protect your financial information; we do not share any of it or sell it. It is the simplest way to get paid or pay anyone from a mobile device.
The app is extremely safe with beyond bank grade IT security. The data is encrypted, the app has a PIN and Touch ID and no sensitive user data (SSN, bank account or credit card information, etc.) is never stored on the device or on the TipMeFast servers.
These features and functions have not been actually completed or in a prototype, and may not be available when our mobile application is brought to market.
Our executive offices are located at HaShmura St. 1, ZihronYa’akov, Israel. Our telephone number is 972-373-70057.
Marketing
The Company will begin its marketing program online where our potential customers are most probably able and willing to associate.
Advertising
With limited funds, The Company will rely on management for advertising decisions. The company has developed an overall advertising scenario which it has implemented in preliminary form. As more funds become available the advertising budget will increase in a commensurate fashion.
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Employees
As of December 31, 2019, we had one (1) part time employee, including management. We consider our relations with our employees to be good.
Researchand development activities and costs
We have not incurred any research and development costs to date.
Item1A. 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.
Item1B. Unresolved Staff Comments.
As of December 31, 2019, there are no unresolved Staff Comments
Item2. Properties.
We currently lease office space at HaShmura St. 1, ZihronYa’akov, Isreal, as our principal offices. We believe these facilities are in good condition, but that we may need to expand our leased space as our research and development efforts increase.
Item3. Legal Proceedings.
There are no legal actions pending against us nor any legal actions contemplated by us at this time.
Item4. Safety Disclosures.
Not Applicable
PARTII
Item5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Marketfor Common Equity
No public market currently exists for shares of our common stock. Our common stock is eligible for quotation on the Over-the-Counter Bulletin Board . There have been no quotes of our common stock during the two most recent fiscal years and subsequent interim periods for which financial statements are included herein. Accordingly, there is no current quote price for the stock. The Company has no equity compensation plans and there are no shares of common stock issuable upon the exercise of outstanding options or warrants to purchase, or securities convertible into, common stock of the Company. Other than the registered offering for shareholders pursuant to Registration No. 333-222880, there is no common equity being, or publicly proposed to be, publicly offered by the Company, the offering of which could have a material effect on the market price of the Company’s common equity.
Holders
As on December 31, 2019, the Company had 5,60,000 shares of our common stock issued and outstanding held by 30 share holders
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DividendPolicy
We have never declared or paid any dividends on our common stock. We currently expect to retain all available funds and future earnings, if any, for use in the operation and growth of our business and do not anticipate paying any cash dividends in the foreseeable future. Any future determination to pay dividends will be at the discretion of our Board, subject to compliance with applicable law and any contractual provisions, including under any agreements for indebtedness we may incur, that restrict or limit our ability to pay dividends, and will depend upon, among other factors, our results of operations, financial condition, earnings, capital requirements and other factors that our Board deems relevant.
SecuritiesAuthorized for Issuance under Equity Compensation Plans:
The Company does not have any equity compensation plans.
RecentSales of Unregistered Securities:
None
Item6. Selected Financial Data.
The Index to Financial Statements and Schedules appears on page F-1.
The Report of Independent Registered Public Accounting Firm appears on page F-2, and the Financial Statements and Notes to Financial Statements appear beginning on page F-7.
Item7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes, and other financial information contained in this prospectus.
GoingConcern
The future of our company is dependent upon its ability to obtain financing and upon future profitable operations from the sale of products and services through our websites. Management has plans to seek additional capital through a private placement and public offering of its common stock, if necessary. Our auditors have expressed a going concern opinion which raises substantial doubts about the Issuers ability to continue as a going concern.
Planof Operations
As discussed above we have not yet operated pursuant to our business plan. We have generated no revenue in December 31, 2019 and 2018.
Comparisonof the years ended December 31, 2019 and 2019
Lackof Revenues
We have limited operational history. During the year ended December 31, 2019 and 2019 we have not generated any revenue. We anticipate that we will incur substantial losses for the foreseeable future and our ability to generate any revenues in the next 12 months continues to be uncertain.
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OperatingExpenses
The Company’s operating expenses for the year ended December 31, 2019 and 2018 were $27,365 and $9,045 respectively. Operating expenses for the year ended December 31, 2019 consisted of professional fees of $19,450 and general and administrative expense $7,915. Operating expenses for the year ended December 2019 consisted of professional fees of $9,000 and general and administrative expense $45.
NetLoss
During the year ended December 31, 2019 and 2018 the Company recognized net losses of $27,365 and $9,045.
Liquidityand Capital Resources
Our capital resources have been acquired through the sale of shares of our common stock and loans from shareholders and third parties.
At December 31, 2019 and 2018, we had total assets of $43,880 and $35,480 respectively.
At December 31, 2019 and 2018, our total liabilities were $NIL and $NIL respectively.
Cashflows from operating activities
Net cash used in operating activities was ($27,365) for the year ended December 31, 2019 and ($6,795) for the year ended December 2018
Cashflows from financing activities
Net cash provided by financing activities was $35,765 for the year ended December 31, 2019 and $29,250 for the year ended December 2018
CashRequirements
We intend to propagative funding for our activities, if any, through a combination of the private placement of the company’s equity securities and the public sales of equity securities.
We have no agreement, commitment or understanding to secure any funding from any source.
Off-BalanceSheet Arrangements
We do not have any off balance sheet arrangements.
Tipmefast, inc. has never been in bankruptcy or receivership.
Office
Tipmefast, inc. executive office is located at HaShmura St. 1, ZihronYa’akov, Isreal,. The telephone number is 972-373-70057.
Tipmefast, inc. is not operating its business plan until such time as capital is raised for operations. To date its operation has involved only selling stock to meet expenses.
Item7A. Quantitative and Qualitative Disclosures about Market Risk.
Not Applicable to Smaller Reporting Companies.
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Item8. Financial Statements and Supplementary Data.
TIPMEFAST,INC.
TABLEOF CONTENTS
DECEMBER31, 2019
| PAGE | |
|---|---|
| Report<br> of Independent Registered Public Accounting Firm | F-1 |
| Balance<br> Sheets at December 31, 2019 and 2018 | F-2 |
| Statements<br> of Operations for the year ended December 31, 2019 and 2018 | F-3 |
| Statements<br> of Stockholders’ Equity for the year ended December 31, 2019 and 2018 | F-4 |
| Statements<br> of Cash Flows for the year ended December 31, 2019 and 2018 | F-5 |
| Notes<br> to Financial Statements | F-6 |
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MICHAEL GILLESPIE & ASSOCIATES, PLLC
CERTIFIEDPUBLIC ACCOUNTANTS
10544ALTON AVE NE
SEATTLE,WA 98125
206.353.5736
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors & Shareholders
TipMeFast, Inc.
Opinionon the Financial Statements
We have audited the accompanying balance sheets of TipMeFast, Inc. as of December 31, 2019 and 2018 and the related statements of operations, changes in stockholders’ equity and cash flows for the years ended December 31, 2019 and 2018, and the related notes (collectively referred to as “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2019 and 2018 and the results of its operations and its cash flows for the years ended December 31, 2019 and 2018, in conformity with accounting principles generally accepted in the United States of America.
GoingConcern
The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note #2 to the financial statements, although the Company has limited operations it has yet to attain profitability. This raises substantial doubt about its ability to continue as a going concern. Management’s plan in regard to these matters is also described in Note #2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Basisfor Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
/S/ MICHAEL GILLESPIE & ASSOCIATES, PLLC
We have served as the Company’s auditor since 2018.
Seattle, Washington
February 23, 2020
| F-1 |
| --- | | TIPMEFAST,<br> INC. | | | | | | | --- | --- | --- | --- | --- | --- | | Balance<br> Sheet | | | | | | | (Audited) | | | | | | | | | | December<br> 31, | | | | | | | 2018 | | | | ASSETS | | | | | | | CURRENT<br> ASSETS: | | | | | | | Cash<br> held in trust | 43,880 | | $ | 35,480 | | | Total<br> Current Assets | 43,880 | | | 35,480 | | | Total<br> Assets | 43,880 | | $ | 35,480 | | | LIABILITIES<br> AND STOCKHOLDERS' EQUITY | | | | | | | CURRENT<br> LIABILITIES: | | | | | | | Accrued<br> expenses | — | | $ | — | | | Total<br> current liabilities | — | | | — | | | Total<br> Liabilities | — | | $ | — | | | STOCKHOLDERS’<br> EQUITY: | | | | | | | Common<br> stock: 0.001 par value, 75,000,000 shares authorized, 5,600,000 and 4,170,000<br> shares issued and outstanding as of December 31, 2019 and December 31, 2018, respectively. | 5,600 | | | 4,170 | | | Additional<br> paid-in capital | 80,415 | | | 46,080 | | | Accumulated<br> deficit | (42,135 | ) | | (14,770 | ) | | Total<br> stockholders’ equity | 43,880 | | | 35,480 | | | TOTAL<br> LIABILITIES AND STOCKHOLDERS’ EQUITY | 43,880 | | $ | 35,480 | | | The accompanying<br> notes are an integral part of these financial statements. | | | | | |
All values are in US Dollars.
| F-2 |
| --- | | TIPMEFAST,<br> INC. | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | Statement<br> of Operations | | | | | | | | (Audited) | | | | | | | | | For<br> the Year ended December, 2019 | | | For<br> the Year ended December, 2018 | | | | REVENUE: | $ | — | | $ | — | | | EXPENSES: | | | | | | | | General<br> and administrative | | 7,915 | | | 45 | | | Professional<br> fees | | 19,450 | | | 9,000 | | | Total<br> expenses | | 27,365 | | | 9,045 | | | OTHER<br> INCOME (EXPENSE): | | | | | | | | Interest<br> Income | | — | | | — | | | Total<br> other income (expense) | | — | | | — | | | NET<br> LOSS | $ | (27,365 | ) | $ | (9,045 | ) | | Net<br> loss per common share - basic | $ | (0.005 | ) | $ | (0.003 | ) | | Weighted<br> average of common shares outstanding - basic | | 5,385,194 | | | 3,132,740 | | | The accompanying<br> notes are an integral part of these financial statements. | | | | | | |
| F-3 |
| --- | | TIPMEFAST,<br> INC. | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Statement<br> of Stockholders’ Equity | | | | | | | | | | | | | | | | | (Audited) | | | | | | | | | | | | | | | | | | | | | | Additional | | | | | | | | Total | | | | | Common<br> Stock | | | | Paid-in | | Subscription | | | Accumulated | | | Stockholders' | | | | | Shares | | Amount | | Capital | | Received | | | Deficit | | | Equity | | | | Balance<br> at December 31, 2017 | | 3,000,000 | $ | 3,000 | | 18,000 | | — | | | (5,725 | ) | | 15,275 | | | Issuance of common<br> stock for cash | | 1,170,000 | | 1,170 | | 28,080 | | — | | | — | | | 29,250 | | | Net loss | | — | $ | — | | — | | — | | | (9,045 | ) | | (9,045 | ) | | Balance<br> at December 31, 2018 | | 4,170,000 | $ | 4,170 | | 46,080 | | — | | | (14,770 | ) | | 35,480 | | | Issuance of common<br> stock for cash | | 1,430,000 | | 1,430 | | 34,335 | | 35 | | | — | | | 35,800 | | | Excess Subscription<br> cash returned | | | | | | | | (35 | ) | | | | | (35 | ) | | Net loss for the year<br> ended December 31, 2019 | | — | $ | — | | — | | — | | | (27,365 | ) | | (27,365 | ) | | Balance<br> at December 31, 2019 | | 5,600,000 | $ | 5,600 | | 80,415 | | — | | | (42,135 | ) | | 43,880 | |
The accompanying notes are an integral part of these financial statements.
| F-4 |
| --- | | TIPMEFAST,<br> INC. | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | Statement<br> of Cash Flows | | | | | | | | (Audited) | | | | | | | | | For<br> the year ended December 31, 2019 | | | For<br> the year ended December 31, 2018 | | | | Cash<br> Flows from Operating Activities: | | | | | | | | Net<br> Loss | $ | (27,365 | ) | $ | (9,045 | ) | | Adjustments<br> to reconcile net loss to net cash used in operating activities: | | | | | | | | (Increase)<br> decrease in prepaid expenses | | — | | | 2,250 | | | Net<br> cash used in operating activities | $ | (27,365 | ) | $ | (6,795 | ) | | Cash<br> flows from Financing Activities: | | | | | | | | Proceeds<br> from common stock | | 35,765 | | | 29,250 | | | Net<br> cash provided by financing activities | $ | 35,765 | | $ | 29,250 | | | NET<br> INCREASE IN CASH | | 8,400 | | | 22,455 | | | CASH<br> AT BEGINNING OF THE PERIOD | | 35,480 | | | 13,025 | | | CASH<br> AT THE END OF THE PERIOD | $ | 43,880 | | $ | 35,480 | | | SUPPLEMENTAL<br> CASH FLOW INFORMATION: | | | | | | | | Cash<br> paid for interest | $ | — | | $ | — | | | Cash<br> paid for income taxes | $ | — | | $ | — | | | The accompanying<br> notes are an integral part of these financial statements. | | | | | | |
| F-5 |
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TIPMEFAST,INC.
NOTESTO THE FINANCIAL STATEMENTS
(AUDITED)
DECEMBER31, 2019
NOTE1 – ORGANIZATION AND NATURE OF BUSINESS
TipMeFast, Inc. (“the Company”, “we”, “us” or “our”) was incorporated on December 5, 2017 in the State of Nevada. The Company was created to be the simplest way to get paid or pay anyone from a mobile device. With this application you can pay a bartender, barista, server, musician, valet attendant, concierge, traveling pet groomer, nail technician or pool service but have no cash. The Company is a solution to pay and to get paid without exchanging personal information.
Our executive offices are located at HaShmura St. 1, ZihronYa’akov, Isreal
NOTE2 – GOING CONCERN
The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. As a development-stage company, the Company had no revenues and incurred losses as of December 31, 2019. The Company currently has limited working capital, and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time.
Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.
NOTE3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation
The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for the year ended December 31, 2019.
Cash and Cash Equivalents
The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $43,880 of cash as at December 31, 2019.
| F-6 |
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Income Taxes
Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.
Revenue Recognition
The Company will recognize revenue in accordance with ASC topic 605 “Revenue Recognition”. The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value of Financial Instruments
AS topic 820 “Fair Value Measurements and Disclosures” establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.
These tiers include:
Level 1: defined as observable inputs such as quoted prices in active markets;
Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and
Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
The carrying value of cash approximates its fair value due to its short-term maturity.
Stock-Based Compensation
Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options.
Basic Income (Loss) Per Share
The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is antidilutive. There were no potentially dilutive debt or equity instruments issued or outstanding as of December 31, 2019.
Comprehensive Income
Comprehensive income is defined as all changes in stockholders’ deficit, exclusive of transactions with owners, such as capital investments. Comprehensive income includes net income or loss, changes in certain assets and liabilities that are reported directly in equity such as translation adjustments on investments in foreign subsidiaries and unrealized gains (losses) on available-for-sale securities. As of December 31, 2019, there were no differences between our comprehensive loss and net loss.
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Recent Accounting Pronouncements
We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company.
NOTE4 – STOCKHOLDERS’ EQUITY
The Company has 75,000,000, $0.001 par value shares of common stock authorized.
On December 5, 2017, the company issued a total of 3,000,000 common shares to its founder for a cash contribution of $21,000.
During the quarter ended December 31, 2018, the company issued a total of 1,170,000 common shares to various investors for cash proceeds of $29,250.
During the quarter ended March 31, 2019, the company issued a total of 1,430,000 common shares to various investors for cash proceeds of $35,765. During this shares issue, $35has received in excess from an investor which was paid before September 30, 2019.
There were 5,600,000 and 4,170,000 shares of common stock issued and outstanding as of December 31, 2019 and December 31, 2018 respectively.
NOTE5 – INCOME TAXES
For the year ended December 31, 2019, the Company has incurred net losses and therefore, has no tax liability. The net deferred tax asset generated by the loss carry-forward has been fully reserved. The cumulative net operating loss carry-forward is approximately $42,135 at December 31, 2019 and will expire beginning in the year 2037.
The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 21% and 21% to the net loss before provision for income taxes as follows:
| For<br> the year ended December 31, 2019 | For<br> the year ended December 31, 2018 | |||||
|---|---|---|---|---|---|---|
| Income<br> tax expense (benefit) at statutory rate | (5,747 | ) | (1,899 | ) | ||
| Change<br> in valuation allowance | 5,747 | 1,899 | ||||
| Income<br> tax expense | — | — |
Net deferred tax assets consist of the following components as of December 31, 2019 and 2018:
| December<br> 31, 2019 | December<br> 31, 2018 | |||||
|---|---|---|---|---|---|---|
| Gross<br> deferred tax asset | 8,848 | 3,102 | ||||
| Valuation<br> allowance | (8,848 | ) | (3,102 | ) | ||
| Net<br> deferred tax asset | — | — |
| F-8 |
| --- |
The expected tax expense (benefit) based on the U.S. federal statutory rate is reconciled with actual tax expense (benefit) as follows:
| For the<br> year ended December 31, 2019 | |||
|---|---|---|---|
| Statutory<br> Federal Income Tax Rate | 21 | % | |
| Nontaxable<br> permanent differences | — | ||
| Change<br> in valuation allowance | (21 | %) | |
| Income<br> tax provision | — |
Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $42,135 for federal income tax reporting purposes could be subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years.
The Company has no uncertain tax positions that require the Company to record a liability.
The Company had no accrued penalties and interest related to taxes as of December 31, 2019.
NOTE6 – SUBSEQUENT EVENTS
The Company evaluated all events or transactions that occurred after December 31, 2019 through February 23, 2020. The Company determined that it does not have any subsequent event requiring recording or disclosure in the financial statements for the period ended December 31, 2019**.**
| F-9 |
| --- |
Item9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
There are none.
Item9A. Controls and Procedures.
Evaluationof Disclosure Controls and Procedures
The Chief Executive Officer and the Chief Financial Officer of the Company handles all aspects of the company.
Based upon that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that the Company’s disclosure controls and procedures were ineffective as of December 31, 2019 due to the Company’s small size and a lack of segregation of duties.
Changesin Internal Control Over Financial Reporting
There were no changes in the Company's internal control over financial reporting during the year ended December 31, 2019 that have materially impacted, or are reasonably likely to materially impact, the Company’s internal control over financial reporting.
Management'sAnnual Report on Internal Control Over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934). Internal control over financial reporting is a process designed by, or under the supervision of the Company’s Chief Executive Officer and the Chief Financial Officer and implemented by the Company’s Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in the United States of America (“GAAP”).
The Company’s internal control over financial reporting includes those policies and procedures that: i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the Company are made only in accordance with authorizations of management and directors of the Company; and iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material impact on the financial statements.
The Company’s management, including the Chief Executive Officer and the Chief Financial Officer, does not expect that the Company’s disclosure controls and procedures, or the Company’s internal controls over financial reporting, will necessarily prevent all fraud and material errors. An internal 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. Because of the inherent limitations on all internal control systems, the Company’s internal control system can provide only reasonable assurance of achieving its objectives and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of internal control is also based in part upon certain assumptions about the likelihood of future events, and can provide only reasonable, not absolute, assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in circumstances, or because the degree of compliance with the policies and procedures may deteriorate.
Management of the Company, including the Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the Company's internal control over financial reporting as of December 31, 2019 and determined that controls are ineffective due to the Company’s small size and lack of segregation of duties.
| 9 |
| --- |
This annual report does not include an attestation report by our registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit us to provide only our management report in this annual report.
Item9B. Other Information.
None.
PartIII
Item10. Directors, Executive Offices and Corporate Governance
The following table sets forth the names and ages of our current directors and executive officers, the principal offices and positions held by each person:
| Name | Age | Position | |
|---|---|---|---|
| Raid Chalil | 52 | Pres, Sec, Treas, Dir, CEO, CFO |
RaidChalil, President/Director
Mr. Raid Chalil has served as President and Director since inception on December 5, 2017. Mr. Raid has not been employed since December of 2016, when he left his job after 15 years as a manager in Bank Hapoalim Haifa, in Isreal, to start a business planning and preparing software applications for mobile telephones. In 2016, Mr. Raid obtained a Certificate of Computer Technician from the Ministry of Labor in Israel. Mr. Raid desire to found our company and his background as a banker and a computer technician led to our conclusion that Mr. Raid should be serving as a member of our board of directors in light of our business and structure.
Termof office
Our directors are appointed to hold office until the next annual general meeting of our stockholders or until removed from office in accordance with our bylaws. Our officers are appointed by our Board of Directors and hold office until removed by the Board, absent an employment agreement.
Significantemployees and consultants
As of the date hereof, the Company has no significant employees.
Codeof ethics
We have not adopted a Code of Ethics.
Item11. Executive Compensation
Currently our officer and director receive no compensation for his services during the development stage of our business operations. He is reimbursed for any out-of-pocket expenses he may incur on our behalf.
In the future, once revenue is being generated, we may approve payment of salaries for our officer and director, but currently, no such plans have been approved. No officer or director salaries will be paid from the proceeds of this offering. We do not have any employment agreements in place with our officer and director. We also do not currently have any benefits, such as health or life insurance, available to our employee.
| 10 |
| --- |
Stockoption grants
We had no outstanding equity awards as of the end of the fiscal periods ended December 31, 2019 or through the date of filing of this prospectus.
Employmentagreements
We have not entered into an employment agreement with any person. We have no plans to compensate our executive officers in the foreseeable future.
SummaryCompensation Table. The following table sets forth certain information concerning the annual and long-term compensation of our current president and secretary during the fiscal year:
| Non-Equity | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Incentive | Nonqualified | |||||||||
| Name<br> and | Stock | Option | Plan | Deferred | All<br> Other | |||||
| Principal<br> <br>Position | Year | Salary () | Bonus () | Awards () | Awards () | Compensation<br> () | Compensation<br> () | Compensation<br> () | Total () | |
| Raid<br> Chalil | 2019 | |||||||||
| Raid<br> Chalil | 2018 |
All values are in US Dollars.
Item12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The following table contains information as of the date of this filing as to the beneficial ownership of shares of common Stock of the Company of each person who was the beneficial owner of five (5%) percent or more of the outstanding shares of the Company.
PRINCIPALSTOCKHOLDERS
5%and greater shareholders’ beneficial ownership
| Beneficial Owner | Address | Number of Shares Owned | Percent of Class | |||
|---|---|---|---|---|---|---|
| Raid Chalil | HaShmura<br> St. 1, ZihronYa’akov, Israel | 3,000,000 | 53.57 | % |
The following table contains information as of the date of this filing as to the beneficial ownership of shares of common stock of the Company, as well as all persons as a group who were then officers and directors of the Company.
Managementbeneficial ownership
| Title of Class | Name and Address (2) | Shares | Percent (1) | |
|---|---|---|---|---|
| Common stock | Raid Chalil | 3,000,000 | 53.57% |
| 11 |
| --- |
DESCRIPTIONOF CAPITAL STOCK
| Title<br> of Class | Outstanding | ||
| Common stock, 0.001<br> par value per share | 75,000,000 | 5,600,000 |
All values are in US Dollars.
Item13. Certain Relationships and Related Transactions, and Director Independence
On December 5, 2017, we offered and sold 3,000,000 shares of common stock to Raid Chalil, our President, Treasurer and a director, for aggregate consideration of $21,000.
Item14. Principal Accounting Fees and Services
The aggregate professional fees paid to our registered public accounting firm for its annual audit and quarterly reviews during the year ended December 31, 2020 and 2019 were as follows:
| December<br> 31, 2020 | December<br> 31, 2019 | |||
|---|---|---|---|---|
| Audit<br> Fees and Audit Related Fees: | ||||
| - <br> Michael Gillespie & Associates, PLLC | $ | 6,450 | $ | 6,450 |
| Tax<br> Fees | — | — | ||
| All<br> Other Fees | — | — | ||
| TOTAL | $ | 6,450 | $ | 6,450 |
In the above table, "audit fees" are fees billed by our Company's external auditor for services provided in auditing our Company's annual financial statements for the subject year. "Audit-related fees" are fees not included in audit fees that are billed by the auditor for assurance and related services that are reasonably related to the performance of the audit review of our company's financial statements.
"Tax fees" are fees billed by the auditor for professional services rendered for tax compliance, tax advice and tax planning.
"All other fees" are fees billed by the auditor for products and services not included in the foregoing categories.
| 12 |
| --- |
PartIV
Item15. Exhibits, Financial Statement Schedules
| Exhibit 31.1 | - | Certification of Chief Executive Officer of<br> TipMeFast, Inc. required by Rule 13a-14(1) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to<br> Section 302 of the Sarbanes-Oxley Act of 2002. |
|---|---|---|
| Exhibit 31.2 | - | Certification of Chief Financial Officer of<br> TipMeFast, Inc. required by Rule 13a-14(1) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to<br> Section 302 of the Sarbanes-Oxley Act of 2002. |
| Exhibit 32.1 | - | Certification of Chief Executive Officer of<br> TipMeFast, Inc. pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Section 1350 of 18 U.S.C. 63. |
| Exhibit 32.2 | - | Certification of Chief Executive Officer of<br> TipMeFast, Inc. pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Section 1350 of 18 U.S.C. 63. |
| 13 |
| --- |
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
| TipMeFast, Inc.. | |
|---|---|
| Date: February 28, 2020 | By: /s/ Raid Chalil |
| Raid<br> Chalil,<br><br> <br>President,<br> Secretary, Treasurer, CEO, Principal Executive Officer, Chief Financial Officer, Director |
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| Signature | Title | Date |
|---|---|---|
| /s/ Raid Chalil | Chief<br> Executive Officer<br><br> <br>Chief<br> Financial Officer | February 28, 2020 |
| 14 |
| --- |
Exhibit31.1
TipMeFast,Inc.
Certification Pursuant to Rule 13a-14(a)
Section 302 Certification
I, Raid Chalil, the Chief Executive Officer of TipMeFast, Inc., certify that:
1. I have reviewed the annual report on Form 10-K of TipMeFast, Inc., for the year ended December 31, 2019;
2. Based on my knowledge, this report 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 report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, the results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report;
4. The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the for the issuer and have:
(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) evaluated the effectiveness of the issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(c) disclosed in this report any change in the small business issuer's internal control over financial reporting that occurred during the issuer's most recent fiscal quarter (the issuer's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting; and
5. The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer's auditors and the audit committee of the small business issuer's board of directors (or persons performing the equivalent functions):
(a) all significant deficiencies in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer's ability to record, process, summarize and report financial information; and
(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer's internal control over financial reporting.
Date: February 28, 2020
| TipMeFast,<br> Inc |
|---|
| By:<br> /s/ Raid Chalil |
| Raid<br> Chalil, |
| Chief<br> Executive Officer |
Exhibit31.2
TipMeFast,Inc.
Certification Pursuant to Rule 13a-14(a)
Section 302 Certification
I, Raid Chalil, the Chief Financial Officer of TipMeFast, Inc., certify that:
1. I have reviewed the annual report on Form 10-K of TipMeFast, Inc., for the year ended December 31, 2019;
2. Based on my knowledge, this report 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 report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, the results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report;
4. The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the for the issuer and have:
(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) evaluated the effectiveness of the issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(c) disclosed in this report any change in the small business issuer's internal control over financial reporting that occurred during the issuer's most recent fiscal quarter (the issuer's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting; and
5. The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer's auditors and the audit committee of the small business issuer's board of directors (or persons performing the equivalent functions):
(a) all significant deficiencies in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer's ability to record, process, summarize and report financial information; and
(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer's internal control over financial reporting.
Date: February 28, 2020
| TipMeFast,<br> Inc. |
|---|
| By:<br> /s/ Raid Chalil |
| Raid<br> Chalil, |
| Chief<br> Financial Officer |
Exhibit32.1
TipMeFast,Inc.
Certification Pursuant to 18 U.S.C. § 1350
Section 906 Certifications
Pursuant to 18 U.S.C. § 1350, as enacted by Section 906 of the Sarbanes-Oxley Act of 2002 (Public Law 107-204), the undersigned, Raid Chalil, the Chief Executive Officer of TipMeFast, Inc., (the "Company"), hereby certify that:
1. The Company's Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the U.S. Securities and Exchange Commission on the date hereof (the "Report"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
This Certification is signed on February 28, 2020.
| TipMeFast,<br> Inc. |
|---|
| By:<br> /s/ Raid Chalil |
| Raid<br> Chalil, |
| Chief<br> Executive Officer |
A signed original of this written statement required by Section 906 has been provided to TipMeFast, Inc. and will be retained by TipMeFast, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
Exhibit 32.2
TipMeFast, Inc.
Certification Pursuant to 18 U.S.C. § 1350
Section 906 Certifications
Pursuant to 18 U.S.C. § 1350, as enacted by Section 906 of the Sarbanes-Oxley Act of 2002 (Public Law 107-204), the undersigned, Raid Chalil, the Chief Financial Officer of TipMeFast, Inc., (the "Company"), hereby certify that:
1. The Company's Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the U.S. Securities and Exchange Commission on the date hereof (the "Report"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
This Certification is signed on February 28, 2020.
| TipMeFast, Inc. |
|---|
| By: /s/ Raid Chalil |
| Raid Chalil, |
| Chief Financial Officer |
A signed original of this written statement required by Section 906 has been provided to TipMeFast, Inc. and will be retained by TipMeFast, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.