VuMee Inc. May 31, 2018 Quarterly Report

16 Pages·2017·0.36 MB·English

VuMee Inc.
May 31, 2018 Quarterly
Report

ITEM 1 NAME OF THE ISSUER AND ITS PREDECESSORS (if any):

VuMee Inc.—July 10, 2018 to present

Formerly: AltSol, Inc.—June 12, 2018 to July 10, 2018

Formerly: VuMee Inc.—May 2, 2012 to June 12, 2018

Formerly: PaperWorks, Inc.—April 30, 2008 to May 2, 2012

ITEM 2 ADDRESS OF THE ISSUER’S PRINCIPAL EXECUTIVE OFFICES:

Address:
Room C, 15/F,
Ritz Plaza
122 Austin Road,
Tsim Sha Tsui, Hong Kong SAR, China
Phone: [phone]
Website: N/A

ITEM 3 SECURITY INFORMATION:

Trading symbol: VUME

Exact title and class of securities outstanding: Common Stock

CUSIP: 92922C105

Par or Stated Value: $0.001

Total shares authorized: 750,000,000 as of May 31, 2018
Total shares outstanding: 410,001,000 as of May 31, 2018
Additional Classes:
None.

Transfer Agent

Pacific Stock Transfer Co.
6725 Via Austi Parkway Suite 300
Las Vegas, NV 89119
800-785-7782
http://www.pacificstocktransfer.com

Is the Transfer Agent registered under the Exchange Act? [x] Yes [ ] N

List any restrictions on the transfer of security: None.

Describe any trading suspension orders issued by the SEC in the past 12 months: None.

List any stock split, stock dividend, recapitalization, merger, acquisition, spin-off, or reorganization either
currently anticipated or that occurred within the past 12 months: The Company entered into a Share Exchange
Agreement (the “Agreement”) on February 23, 2018, which obligated the Company to effect a reverse 1-for-
10 stock split prior to closing. On July 3, 2018, however, the Agreement was terminated by the unanimous
written consent of all parties to the Agreement, and the Company abandoned its reserve stock split plans.

ITEM 4 ISSUANCE HISTORY

During the year ended August 31, 2017, the Company issued no shares of capital stock.

During the nine months ended May 31, 2018, the Company issued 350,000,000 shares of common stock
of which 10,474,000 shares were issued for repayment of related party debt totaling $10,474 and
339,526,000 shares were issued for consulting services totaling $339,526. The shares have not been registered
and were issued with a restrictive legend.

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ITEM 5 UNAUDITED INTERIM FINANCIAL STATEMENTS

NOTICE OF NO INDEPENDENT ACCOUNTANT REVIEW

The accompanying unaudited interim financial statements of the Company have been prepared by and are
the responsibility of the Company’s management. The Company does not have an independent accountant
and an independent accountant has not performed a review of these financial statements in accordance with
United States Generally Accepted Accounting Principles (US GAAP).

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VuMee Inc.
Interim Financial Statements
For the Nine Months Ended May 31, 2018
(Unaudited – Prepared by Management)

Page
Balance Sheets 5
Statement of Operations 6
Statement of Stockholders’ Deficit 7
Cash Flow Statement 8
Notes to Financial Statements 9

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VuMee Inc.
BALANCE SHEETS
(Unaudited)

May 31, August 31,
2018 2017
ASSETS
Current Assets
Cash and Cash Equivalents $ - $ -
Total Current Assets - -

TOTAL ASSETS $ - $ -

LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities
Accounts Payable $ 36,189 $ 1,500
Due to Related party - 6,474
Total Current Liabilities 36,189 7,974

TOTAL LIABILITIES 36,189 7,974

Stockholders' Deficit
Common Stock par value $0.001 authorized 750,000,000 shares
410,001,000 and 60,001,000 shares issued and outstanding,
respectively 410,001 60,001
Additional Paid-in Capital 443,449 439,999
Accumulated Deficit (889,639) (507,974)
Total Stockholders' Deficit (36,189) (7,974)

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ - $ -

The accompanying notes are an integral part of these unaudited interim financial statements.

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VuMee Inc.
STATEMENTS OF OPERATIONS
(Unaudited)

Three Months Nine Months
ended Ended
May 31, May 31,
2018 2018

Revenues $ - $ -

Operating Expenses
General and administration 2,740 2,740
Professional fees 31,949 39,399
Stock based compensation - 339,526
Total operating expenses 34,689 381,665

Net loss before taxes (34,689) (381,665)
Provision for income taxes - -
Net loss $ (34,689) $ (381,665)

Net Loss Per Common Share – Basic and Diluted $ (0.00) $ (0.00)
Weighted Average Common Shares Outstanding 410,001,000 388,206,128

The accompanying notes are an integral part of these unaudited interim financial statements.

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VuMee Inc.
STATEMENT OF STOCKHOLDERS’ DEFICIT
For the Nine Months Ended May 31, 2018
(Unaudited)

Common Stock Additional
Number Paid-In Accumulated
of Shares Par Value Capital Deficit Total
Balance - August 31, 2017 60,001,000 $ 60,001 $ 439,999 $ (507,974) $ (7,974)

Issuance of common stock for services 339,526,000 339,526 - - 339,526
Issuance of common stock for due to related party 10,474,000 10,474 - - 10,474
Debt forgiven - - 3,450 - 3,450
Net loss - - - (381,665) (381,665)
Balance - May 31, 2018 410,001,000 $ 410,001 $ 443,449 $ (889,639) $ (36,189)

The accompanying notes are an integral part of these unaudited interim financial statements.
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VuMee Inc.
STATEMENT OF CASH FLOWS
(Unaudited)

Nine Months Ended
May 31,
2018

Cash Flows from Operating Activities:
Net loss $ (381,665)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation 339,526
Changes in operating assets and liabilities:
Accounts payable 34,689
Net Cash Used in Operating Activities (7,450)

Cash Flows from Financing Activities:
Proceeds from related party debt 7,450
Net Cash Provided by Financing Activities 7,450

Net Increase in Cash and Cash Equivalents -
Cash and cash equivalents, beginning of period -
Cash and cash equivalents, end of period $ -

Supplemental Disclosure Information:
Cash paid for interest $ -
Cash paid for taxes $ -

Non-Cash Financing Disclosure:
Debt forgiven $ 3,450
Issuance of common stock for due to related party $ 10,474

The accompanying notes are an integral part of these unaudited interim financial statements.
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VuMee Inc.
NOTES TO INTERIM FINANCIAL STATEMENTS
May 31, 2018
(Unaudited)

NOTE 1 – ORGANIZATION, BUSINESS AND GOING CONCERN

VuMee Inc. (the “Company”) was originally incorporated in the State of Nevada on April 30, 2008 as
PaperWorks, Inc. On May 2, 2012, the Company changed its name to VuMee, Inc. On May 23, 2018, in
connection with a potential business combination transaction, the stockholders consented to change the
Company’ name to AltSol, Inc., and on June 12, 2018, the Company filed Amended and Restated Articles
of Incorporation with the Nevada Secretary of State changing the name of the Company to AltSol, Inc. On
July 3, 2018, the managers of the Company abandoned the business combination and retired from their
positions as corporate officers and members of the Company’s Board of Directors. On July 10, 2018, the
acting CEO and sole director of the Company filed a Second Amended and Restated Articles of
Incorporation with the Nevada Secretary of State changing the name of the Company back to VuMee Inc.

The Company initially sought to develop an automated mobile video content distribution network for
distributing video content with paid advertising over mobile networks. Under the leadership of former CEO
Joe Arcaro, the Company changed focus to a business model based on acquiring cash-flowing assets or
businesses with the potential to grow into substantially cash-flowing businesses. On January 22, 2018, Mr.
Arcaro resigned from his positions as executive officer and director of the Company, and the Board of
Directors appointed Shahryar “Sean” Jahanian to serve as the Company’s sole director, and its President,
CEO, Secretary, Treasurer and CFO.

On February 23, 2018, the Company entered into a Share Exchange Agreement (the “Agreement”) with
Montana Apothecary, LLC (d.b.a. Alternative Solutions Cultivation Center) and DC’s Finest LLC (the
“Target Companies”), by which it planned to first effect a reverse 1-for-10 stock split, and then issue
80,000,000 shares of its common stock in exchange for 100% of the equity interests in each of the Target
Companies (the “Exchange”). Montana Apothecary LLC develops and operates medical marijuana
cultivation centers which sell to fully-licensed medical marijuana distributors in the Washington, D.C.,
metro area. The Target Companies currently operate an 18,000 square foot cultivation center, and are
developing a second cultivation center, both within Washington, D.C., city limits. DC’s Finest, LLC owns
licenses and permits to cultivate medical marijuana but currently does not engage in cultivation operations.
In connection with the Exchange, on March 23, 2018, the stockholders of the Company appointed Robert
L. Simmons and Matthew Lawson-Baker to serve as directors on the Company’s Board of Directors. The
Agreement and the Exchange were terminated by mutual consent on July 3, 2018.

On July 3, 2018, contemporaneously with the termination of the Agreement and the Exchange, Mr. Jahanian
stepped down as the Company’s sole executive officer and as director of the Company, and Messrs.
Simmons and Lawson-Baker each stepped down from their roles as directors of the Company. Prior to
resigning, the departing Board of Directors appointed Mr. Pui Lam “Rex” Cheung to serve as the
Company’s President, CEO, Treasurer, CFO, Secretary and sole member of the Board of Directors.

The Company’s management is focused on seeking and acquiring cash flowing businesses.

Going Concern Matters

The accompanying unaudited financial statements have been prepared in conformity with accounting
principles generally accepted in the United States of America (“U.S. GAAP”), which contemplates the
Company’s continuation as a going concern. The Company has incurred operating losses of $34,689 during
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the period ended May 31, 2018 and has an accumulated deficit of $889,639 as of May 31, 2018. In addition,
current liabilities exceed current assets by $36,189 as of May 31, 2018.

Management intends to raise additional operating funds through equity and/or debt offerings. However,
there can be no assurance management will be successful in its endeavors.

There are no assurances that the Company will be able to either (1) achieve a level of revenues adequate to
generate sufficient cash flow from operations; or (2) obtain additional financing through either private
placement, public offerings and/or bank financing necessary to support its working capital requirements.
To the extent that funds generated from operations and any private placements, public offerings and/or bank
financing are insufficient, the Company will have to raise additional working capital. No assurance can be
given that additional financing will be available, or if available, will be on terms acceptable to the
Company. If adequate working capital is not available to the Company, it may be required to curtail or
cease its operations.

Due to uncertainties related to these matters, there exists a substantial doubt about the ability of the
Company to continue as a going concern. The accompanying unaudited financial statements do not include
any adjustments related to the recoverability or classification of asset-carrying amounts or the amounts and
classification of liabilities that may result should the Company be unable to continue as a going concern.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The financial statements and related disclosures have been prepared by management and are
unaudited. The unaudited financial statements have been prepared using the accrual basis of accounting in
accordance with Generally Accepted Accounting Principles (“GAAP”) of the United States.

Use of Estimates

The preparation of financial statements in accordance with accounting principles generally accepted in the
United States requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial
statements, and the reported amounts of revenues and expenses during the reporting period.

Cash and cash equivalents

Cash equivalents are short-term highly liquid investments that are readily convertible to cash with original
maturities of three months or less, at the date acquired. As of May 31, 2018, and August 31, 2017, the
Company had $0 in cash and cash equivalents.

Fair Value of Financial Instruments

The Company's financial instruments consist primarily of accounts payable.

The carrying amounts of such financial instruments approximate their respective estimated fair value due
to the short-term maturities and approximate market interest rates of these instruments.

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