DARKSTAR VENTURES, INC. |
(Exact name of registrant as specified in its charter) |
Nevada
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26-0299456
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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Large accelerated filer
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o
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Accelerated filer
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o
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Non-accelerated filer
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o
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Smaller reporting company
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x
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(Do not check if a smaller reporting company)
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PAGE
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PART I FINANCIAL INFORMATION
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Item 1.
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Financial Statements
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3 | ||
Item 2.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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10 | ||
Item 3.
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Quantitative and Qualitative Disclosures About Market Risk
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13 | ||
Item 4.
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Controls and Procedures
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13 | ||
PART II OTHER INFORMATION
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Item 1.
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Legal Proceedings
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14 | ||
Item IA.
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Risk Factors
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14 | ||
Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
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14 | ||
Item 3.
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Defaults Upon Senior Securities
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14 | ||
Item 4.
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Mine Safety Disclosures
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14 | ||
Item 5.
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Other Information
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14 | ||
Item 6.
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Exhibits
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15 |
DARKSTAR VENTURES, INC.
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(A DEVELOPMENT STAGE COMPANY)
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CONDENSED BALANCE SHEET
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DARKSTAR VENTURES, INC.
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(A DEVELOPMENT STAGE COMPANY)
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CONDENSED STATEMENT OF OPERATIONS
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(UNAUDITED)
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For the Period
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For the Nine Months Ended
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For the Quarter Ended
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May 8, 2007
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April 30,
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April 30,
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(Inception) to
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2014
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2013
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2014
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2013
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April 30, 2014
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Net Revenues
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$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Costs and Expenses:
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Professional Fees
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20,957 | 33,250 | 4,250 | 9,750 | 102,824 | |||||||||||||||
Consulting Fees
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7,500 | 7,500 | 2,500 | 2,500 | 26,667 | |||||||||||||||
Web Site Development
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- | - | - | - | 5,000 | |||||||||||||||
General and Administrative Expenses
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2,695 | 7,196 | 384 | 1,717 | 19,990 | |||||||||||||||
Total Costs and Expenses
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31,152 | 47,946 | 7,134 | 13,967 | 154,481 | |||||||||||||||
Operating Loss
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(31,152 | ) | (47,946 | ) | (7,134 | ) | (13,967 | ) | (154,481 | ) | ||||||||||
Other Income (Expense)
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Interest Expense
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(6,421 | ) | (2,206 | ) | (2,294 | ) | (1,019 | ) | (11,295 | ) | ||||||||||
Total Other Income (Expense)
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(6,421 | ) | (2,206 | ) | (2,294 | ) | (1,019 | ) | (11,295 | ) | ||||||||||
Net Loss
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$ | (37,573 | ) | $ | (50,152 | ) | $ | (9,428 | ) | $ | (14,986 | ) | $ | (165,776 | ) | |||||
Basic and Diluted Loss Per Common Share
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$ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | ||||||||
Weighted Average Common Shares Outstanding
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107,145,000 | 150,000,000 | 107,145,000 | 150,000,000 |
DARKSTAR VENTURES, INC.
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(A DEVELOPMENT STAGE COMPANY)
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CONDENSED STATEMENT OF STOCKHOLDERS’ DEFICIENCY
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FOR THE NINE MONTHS ENDED APRIL 30, 2014
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(UNAUDITED)
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Deficit
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Accumulated
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Additional
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During the
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Common Stock
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Paid-In
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Development
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Shares
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Amount
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Capital
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Stage
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Total
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Balance, August 1, 2013
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107,145,000 | $ | 10,714 | $ | 24,936 | $ | (128,203 | ) | $ | (92,553 | ) | |||||||||
Net Loss for the Nine Months Ended April 30, 2014
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- | - | - | (37,573 | ) | (37,573 | ) | |||||||||||||
Balance, April 30, 2014
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107,145,000 | $ | 10,714 | $ | 24,936 | $ | (165,776 | ) | $ | (130,126 | ) |
DARKSTAR VENTURES, INC.
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(A DEVELOPMENT STAGE COMPANY)
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CONDENSED STATEMENT OF CASH FLOWS
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(UNAUDITED)
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For the Period
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For the Nine Months Ended
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May 8, 2007
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April 30,
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(Inception) to
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2014
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2013
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April 30, 2014
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Cash Flows from Operating Activities:
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Net Loss
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$ | (37,573 | ) | $ | (50,152 | ) | $ | (165,776 | ) | |||
Adjustments to Reconcile Net Loss to Net Cash
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(Used) in Operating Activities:
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Changes in Assets and Liabilities:
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(Increase) in Prepaid Expenses
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(1,112 | ) | - | (1,112 | ) | |||||||
Increase (Decrease) in Accounts Payable
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(2,662 | ) | 6,844 | 7,275 | ||||||||
Increase in Accrued Consulting
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7,500 | 7,500 | 26,667 | |||||||||
Increase in Accrued Interest
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6,420 | 2,206 | 11,295 | |||||||||
Net Cash (Used) in Operating Activities
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(27,427 | ) | (33,602 | ) | (121,651 | ) | ||||||
Cash Flows from Investing Activities:
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- | - | - | |||||||||
Cash Flows from Financing Activities:
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Proceeds from Borrowings
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27,725 | 33,550 | 87,075 | |||||||||
Proceeds from Sale of Common Stock
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- | - | 35,650 | |||||||||
Net Cash Provided by Financing Activities
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27,725 | 33,550 | 122,725 | |||||||||
Increase (Decrease) in Cash and Cash Equivalents
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298 | (52 | ) | 1,074 | ||||||||
Cash and Cash Equivalents – Beginning of Period
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776 | 746 | - | |||||||||
Cash and Cash Equivalents – End of Period
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$ | 1,074 | $ | 694 | $ | 1,074 | ||||||
Supplemental Disclosures of Cash Flow Information:
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Interest Paid
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$ | - | $ | - | $ | - | ||||||
Income Taxes Paid
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$ | - | $ | - | $ | - |
Exhibit
No.
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Description
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31
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Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section302 of the Sarbanes-Oxley Act
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32
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Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act
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101.INS
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XBRL Instance Document
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101.SCH
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XBRL Taxonomy Extension Schema Document
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase Document
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase Document
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101.LAB
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XBRL Taxonomy Extension Label Linkbase Document
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase Document
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DARKSTAR VENTURES, INC
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Dated: June
11
, 2014
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By
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/s/ Chizkyau Lapin
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Name:
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Chizkyau Lapin
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Title:
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Chairman, President, Chief Executive Officer, Chief Financial Officer and director (Principal Executive Officer and Principal Financial and
Accounting Officer)
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1.
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I have reviewed this quarterly report on Form 10-Q of Darkstar Ventures, Inc., a Nevada corporation, for the quarter ended April 30, 2014;
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2.
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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;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’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 registrant and have:
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a.
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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 registrant, 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;
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b.
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
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c.
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Evaluated the effectiveness of the registrant’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
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d.
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Disclosed in this report any change in registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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a.
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b.
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date: June 11, 2014
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By:
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/s/ Chizkyau Lapin
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Name: |
Chizkyau Lapin
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Title: |
President, Chief Executive Officer, Chief Financial Officer, Chairman and Director (Principal Executive Officer and Principal Financial and Accounting Officer)
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(1)
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fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
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Date: June 11, 2014
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By:
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/s/ Chizkyau Lapin
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Name: |
Chizkyau Lapin
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Title: |
President, Chief Executive Officer, Chief Financial Officer, Chairman and Director (Principal Executive Officer and Principal Financial and
Accounting Officer)
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