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Dussault Apparel Inc.
0001383756
10-Q
2012-01-31
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--10-31
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<p style="margin: 0pt"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 1 – Basis of Presentation
and Nature of Operations</b></p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">These audited financial statements reflect
all adjustments which, in the opinion of management, are necessary to fairly state the Company’s financial position and the
results of its operations for the periods presented in accordance with the accounting principles generally accepted in the United
States of America. All adjustments are of a normal recurring nature.</p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Organization</u></p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The financial statements presented are
those of Dussault Apparel Inc. (the Company). The Company was incorporated under the laws of the State of Nevada on August 1, 2006
as Release Your Lease Inc. Business operations had not commenced when in May, 2007, control of the company changed hands. Jason
Dussault bought 1,500,000 common shares of the majority shareholder and assumed the offices of President, CEO, CFO, Secretary and
Treasurer, and a Director.</p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 11, 2007 Release Your Lease
Inc. effected a reverse forward merger with Dussault Apparel, Inc., a Nevada shell company. The name was changed to Dussault Apparel
Inc. The Company changed its orientation toward the retail fashion clothing business. The Company opened a retail clothing and
accessory store on Melrose Avenue in Los Angeles in November, 2007. Designs were produced in the Vancouver, Canada office, manufactured
in China and warehoused in Los Angeles. The Company closed this store in November, 2008 in the wake of declining sales and deteriorating
economic conditions.</p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><u>Current Business of the Company</u></p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company moved operations to Vancouver
in 2009. In the spring of 2011 its design and head office moved to Los Angeles California where it now primarily designs apparel
for its licensing partner, the Company continues to wholesale in very limited collections its luxury apparel to retail outlets
and to individuals in Canada. Our Apparel is designed in Los Angeles and samples manufactured by our licensing partner in North
America. The Company has transitioned from being a manufacturer–wholesaler toward licensing its trademark to other wholesalers
in the primarily in the Canadian market, while promoting its marque. The Company also entered into an agreement to purchase the
trademark of a cosmetics line. Currently no sales, production or sampling of the cosmetic line has occurred or is planned.</p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><b>Note 2 – Summary of Significant Accounting Policies</b></p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><u>Use of Estimates</u></p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements
in accordance with generally accepted accounting principles in the United States of America requires the use of estimates and assumptions
that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of
the date the financial statements are published, and the reported amounts of revenues and expenses during the reporting period.
Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Company’s financial statements;
accordingly, it is possible that the actual results could differ from these estimates and assumptions and could have a material
effect on the reported amounts of the Company’s financial position and results of operations.</p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><u>Royalty Income</u></p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">The royalty income has been accounted for on an accrued basis,
based on royalty run rates received from the license.</p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><u>Foreign Currency Translation</u></p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The functional currency of the Company
is the Canadian Dollar. The Company uses the United States dollar as its reporting currency. All transactions initiated in Canadian
Dollars are translated to U.S. Dollars in accordance with ASC 830-10-20 “<i>Foreign Currency Translation</i>” as follows:</p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 3%; font: 10pt/115% Symbol; text-align: justify">·</td>
<td style="width: 97%; font: 10pt/115% Times New Roman, Times, Serif; text-align: justify">Revenue and expense items at the average rate of exchange in effect on the transaction date;</td></tr>
</table>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 3%; font: 10pt/115% Symbol; text-align: justify">·</td>
<td style="width: 97%; font: 10pt/115% Times New Roman, Times, Serif; text-align: justify">Non-monetary assets and liabilities at historical exchange rates, unless such items are carried at market, in which case they are translated at the exchange rate in effect on the balance sheet date; and</td></tr>
</table>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 3%; font: 10pt/115% Symbol; text-align: justify">·</td>
<td style="width: 97%; font: 10pt/115% Times New Roman, Times, Serif; text-align: justify">Monetary assets and liabilities at the exchange rate at the balance sheet date.</td></tr>
</table>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Adjustments arising from such translations
are deferred until realization and are included as a separate component of stockholders’ equity (deficit) as a component
of comprehensive income (loss). Therefore, translation adjustments are not included in determining net income but reported as other
comprehensive income.</p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">For foreign currency transactions, the
Company translates these amounts to the Company’s functional currency at the exchange rate effective on the invoice date.
If the exchange rate changes between the time of purchase and the time actual payment is made, a foreign exchange transaction gain
or loss results which is included in determining net income for the period.</p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Fair value of financial instruments</u></p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Financial Accounting Standards Board
issued ASC (Accounting Standards Codification) 820-10 (SFAS No. 157), <i>“Fair Value Measurements and Disclosures"</i>
for financial assets and liabilities. ASC 820-10 provides a framework for measuring fair value and requires expanded disclosures
regarding fair value measurements. FASB ASC 820-10 defines fair value as the price that would be received for an asset or the exit
price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between
market participants on the measurement date. FASB ASC 820-10 also establishes a fair value hierarchy which requires an entity to
maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required by the standard
that the Company uses to measure fair value:</p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 3%; font: 10pt/115% Symbol; text-align: justify">·</td>
<td style="width: 97%; font: 10pt/115% Times New Roman, Times, Serif; text-align: justify">Level 1: Quoted prices in active markets for identical assets or liabilities.</td></tr>
</table>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 3%; font: 10pt/115% Symbol; text-align: justify">·</td>
<td style="width: 97%; font: 10pt/115% Times New Roman, Times, Serif; text-align: justify">Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.</td></tr>
</table>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 3%; font: 10pt/115% Symbol; text-align: justify">·</td>
<td style="width: 97%; font: 10pt/115% Times New Roman, Times, Serif; text-align: justify">Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.</td></tr>
</table>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying amounts of the Company’s
financial instruments as of January 31, 2012, reflect</p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 3%; font: 10pt/115% Symbol; text-align: justify">·</td>
<td style="width: 97%; font: 10pt/115% Times New Roman, Times, Serif; text-align: justify">Cash: Level One measurement based on bank reporting.</td></tr>
</table>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 3%; font: 10pt/115% Symbol; text-align: justify">·</td>
<td style="width: 97%; font: 10pt/115% Times New Roman, Times, Serif; text-align: justify">Loans Receivable, Loans Payable: Level 2 based on promissory notes and terms.</td></tr>
</table>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt"><u>Loss Per Share</u></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Net loss per share is calculated in accordance with FASB
ASC 260, <i>Earnings Per Share</i>, for the periods presented. Basic net loss per share is based upon the weighted average number
of common shares outstanding. Diluted net loss per share is based on the assumption that all dilutive convertible shares and stock
options were converted or exercised. The Company has potentially dilutive securities in convertible loans payable; however the
conversion would be anti-dilutive and is not considered in the calculation.</p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><u>Changes  in Accounting Policy</u></p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Royalty Income</i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company receives royalty income
from licensing third parties to use its intellectual property. We have presented royalty income as a revenue offset to the related
royalty expense and commission fees, in the financial statements. Previously, royalty income and offset expenses were shown within
other income. Royalty income was not material to revenue in prior periods and was considered incidental. However, as a result of
a change in our business model for this fiscal year and future periods, we expect royalty income to increase and to form a more
substantive portion of the Company’s recorded revenue. For this reason, the Company considers that the revised income statement
presentation, which reflects royalty income as revenue, will provide more reliable and relevant information than the presentation
adopted previously.  The 2011 income statements for the three month period ended January 31, 2011 have been adjusted
to reflect the new presentation.  During the three months ended January 31, 2011 there was no income related to royalties
included in revenue.  During the current period presentation, all income presented has been derived from royalties or
commissions on sales under license agreements.</p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><u>Recent Accounting Pronouncements</u></p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In April 2010, the FASB codified the
consensus reached in Emerging Issues Task Force Issue No. 08-09, “Milestone Method of Revenue Recognition.” FASB ASU
No. 2010-29 “Revenue Recognition – Milestone Method (Topic 605)” provides guidance on defining a milestone and
determining when it may be appropriate to apply the milestone method of revenue recognition for research and development transactions.
FASB ASU No. 2010 – 17 is effective for fiscal years beginning on or after June 15, 2010, and is effective on a prospective
basis for milestones achieved after the adoption date. The Company does not expect this ASU has a material impact on its financial
position or results of operations at this time.</p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Going Concern</u></p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s financial statements
are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which
contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company as at January
31, 2012 had not established an ongoing source of revenues sufficient to cover its operating costs and to allow it to continue
as a going concern.</p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the accompanying financial
statements, the Company continues to incur losses. Its ability to continue as a going concern is dependent on the successful stimulation
of wholesale sales or in other areas in order to fund operating losses and become profitable. If the Company is unable to make
it profitable, the Company could be forced to cease development of operations. Management cannot provide any assurances that the
Company will be successful in its retail operation. The accompanying financial statements do not include any adjustments that might
be necessary if the Company is unable to continue as a going concern.</p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><b>Note 3 - Trademarks</b></p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 9, 2010 the Company entered
into an asset acquisition agreement with Open Sundaes Ventures Ltd. (“Open Sundaes”) for the acquisition of certain
assets relating to the business of the production and development of beauty and bath products including inventory, intellectual
property and business knowhow. In consideration for the acquisition of these assets, the Company paid $43,860 and agreed to issue
an aggregate of 4,000,002 shares of its common stock to the shareholders of Open Sundaes. The asset acquisition agreement was approved
by the shareholders of Open Sundaes at a special meeting held on April 22, 2010. As at the date of these financial statements,
the Company has issued a total of 9,000,002 shares pursuant to this agreement, 4,000,002 shares to the shareholders of Open Sundaes
pursuant to the agreement and 5,000,000 shares to a creditor of Open Sundaes in settlement of certain debt related to Open Sundaes
and agreed to be paid between the parties.</p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recorded the fair value
of Trade Mark based on the fair value of shares issued and cash payments. The total recorded value of the trade mark was $4,786
as of January 31, 2012. On January 31, 2012, in accordance with corporate policies, the Company assessed the Trademark for impairment
and determined the book value was no longer recoverable. As a result we have recorded a loss on impairment relating to the Trademark
of $199,682, leaving a value of $4,786 on the balance sheets of the Company as at January 31, 2012, which value is the value the
Company has determined to be recoverable in future periods.</p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><b>Note 4 - Inventory</b></p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company receives royalty income
from licensing third parties to use its intellectual property. The cost of goods sold related to the online sales is offset by
royalty income. The company does not carry any inventory.</p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><b>Note 5 - Notes Payable</b></p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 1, 2010 the Company issued
a promissory note to Perati Finance Corporation for $38,000. The note matures in five years and accrues interest at 8%. The loan
is convertible to common stock at a conversion price of 58% of the market price. The balance on this note as at January 31, 2012
is $38,000 plus accrued interest totaling $4,381, which is reflected in accounts payable and accrued liabilities.</p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><b>Note 6  – Convertible Promissory Note,
Net</b></p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 10, 2011 Asher Enterprises
Inc. funded a promissory note executed by the Company on October 25, 2011 in the total amount of $63,000. The note matures July
27, 2012 and accrues interest at 8% or alternately 22% in the event of default. The loan is convertible to common stock at a conversion
price of 58% of the market price.</p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The beneficial conversion feature resulting
from the discounted conversion price compared to market price was valued on the date of grant to be $51,571. This value was recorded
as a discount on debt and offset to additional paid in capital. Amortization of the discount was $16,400 for the three months ended
January 31, 2012, which amount has been recorded as interest expense.</p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: right"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: right">January 31, 2012</td>
<td nowrap="nowrap" style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: right"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: right">November 10, 2011</td>
<td nowrap="nowrap" style="line-height: 115%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; line-height: 115%; text-align: justify">Convertible Promissory Note – face value</td>
<td style="width: 1%; line-height: 115%; text-align: right"> </td>
<td style="width: 1%; line-height: 115%">$</td>
<td style="width: 9%; line-height: 115%; text-align: right">63,000</td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%"> </td>
<td style="width: 1%; line-height: 115%; text-align: right"> </td>
<td style="width: 1%; line-height: 115%">$</td>
<td style="width: 9%; line-height: 115%; text-align: right">63,000</td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 115%; text-align: justify">Less: beneficial conversion feature</td>
<td style="line-height: 115%; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: right">35,171</td>
<td nowrap="nowrap" style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: right">51,571</td>
<td nowrap="nowrap" style="line-height: 115%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 115%">$</td>
<td style="border-bottom: black 2.25pt double; line-height: 115%; text-align: right">27,829</td>
<td nowrap="nowrap" style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 115%">$</td>
<td style="border-bottom: black 2.25pt double; line-height: 115%; text-align: right">11,429</td>
<td nowrap="nowrap" style="line-height: 115%"> </td></tr>
</table>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of January 31, 2012, accrued interest
is $1,143.</p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><b>Note 7 – Common Stock</b></p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 17, 2012, the Company issued
the remaining 2,575,305 shares pursuant to the agreement with Open Sundaes. This issuance completed the issuances required under
the agreement with Open Sundaes.</p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As at January 31, 2012 there were a
total of 183,530,198 shares issued and outstanding.</p>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><b>Note 8 – Subsequent Events</b></p>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">The Company has evaluated subsequent events from the balance
sheet date through the date that the financial statements were issued and determined that there are no additional events to disclose.</p>
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