U.S. SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

Form 10-Q

Mark One

[ X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2015

[   ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to _______

Commission File No. ____________

ELITE BOOKS INC.

(Exact name of registrant as specified in its charter)

Nevada (State or Other Jurisdiction of Incorporation or Organization)	5942 (Primary Standard Industrial Classification Number)	32-0415962 (IRS Employer Identification Number)

5042 Wilshire Blvd #27777

Los Angeles, California 90036

Telephone No.: (310) 584-7972

 (Address and telephone number of principal executive offices)

Indicate by checkmark whether the issuer: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 [X ] No[   ]

Indicate by check mark whether the registrant is a large accelerated filed, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer [  ] Accelerated filer [   ] Non-accelerated filer [   ] Smaller reporting company [X]

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [  ] No [ X ]

Applicable Only to Issuer Involved in Bankruptcy Proceedings During the Preceding Five Years.   N/A

Indicate by checkmark whether the issuer has filed all documents and reports required to be filed by Section 12, 13 and 15(d) of the Securities Exchange Act of 1934 after the distribution of securities under a plan confirmed by a court.  Yes[ X ]  No[   ]

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Applicable Only to Corporate Registrants

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the most practicable date: As of November 13, 2015, there were 2,799,999 shares of Common Stock issued and outstanding.

 

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PART 1	FINANCIAL INFORMATION
Item 1	Financial Statements (Unaudited)
	Balance Sheets as of September 30, 2015 and March 31, 2015	4
	Statements of Operations for the three and six months ended September 30, 2015 and 2014	5
	Statements of Cash Flows for the three and six months ended September 30, 2015 and 2014	6
	Notes to Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	8
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	10
Item 4.	Controls and Procedures	11
PART II.	OTHER INFORMATION
Item 1	Legal Proceedings	12
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	12
Item 3	Defaults Upon Senior Securities	12
Item 4	Removed and Reserved	12
Item 5	Other Information	12
Item 6	Exhibits	12
	Signatures

 

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ELITE BOOKS INC.

CONDENSED BALANCE SHEETS

(UNAUDITED)

ASSETS	September 30, 2015	March 31, 2015
Current Assets
Cash and cash equivalents	$                  -	$      2,888
Total current assets	-	2,888
Total Assets	$                  -	$      2,888
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY
Liabilities
Current Liabilities
Bank Overdraft	$              87	$             -
Advances from director	4,100	4,100
Accounts payable	1,000	-
Total current liabilities	5,187	4,100
Total Liabilities	5,187	4,100
Stockholders’ Equity
Common stock, par value $0.001; 75,000,000 shares authorized,   2,799,999 shares issued and outstanding	2,799	2,799
Additional paid in capital	24,601	24,601
Accumulated deficit	(32,587)	(28,612)
Total Stockholders’ (Deficit) Equity	(5,187)	(1,212)
Total Liabilities and Stockholders’ (Deficit) Equity	$                -	$      2,888

 

The accompanying notes are an integral part of these financial statements

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ELITE BOOKS INC.

CONDENSED STATEMENTS OF OPERATIONS

 (UNAUDITED)

	Three months ended September 30, 2015		Three months ended September 30, 2014		Six months ended September 30, 2015		Six months ended September 30, 2014
REVENUES	$                        100	$            930		$               200		$               930
OPERATING EXPENSES
General and administrative expenses	1,220	3,384		4,176		7,564
TOTAL OPERATING EXPENSES	1,220	3,384		4,176		7,564
NET LOSS	$                 (1,120)	$       (2,454)		$        (3,976)		$          (6,634)
NET LOSS PER SHARE: BASIC AND DILUTED	$                          (0.00)	$          (0.00)		$             (0.00)		$            (0.00)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED	2,799,999	2,000,000		2,799,999		2,000,000

                            

The accompanying notes are an integral part of these financial statements

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ELITE BOOKS INC.

CONDENSED STATEMENTS OF CASH FLOWS

(UNAUDITED)

		Six months ended September 30, 2015		Six months ended September 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		$     (3,976)	$	$  (6,634)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in assets and liabilities
Accounts payable		1,000		-
CASH FLOW USED IN OPERATING ACTIVITIES		(2,976)		(6,634)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds Bank overdraft		87		-
Proceeds from director advances		-		-
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES		87		-
NET CHANGE IN CASH		(2,888)		(6,634)
Cash, beginning of period		2,888		6,684
Cash, end of period		$                 -	$	50
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid		$                 -	$	-
Income taxes paid		$                 -	$	-

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The accompanying notes are an integral part of these financial statements

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ELITE BOOKS INC.

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2015 (UNAUDITED)

NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS

Elite Books Inc. is a newly formed corporation, registered in the State of Nevada on May 21, 2013. We are a company at its development stage. Our business intention is to sell books utilizing internet, and grow customer base by selling unique editions of books. Our revenue is earned by charging a fee to our customers who are interested in our product.

NOTE 2 – BASIS OF PRESENTATION AND GOING CONCERN

BASIS OF ACCOUNTING

  

The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the Securities and Exchange Commission (the "SEC") for interim financial reporting. Accordingly, these financial statements do not include all information and footnote disclosures required for an annual set of financial statements prepared under United States generally accepted accounting principles. In the opinion of our management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the financial position, results of operations and cash flows as of September 30, 2014 and for all interim periods presented herein have been reflected in these financial statements and the notes there to. Interim results for the three and six months ended June 30, 2015 are not necessarily indicative of the results to be expected for the fiscal year as a whole. These financial statements should be read in conjunction with the audited financial statements and accompanying notes as included in this Form 10-K for the year ended March 31, 2015.

GOING CONCERN

The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future.  The Company has incurred losses since Inception (May 21, 2013)  resulting in an accumulated deficit of $31,587 as of September 30, 2015 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern.  The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and, or, to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and, or, private placement of common stock.  These financials do not include any adjustments relating to the recoverability and reclassification of recorded asset amounts, or amounts and classifications of liabilities that might result from this uncertainty.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Recent Accounting Pronouncements

The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.

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ELITE BOOKS INC.

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2015 (UNAUDITED)

NOTE 3 – ADVANCES FROM DIRECTOR

On September 3, 2013, director loaned $100 for the Company. The director also loaned $4,000 on January 31, 2014 for everyday Company activities. The loans are unsecured, non-interest bearing and due on demand. The balance due to the director was $4,100 as of September 30, 2015.

NOTE 4 – CAPITAL STOCK

The Company has 75,000,000, $0.001 shares of common stock authorized.

On January 17, 2014, the Company issued 2,000,000 shares of common stock for cash proceeds of $4,000 at $0.002 per share. During the nine months ended December 31, 2014 the company issued 799,999 for cash proceeds of 23,400

There were 2,799,999 shares of common stock issued and outstanding as of September 30, 2015.

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FORWARD LOOKING STATEMENTS

Statements made in this Form 10-Q that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

GENERAL

Elite Books Inc. is a newly formed corporation, registered in the State of Nevada on May 21, 2013. We are a company at its development stage. Our business intention is to sell books utilizing internet, and grow customer base by selling unique editions of books. Our revenue is earned by charging a fee to our customers who are interested in our product. 

Elite Books Inc. plans to operate as a sales and distribution outlet. With books that we offer we may have exclusive rights over sale and distribution, which will be on the basis of exclusive agreements with authors and publishers authors. However, so far, we haven’t secured such a contracts.

Product Specialism

Elite Books Inc. president, Ms. Pesic, has over thirty year’s experience in the area of book publishing and will bring such experience to bear in this venture. Elite Book Inc. will grow as a business by specializing in an array of science and humanities subjects, namely: archaeology, history, historiography, linguistics, paleolinguistics, philosophy, anthropology, and genetics. We intend Elite Books Inc. and our website to be the ‘go-to’ destination for readers searching for literature in these areas. We are open to the possibility of expanding into related topics that are less academically orientated, once the business is fully operational but never-the-less we are proceeding with the firm belief that our specialist approach will secure us a market advantage.

As of the date of this prospectus we haven't started the sales yet. Since our inception we have developed a business plan and 12 month of operations.

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Our books / subject list

Archeology

Analysts can read on environmental data and explore the human cultural heritage through our books that we plan to offer on archeology. 

 History

History books will give readers possibility to read on inquiries into the study of the past and study all possible sources of the past in order to establish the sequence of events, historical processes, objectively described facts and perhaps also give possibility to draw conclusions about the causes of events.

Historiography

Buyer of our books on this subject, among other, might be interested in social science of history and historical methodology. They may have interest in referring to historiography and historical works with certain specific issues. The study of historiography is not directly study of events of the past, but changes in the interpretation of these events in the works of some historical writers.

Linguistics

Books on linguistic are likely to explore how language shapes communication, forms social identity and group membership, organizes large-scale cultural beliefs and ideologies, and develop a common cultural representation of natural and social worlds. Our books on linguistics will be studies of human languages. Our client enthusiasts can be the ones that deal with this doctrine professionally or purely out of interest. The study of books on linguistics can disintegrate into several further axes of this subject.

Paleolinguistics 

These books will, for the reader, be one of a number of destinations in the modern historical linguistic studies.

Philosophy 

Readers of philosophy books might be interested in this discipline for study of the most common and essential characteristics of the fundamental principles of reality and cognition, human existence, human relations and world.

 Anthropology

A large set of scientific books that we plan to offer involved in the study of man, his origin, development, existence in the natural and cultural environment.

Anthropology books will often cover anthropological subjects through commentaries, key articles, research reports, and other book reviews.

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Genetics

This will be our books on sale on subjects of the science of the natural laws of heredity and variation that will study  genetics of plants, animals, microorganisms and humans.

Apart from individual customers, all our books will also be offered to small, medium and large institutions and companies for their own use or for further distribution.

Results of Operations

Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation.

We expect we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities.

Three Month Period Ended September 30, 2015 Compared to Three Month Period Ended September 30, 2014.

Our net loss for the three month period ended September 30, 2015 was $1,120 compared to a net loss of $2,454 for the three month period ended September 30, 2014. During the three-month period ended September 30, 2015 we have generated $ 100 of revenue.

During the three month period ended September 30, 2015, we incurred general and administrative expenses $1,220 compared to $3,384 incurred for the three month period ended September 30, 2014. General and administrative fee expenses incurred during the three month periods ended September 30, 2015 and 2014 were generally related to corporate overhead, financial and administrative contracted services.

The weighted average number of shares outstanding was 2,799,999 and 2,000,000 for the three month period ended September 30, 2015 and 2014, respectively.

Six Month Period Ended September 30, 2015 Compared to Six Month Period Ended September 30, 2014.

Our net loss for the six month period ended September 30, 2015 was $3,976 compared to a net loss of $6,634 for the six month period ended September 30, 2014. During the six-month period ended September 30, 2015 we have generated $ 200 of revenue.

During the six month period ended September 30, 2015, we incurred general and administrative expenses $4,176 compared to $7,564 incurred for the six month period ended September 30, 2014. General and administrative fee expenses incurred during the six month periods ended September 30, 2015 and 2014 were generally related to corporate overhead, financial and administrative contracted services.

The weighted average number of shares outstanding was 2,799,999 and 2,000,000 for the six month period ended September 30, 2015 and 2014, respectively.

 

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Liquidity and Capital Resources

Six Month Period Ended September 30, 2015  

As of September 30, 2015, our total assets were $0 compared to $2,888 in total assets at March 31, 2015. Total assets were comprised of $0 in cash. As of September 30, 2015, our current liabilities were $5,187. Stockholders’ deficit was $5,187 as of September 30, 2015 compared to stockholders' deficit of $1,212 as of March 31, 2015.   

Cash Flows from Operating Activities

For the six month period ended September 30, 2015, net cash flows used in operating activities was $2,976. Net cash flows used in operating activities was $6,634 for the six month period ended September 30, 2014.

Cash Flows from Investing Activities

For the  six month periods ended September 30, 2015 Cash flows provided by financing activities was  $87 due to bank overdrafts. No cash was provided from financing activities for the six months ended September 30, 2014.

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Plan of Operation and Funding

We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business.

Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next three months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) acquisition of operating equipment; (ii) developmental expenses associated with a start-up business; and (iii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations. We will have to raise additional funds in the next twelve months in order to sustain and expand our operations. We currently do not have a specific plan of how we will obtain such funding; however, we anticipate that additional funding will be in the form of equity financing from the sale of our common stock. We have and will continue to seek to obtain short-term loans from our directors, although no future arrangement for additional loans has been made. We do not have any agreements with our directors concerning these loans. We do not have any arrangements in place for any future equity financing.

Off-Balance Sheet Arrangements

As of the date of this Quarterly Report, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

Going Concern

The independent auditors' review report accompanying our March 31, 2015 audited financial statements contained an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

No report required.

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ITEM 4. CONTROLS AND PROCEDURES

Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2015. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Such officer also confirmed that there was no change in our internal control over financial reporting during the six-month period ended September 30, 2015 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Management is not aware of any legal proceedings contemplated by any governmental authority or any other party involving us or our properties. As of the date of this Quarterly Report, no director, officer or affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us or our properties.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

No report required.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

No report required.

 

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ITEM 5. OTHER INFORMATION

No report required.

ITEM 6. EXHIBITS

Exhibits:

31.1 Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).

31.2 Certification of Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).

32.1 Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, on November 13, 2015

ELITE BOOKS INC.

By:

/s/

Vesna Pesic

Name:

Vesna Pesic

Title:

Director

(Principal Executive, Financial and Accounting Officer)

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