Amended Annual Report (10-k/a)

Date : 02/19/2020 @ 7:15PM
Source : Edgar (US Regulatory)
Stock : Clancy Systems International Inc (PK) (CLSI)
Quote : 0.012  0.0 (0.00%) @ 4:44PM

Amended Annual Report (10-k/a)

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-K/A

 

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended September 30, 2018

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 333-68008

Clancy Systems International, Inc.

(Exact name of registrant as specified in its charter)

 

Colorado 84-1027964
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

 

2250 S. Oneida #308, Denver, Colorado 80224

(Address of principal executive offices)

(303) 753-0197
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

 

Title of each class Name of each exchange on which registered
N/A N/A

 

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

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 ☐

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 ☐ 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) during the precedent 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No ☒

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company and emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer     Accelerated filer  
Non-accelerated filer     Smaller reporting company  
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 Exchange Act). Yes ☐ No ☒

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of September 26, 2019: $0.

As of September 30, 2019, the registrant had 343,368,111 outstanding shares of common stock.

 

 

 

     
 

  

Explanation

 

The 10-K for September 30, 2018 as filed with the Securities and Exchange Commission on September 25, 2019 was erroneously filed with information that is not to be relied upon. None of the reports recently filed should be relied upon and are only being amended solely because they can not be un-disseminated. All are being reported with no activity, no assets or liabilities.

 

Clancy Systems International Inc. does not have the funds for an audit or review. All financial information is a compilation to the best of our ability.

 

 

 

 

  2  
 

 

CLANCY SYSTEMS INTERNATIONAL, INC.

 

PART I

 

Clancy Systems International, Inc. was in the business of parking enforcement system is an automated system which generates parking citations. The system consisted of a hand-held, light-weight, portable data entry terminal, a light-weight printer to generate the parking citation and a data collection computer system to store parking citation data at the end of each day. The data was stored on in-house servers at the Company in a cloud-computing environment. The system allowed users to print photos on the tickets as well as store the photos with the ticket records.

 

During the year 2012, the Company ceased doing business and all assets and liabilities were distributed to the majority stockholder.

 

Item 2. Description of Properties.

 

None.

 

Item 3. Legal Proceedings.

 

None.

 

Item 4. Mine Safety Disclosures.

 

None.

 

 

 

  3  
 

 

PART II

 

Item 5(a). Market for Company's Common Stock and Related Security Holder Matters.

 

The principal market on which the Company's Common Stock is traded is the over-the-counter market and the Company's Common Stock is quoted in the OTC Bulletin Board as “CLSI”

 

Item 6. Selected Financial Data.

 

None.

 

Item 7. Management's Discussion and Analysis or Plan of Operation

 

None.

 

  4  

 

 

CLANCY SYSTEMS INTERNATIONAL, INC.

BALANCE SHEETS

September 2018 and 2017
(unaudited)

 

ASSETS

 

    2018     2017  
       
Current assets:                
Inventories     4,562       19,771  
Total current assets     4,562       19,771  
                 
Property and equipment, at cost:                
Land     82,000       82,000  
Building and building improvements     356,477       356,477  
Office furniture and equipment     133,855       133,855  
Equipment under service contracts     1,851,434       1,851,434  
Vehicles     6,000       6,000  
      2,429,766       2,429,766  
Less accumulated depreciation     (2,429,766 )     (2,429,766 )
Net property and equipment            
                 
Total Assets   $ 4,562     $ 19,771  

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

    2018     2017  
             
Total Liabilities   $     $  
                 
Stockholders' equity:                
Preferred stock, $.0001 par value; 100,000,000 shares authorized, none issued            
Common stock, $.0001 par value, 800,000,000 shares authorized, 343,368,111 (2018 and 2017) shares issued and outstanding     33,242       33,242  
Additional paid-in-capital     1,210,795       1,210,795  
Retained earnings     (1,239,475 )     (1,224,266 )
Total stockholders' equity     4,562       19,771  
Total Liabilities and Stockholders’ Equity   $ 4,562     $ 19,771  

 

See accompanying notes to financial statements.

 

 

  5  

 

 

CLANCY SYSTEMS INTERNATIONAL, INC.

STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS

For the years ended September 30, 2018 and 2017

(unaudited)

 

    2018     2017  
Revenues   $     $  
Costs of sales            
Gross profit            
                 
Costs and expenses:                
Obsolete inventory     15,208       10,646  
General and administrative            
Total costs and expenses     15,208       10,646  
                 
Loss from operations     (15,208 )     (10,646 )
                 
Other income (expense):                
Interest income (expense)            
Total other income (expense)            
                 
Loss before provision for income taxes     (15,208 )     (10,646 )
                 
Provision for income taxes            
                 
Net loss     (15,208 )     (10,646 )
                 
Net income (loss) per common share basic and diluted   $ (0.00 )   $ 0.00  
Weighted average number of shares outstanding     343,368,111       343,368,111  

 

See accompanying notes to financial statements.

 

 

 

  6  

 

 

CLANCY SYSTEMS INTERNATIONAL, INC.

STATEMENT OF STOCKHOLDERS' EQUITY
For the years ended September 30, 2018 and 2017
(unaudited)

 

 

 

    Common Stock
Shares
    Amount     Additional
paid-in
capital
    Retained
earnings
 
Balance, September 30, 2016     343,368,111     $ 33,242     $ 1,210,795     $ (1,213,620 )
Net loss for the year ended September 30, 2017                       (10,646 )
Balance, September 30, 2017     343,368,111       33,242       1,210,795       (1,224,266 )
Net loss for the year ended September 30, 2018                       (15,208 )
Balance, September 30, 2018     343,368,111     $ 33,242     $ 1,210,795     $ (1,239,475 )

 

See accompanying notes to financial statements.

 

 

 

 

  7  
 

 

CLANCY SYSTEMS INTERNATIONAL, INC.

STATEMENTS OF CASH FLOWS

For the years ended September 30, 2018 and 2017

(unaudited)

 

    2018     2017  
Cash flows from operating activities:                
Net loss   $ (15,208 )   $ (10,646 )
Adjustments to reconcile net loss to net cash provided by operating activities:                
Depreciation and amortization            
Loss (gain) on sale of marketable securities            
Deferred income tax benefit            
Changes in assets and liabilities:                
Accounts receivable            
Inventories     15,208       10,646  
Prepaid expenses            
Net cash provided by operating activities            
                 
Cash flows from investing activities:                
Net cash used in investing activities            
                 
Cash flows from financing activities:                
Net cash used in financing activities            
                 
Decrease in cash and cash equivalents            
Cash and cash equivalents at beginning of period            
Cash and cash equivalents at end of period   $     $  

 

 

See accompanying notes to financial statements.

 

 

  8  

 

 

CLANCY SYSTEMS INTERNATIONAL, INC.

NOTES TO FINANCIAL STATEMENTS

September 30, 2018 and September 30, 2017

(unaudited)

 

1. Organization and Summary of Significant Accounting Policies

 

Organization:

 

Clancy Systems International, Inc. (the "Company") was organized in Colorado on June 28, 1984. The Company is in the business of developing and marketing parking ticket writing systems, internet payment remittance systems, and internet industry guides. The Company's revenues were derived primarily from cities, universities and car rental companies throughout the United States and Canada. The Company manufactured some of its equipment for field operations, including printers, chargers, mobile device keypads and other items used in its applications.

 

The Company ceased doing business in 2012 and distributed any remaining assets to its major shareholder.

 

2. Inventories

 

In 2012, most of the assets and liabilities were disposed in a share exchange. The only remaining item was inventory which we are writing off over the next 2 years.

 

3. Stockholders’ Equity

 

As of September 30, 2019, there were 800,000,000 shares authorized and 343,368,111 shares outstanding with 190 shareholders of record.

 

 

 

  9  

 

 

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

 

None.

 

Item 9A. Controls and Procedures

 

This annual report does not include an attestation report of the Company's registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by the Company's registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company to provide only management's report in this annual report.

 

 

  10  
 

 

PART III

 

Item 10. Directors, Executive Officers, Promoters and Control Persons; Compliance with Section 16(a) of the Exchange Act.

 

Item 11. Executive Compensation.

 

Item 12. Security Ownership of Certain Beneficial Owners and Management.

 

Item 13. Certain Relationships of Certain Beneficial Owners and Management and Related Stockholder Matters.

 

Item 14. Principal Accounting Fees and Services.

 

 

PART IV

 

Item 15. Exhibits , Financial Statement Schedules.

 

(a) Exhibits.

 

The following is a complete list of exhibits filed as a part of this Report on Form 10-K and are those incorporated herein by reference.

 

31.1 Certification Pursuant to 18 USC Section 302

31.2 Certification Pursuant to 18 USC Section 302

32.1 Certification Pursuant to 18 USC Section 1350 as adopted pursuant to Section 906 of Sarbanes-Oxley Act of 2002

 

 

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.

 

  Clancy Systems International, Inc.
   
   By: /s/ Tony Nick
    Tony Nick
Chief Executive Officer

 

Date:  February 19, 2020

 

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