NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED APRIL 30, 2018 AND 2017
NOTE
1 – NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
On
October 31, 2011 (the “Closing Date”), China Advanced Technology (an entity formed on February 16, 2010 in the State
of Nevada) acquired Goliath Film and Media International, a California corporation, by issuing 47,000,000 shares of its Common
Stock, constituting 70.1% of the outstanding shares after giving effect to their issuance and the cancellation of 15,619,816 shares
held by China Advanced Technology’s prior control person. Immediately following the Closing, 67,100,000 shares were issued
and outstanding. On the Closing Date, the name of China Advanced Technology was changed to Goliath Film and Media Holdings (“Goliath”
or “the Company”). All share numbers herein have been adjusted for an eight-for-1 forward stock split affected as
of the Closing Date. The forward stock split was reflected in the trading market on February 13, 2012. The transaction was accounted
for as a reverse acquisition in which Goliath Film and Media International is deemed to be the accounting acquirer, and the prior
operations of Goliath (formerly China Advanced Technology) are consolidated for accounting purposes. Since Goliath had no operations,
assets, or liabilities as of the Closing, no audit of that entity was required under the materiality thresholds of Regulation
S-X Rule 8-04.
Organization,
Nature of Business and Trade Name
The
Company is engaged in the production and distribution of motion pictures and television content. The Company has begun to realize
revenues from its planned principal business purpose.
Principles
of Consolidation
The
accompanying consolidated financial statements include the accounts of Goliath Film and Media International and its subsidiary,
Goliath Film and Media Holdings (“Goliath” or “the Company”). All intercompany accounts and transactions
have been eliminated.
Basis
of Presentation
The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of
the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ
from those estimates. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing
and maintaining a system of internal accounting control and preventing and detecting fraud. The Company’s system of internal
accounting control is designed to assure, among other items, that (1) recorded transactions are valid; (2) all valid transactions
are recorded and (3) transactions are recorded in the period in a timely manner to produce financial statements which present
fairly the financial condition, results of operations and cash flows of the company for the respective periods being presented.
Use
of Estimates
The
preparation of financial statements in accounting principles generally accepted in the United States of America requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. A change in managements’ estimates or assumptions could have a material impact on the Company’s financial
condition and results of operations during the period in which such changes occurred.
Actual
results could differ from those estimates. The Company’s financial statements reflect all adjustments that management believes
are necessary for the fair presentation of their financial condition and results of operations for the periods presented.
Reclassifications
Certain
prior period amounts were reclassified to conform to the current period presentation. The consolidated balance sheet previously
presented common stock that has not yet been issued as having been issued and outstanding. These balances are now shown as common
stock to be issued. Also, the impairment of film costs was previously presented as an other expense. It has been reclassified
as an operating expense to be consistent with current year presentation.
GOLIATH
FILM AND MEDIA HOLDINGS
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED APRIL 30, 2018 AND 2017
Cash
and Cash Equivalents
For
purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of
three months or less to be cash equivalents.
Accounts
Receivable
Accounts
receivable, if any are carried at the expected net realizable value. The allowance for doubtful accounts, when determined, will
be based on management’s assessment of the collectability of specific customer accounts and the aging of the accounts receivables.
If there were a deterioration of a major customer’s creditworthiness, or actual defaults were higher than historical experience,
our estimates of the recoverability of the amounts due to us could be overstated, which could have a negative impact on operations.
The
Company currently does not have any accounts receivable. The above accounting policies will be adopted upon the Company carrying
accounts receivable.
Films
and Television Costs
The
Company capitalizes production costs for films produced in accordance with ASC 926-20, “Entertainment-Films - Other Assets
- Film Costs”. Accordingly, production costs are capitalized at actual cost and then charged against revenue quarterly as
a cost of production based on the relative fair value of the film(s) delivered and recognized as revenue. The Company evaluates
its capitalized production costs annually and limits recorded amounts by its ability to recover such costs through expected future
sales. The Company recorded an impairment of film production costs of $366,607 and $44,918 for the fiscal years ended April 30,
2018 and 2017, respectively.
Revenue
Recognition
On
January 1, 2018, the Company adopted Accounting Standards Codification ASC 606 (“ASC 606”),
Revenue from Contracts
with Customers,
using the modified retrospective approach for all contracts not completed as of the date of adoption. Results
for the reporting periods beginning on January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted
and continue to be reported in accordance with accounting under ASC 605,
Revenue Recognition
. As a result of adopting ASC
606, amounts reported under ASC 606 were not materially different from amounts that would have been reported under the previous
revenue guidance of ASC 605, as such, no cumulative adjustment to retained earnings.
The
Company generates all of its revenue from contracts with customers. The Company recognizes revenue when we satisfy a performance
obligation by transferring control of the promised services to a customer in an amount that reflects the consideration that we
expect to receive in exchange for those services. The Company determines revenue recognition through the following steps:
1.
|
Identification
of the contract, or contracts, with a customer.
|
2.
|
Identification
of the performance obligations in the contract.
|
3.
|
Determination
of the transaction price.
|
4.
|
Allocation
of the transaction price to the performance obligations in the contract
|
5.
|
Recognition
of revenue when, or as, we satisfy a performance obligation.
|
At
contract inception, the Company assesses the services promised in our contracts with customers and identify a performance obligation
for each promise to transfer to the customer a service (or bundle of services) that is distinct. To identify the performance obligations,
the Company considers all of the services promised in the contract regardless of whether they are explicitly stated or are implied
by customary business practices. The Company allocates the entire transaction price to a single performance obligation.
Five
conditions must be met before revenue can be recognized: (i) there is persuasive evidence that an arrangement exists, (ii) the
film is complete and has been delivered, (iii) the license period has begun, (vi) the price is fixed or determinable, and (v)
collection is reasonably assured. The Company provides for an allowance for doubtful account based history and experience considering
economic and industry trends. The Company does not have any off-Balance Sheet exposure related to its customers.
GOLIATH
FILM AND MEDIA HOLDINGS
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED APRIL 30, 2018 AND 2017
The
Company recognizes revenue when the distributor confirms to the Company that the film has been delivered to the distributor with
all technical and document deliveries received, waived or deferred and the film has been entered into the distributor’s
rights system.
The
Company evaluates whether it is appropriate to record the gross amount of product sales and related costs or the net amount earned
as commissions. Generally, when the Company is primarily obligated in a transaction, are subject to inventory risk, have latitude
in establishing prices and selecting suppliers, or have several but not all of these indicators, revenue is recorded at the gross
sale price. The Company generally records the net amounts as commissions earned if we are not primarily obligated and do not have
latitude in establishing prices. The Company records all revenue transactions at the gross sale price.
For
the fiscal year ended April 30, 2018 the Company did not have any recorded revenue.
Advertising
Advertising
expenses are recorded as general and administrative expenses when they are incurred. There was no advertising expense for the
years ended April 30, 2018 and 2017, respectively.
Research
and Development
All
research and development costs are expensed as incurred. There was no research and development expense for the years ended April
30, 2018 and 2017.
Income
tax
We
account for income taxes under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification
(“ASC”) No. 740, Income Taxes (“ASC 740”). Under ASC 740, deferred tax assets and liabilities are recognized
for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets
and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected
to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC
740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes
the enactment date.
Fair
Value of Financial Instruments
The
Company follows the provisions of ASC 820. This Topic defines fair value, establishes a measurement framework and expands disclosures
about fair value measurements.
The
Company uses fair value measurements for determining the valuation of derivative financial instruments payable in shares of its
common stock. This primarily involves option pricing models that incorporate certain assumptions and projections to determine
fair value. These require management’s judgment.
Fair
Value Measurements
FASB
ASC Topic 825,
Financial Instruments
, requires disclosures about fair value of financial instruments in quarterly reports
as well as in annual reports. For the Company, this statement applies to certain investments and long-term debt. Also, the FASB
ASC Topic 820,
Fair Value Measurements and Disclosures
, clarifies the definition of fair value for financial reporting,
establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements.
Various
inputs are considered when determining the value of the Company’s investments and long-term debt. The inputs or methodologies
used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. These
inputs are summarized in the three broad levels listed below.
●
Level
1 – observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active
markets.
GOLIATH
FILM AND MEDIA HOLDINGS
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED APRIL 30, 2018 AND 2017
●
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit
risk, etc.).
●
Level
3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of
investments).
The
Company’s adoption of FASB ASC Topic 825 did not have a material impact on the Company’s consolidated financial statements.
The
carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial
assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs.
The Company had no financial assets or liabilities carried and measured on a nonrecurring basis during the reporting periods.
Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial
statement is prepared. The Company had no financial assets and/or liabilities carried at fair value on a recurring basis at April
30, 2018, assets and liabilities approximate fair value due to their short term nature.
The
availability of inputs observable in the market varies from instrument to instrument and depends on a variety of factors including
the type of instrument, whether the instrument is actively traded, and other characteristics particular to the transaction. For
many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted
by market participants, and the valuation does not require significant management discretion. For other financial instruments,
pricing inputs are less observable in the market and may require management judgment. As of April 30, 2018, the Company had less
than $1,000 in assets.
Basic
and diluted earnings per share
Basic
earnings per share are based on the weighted-average number of shares of common stock outstanding. Diluted Earnings per share
is based on the weighted-average number of shares of common stock outstanding adjusted for the effects of common stock that may
be issued as a result of the following types of potentially dilutive instruments:
|
●
|
Warrants,
|
|
|
|
|
●
|
Employee
stock options, and
|
|
|
|
|
●
|
Other
equity awards, which include long-term incentive awards.
|
The
FASB ASC Topic 260,
Earnings Per Share
, requires the Company to include additional shares in the computation of earnings
per share, assuming dilution.
Diluted
earnings per share is based on the assumption that all dilutive options were converted or exercised. Dilution is computed by applying
the treasury stock method. Under this method, options are assumed to be exercised at the time of issuance, and as if funds obtained
thereby were used to purchase common stock at the average market price during the period.
Basic
and diluted earnings per share are the same as there were no potentially dilutive instruments for the years ended April 30, 2018
and 2017.
Concentrations,
Risks, and Uncertainties
The
Company business with suppliers or customers has entirely come from Mar Vista of the Company’s gross sales during 2017.
GOLIATH
FILM AND MEDIA HOLDINGS
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED APRIL 30, 2018 AND 2017
Stock
Based Compensation
In
accordance with ASC No. 718,
Compensation – Stock Compensation
(“ASC 718”), we measure the compensation
costs of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements
over the period during which employees are required to provide services. Share-based compensation arrangements include stock options,
restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans. As such, compensation
cost is measured on the date of grant at their fair value. Such compensation amounts, if any, are amortized over the respective
vesting periods of the option grant. We apply this statement prospectively. Equity instruments (“instruments”) issued
to other than employees are recorded on the basis of the fair value of the instruments, as required by ASC 718. ASC No. 505,
Equity
Based Payments to Non-Employees
(“ASC 505”) defines the measurement date and recognition period for such instruments.
In general, the measurement date is (a) when a performance commitment, as defined, is reached or (b) when the earlier of (i) the
non-employee performance is complete or (ii) the instruments are vested. The measured value related to the instruments is recognized
over a period based on the facts and circumstances of each particular grant as defined in the ASC 505.
Recently
Enacted Accounting Standards
The
Company does not expect the adoption of any other recent accounting pronouncements to have a material impact on its financial
statements.
NOTE
2 – COMMON STOCK
The
Company has authorized 1,000,000 shares of preferred stock, $0.001 par value, with such rights, preferences and designation and
to be issued in such series as determined by the Board of Directors. No shares of preferred stock are issued and outstanding at
April 30, 2018 or 2017.
The
Company has authorized 300,000,000 shares of par value $0.001 common stock, of which 138,964,917 and 138,964,917 shares are outstanding
at April 30, 2018 and 2017, respectively.
In
fiscal year 2018, we agreed to issue a total of 2,183,800 restricted common shares to Lamont Roberts, our CEO, in accordance with
Rule 144, in exchange for expenses paid on behalf of the Company for $21,838. The issuance was exempt from registration pursuant
to Section 4(2) of the Securities Act of 1933, and the investor was sophisticated and familiar with our operations at the time
of the issuance of the shares.
During
the year ended April 30, 2017, the Company entered into separate private placement memorandums with a related party affiliate,
as a result of being a greater than 10% shareholder, shareholder under which we agreed to issue 11,832,000 shares of our common
stock, restricted in accordance with Rule 144, in exchange for $118,320. The issuance was exempt from registration pursuant to
Section 4(2) of the Securities Act of 1933, and the investor was sophisticated and familiar with our operations at the time of
the issuance of the shares.
During
the year ended April 30, 2017, the Company entered into a separate private placement memorandums with Lamont Roberts, the Company’s
CEO, under which the Company agreed to issue 4,579,469 shares of its common stock, restricted in accordance with Rule 144, in
exchange for $45,795. The issuance was exempt from registration pursuant to Section 4(2) of the Securities Act of 1933, and the
investor was sophisticated and familiar with our operations at the time of the issuance of the shares.
Due
to the Company’s previous transfer agent exiting the business, the Company has not issued 37,844,269 common shares to a
related party affiliate. These shares are reflected in the above disclosures.
Certain
prior period amounts were reclassified to conform to the current period presentation. The consolidated balance sheet previously
presented common stock that has not yet been issued as having been issued and outstanding. These balances are now shown as common
stock to be issued.
NOTE
3 - GOING CONCERN
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. However, the Company does not have significant cash or other current assets, nor does it have an established source
of revenues sufficient to cover its operating costs, which raises substantial doubt about our ability to continue as a going concern.
GOLIATH
FILM AND MEDIA HOLDINGS
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED APRIL 30, 2018 AND 2017
Under
the going concern assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future with neither
the intention nor the necessity of liquidation, ceasing trading, or seeking protection from creditors pursuant to laws or regulations.
Accordingly, assets and liabilities are recorded on the basis that the entity will be able to realize its assets and discharge
its liabilities in the normal course of business.
The
ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plan described
in the preceding paragraph and eventually attain profitable operations. The accompanying financial statements do not include any
adjustments that may be necessary if the Company is unable to continue as a going concern.
During
the next year, the Company’s foreseeable cash requirements will relate to continual development of the operations of its
business, maintaining its good standing and making the requisite filings with the Securities and Exchange Commission. The Company
may experience a cash shortfall and be required to raise additional capital.
Historically,
the Company has relied upon internally generated funds and funds from the sale of shares of stock to finance its operations and
growth. Management may raise additional capital through future public or private offerings of the Company’s stock or through
loans from private investors, although there can be no assurance that it will be able to obtain such financing. The Company’s
failure to do so could have a material and adverse effect upon its and its shareholders.
In
the past year, the Company funded operations by using cash proceeds received through the issuance of common stock. For the coming
year, the Company plans to continue to fund the Company through debt and securities sales and issuances, focus on a possible joint
venture or merger until the company generates revenues through the operations of such merged company or joint venture as stated
above.
NOTE
4 - RELATED
PARTY TRANSACTIONS
In
fiscal year 2018, we agreed to issue a total of 2,183,800 restricted common shares to Lamont Roberts, our CEO, in accordance with
Rule 144, in exchange for expenses paid on behalf of the Company for $21,838. Further Lamont Roberts paid expenses totaling $37,178
in operating expenses including rent, filing expenses, and accounting costs on behalf of the company
During
the year ended April 30, 2017, the Company sold 11,832,000 restricted common shares to a related party affiliate shareholder,
as a result of being a greater than 10% shareholder, pursuant to a private placement memorandum in exchange for $118,320.
During
the year ended April 30, 2017, the Company sold 4,579,469 restricted common shares to Lamont Roberts, the Company’s CEO,
pursuant to a private placement memorandum in exchange for $45,795.
In
the year ended April 30, 2017, the Company paid C&R Film for capitalized film costs, consulting and reimbursement of various
expenses $98,381. The Company paid $0 in the year ended April 30, 2018. C&R Film is controlled by Lamont Robert, CEO and Acting
CFO of the Company.
Further,
Mike Criscione, Director of the Company received payments of $0 in years ended April 30, 2018 and 2017 for capitalized film costs,
consulting and reimbursements for expenses paid on behalf of the Company.
Additionally,
Lamont Roberts, CEO and Acting CFO of the Company, made advances of $8,000 to the Company and received $8,000 as repayment of
advances during the fiscal year ended April 30, 2017.
Related
party transactions have been disclosed in the other notes to these financial statements.
NOTE
5 – INCOME TAXES
As
of April 30, 2017, the Company had net operating loss carryforwards of approximately $998,000, which expire in varying amounts
between 2018 and 2035. Realization of this potential future tax benefit is dependent on generating sufficient taxable income prior
to expiration of the loss carryforward. The deferred tax asset related to this (and other) potential future tax benefits has been
offset by a valuation allowance in the same amount. The amount of the deferred tax asset ultimately realizable could be increased
in the near term if estimates of future taxable income during the carryforwards period are revised.
GOLIATH
FILM AND MEDIA HOLDINGS
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED APRIL 30, 2018 AND 2017
Deferred
income tax assets of approximately $279,000 at April 30, 2018, was offset in full by a valuation allowance.
The
approximate components of the Company’s net deferred tax assets, including a valuation allowance, are as follows:
Deferred Tax Assets
|
|
As of April 30, 2018
|
|
|
As of April 30, 2017
|
|
|
|
|
|
|
|
|
Net operating loss carryforwards
|
|
$
|
999,000
|
|
|
$
|
602,000
|
|
|
|
|
|
|
|
|
|
|
Net deferred tax assets before valuation allowance
|
|
|
279,000
|
|
|
|
168,000
|
|
Less: Valuation allowance
|
|
|
(279,000
|
)
|
|
|
(168,000
|
)
|
Net deferred tax assets
|
|
|
0
|
|
|
|
0
|
|
A
reconciliation between the amounts of income tax benefit determined by applying the applicable U.S. and State statutory income
tax rate to pre-tax loss is as follows:
|
|
As of April 30, 2018
|
|
|
As of April 30, 2017
|
|
|
|
|
|
|
|
|
Statutory federal income tax
|
|
|
(21.0
|
%)
|
|
|
(21.0
|
%)
|
Statutory state income tax
|
|
|
(7.0
|
%)
|
|
|
(7.0
|
%)
|
Change in valuation allowance on deferred tax assets
|
|
|
(28.0
|
%)
|
|
|
(28.0
|
%)
|
Components of Income Tax Expense
|
|
For
the Years Ending
|
|
|
|
April 30, 2018
|
|
|
April 30, 2017
|
|
|
|
|
|
|
|
|
Federal U.S. Income Taxes
|
|
|
|
|
|
|
|
|
Current
|
|
|
-
|
|
|
|
-
|
|
Deferred
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
State Income Taxes
|
|
|
|
|
|
|
|
|
Current
|
|
$
|
-
|
|
|
$
|
2,640
|
|
Deferred
|
|
|
-
|
|
|
|
-
|
|
Total Income Tax Expense
|
|
$
|
-
|
|
|
$
|
2,640
|
|
Due
to the inherent uncertainty in forecasts and future events and operating results, the Company has provided for a valuation allowance
in an amount equal to gross deferred tax assets resulting in the above figures for the periods audited.
NOTE
6 – INVESTMENT IN FILMS
|
|
April 30,
|
|
|
|
2018
|
|
|
2017
|
|
Released, net of accumulated amortization
|
|
$
|
648,900
|
|
|
$
|
648,900
|
|
Accumulated amortization
|
|
|
(252,375
|
)
|
|
|
(252,375
|
)
|
Impairment
|
|
|
(396,525
|
)
|
|
|
(44,918
|
)
|
Intangible assets, net
|
|
$
|
-
|
|
|
$
|
351,607
|
|
Amortization
expense was $169,300 for the year ended April 30, 2017 and is classified in cost of sales in the Statements of Operations. For
the fiscal year ended April 30, 2018, the Company had no amortization expense. The reason for the impairment charges of $366,607
and $44,918 in year ended April 30, 2018 and 2017, respectively, are the result of the company’s determination that revenues
from the production of its films with Mar Vista Entertainment LLC may not be realized.
GOLIATH
FILM AND MEDIA HOLDINGS
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED APRIL 30, 2018 AND 2017
NOTE
7 – OPERATING LEASE
On
July 1, 2014, we entered into a month to month lease for office space at location 4640 Admiralty Way, Marina del Rey, California,
90292. The rent is $199 per month.
The
total rent and lease expense was $3,184 and $2,190 for the years ended April 30, 2018 and 2017, respectively.
NOTE
8 – ADVANCE FOR FILM PRODUCTION COSTS
Advances
for film production costs represent amounts received in advance from Mar Vista Entertainment, LLC (“Mar Vista”) for
providing film distribution rights, which has been impaired as of April 30, 2018.
NOTE
9 – COMMITMENTS AND CONTINGENCIES
Production
Agreements
On
April, 1, 2015 Goliath signed an agreement whereby the Company agree to invest $15,000 to KKO Productions to produce a feature
length film known as “Forgiven”. Per the agreement Goliath will receive 15% of adjusted gross proceeds after its initial
investment has been entirely recouped through adjusted gross proceed. Additionally, the Company will receive two on screen credits
as Executive Producer as well as receiving credit on all advertising, publicity and packaging of the film. The Company recorded
an impairment of film production costs of $15,000 for the fiscal year ended April 30, 2018.
Legal
The
Company is not a party to or otherwise involved in any legal proceedings.
In
the ordinary course of business, from time to time the Company may be involved in various pending or threatened legal actions.
The litigation process is inherently uncertain and it is possible that the resolution of such matters might have a material adverse
effect upon the Company’s financial condition and/or results of operations. However, in the opinion of management, other
than as set forth herein, matters currently pending or threatened against the Company are not expected to have a material adverse
effect on its financial position or results of operations.
NOTE
10 – SUBSEQUENT EVENTS
There
were no events subsequent to April 30, 2018, and up to the date of this filing that would require disclosure.