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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒ QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For
the quarterly period ended
April 30,
2017
☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
EXCHANGE ACT
For
the transition period from ______ to _______
COMMISSION
FILE NUMBER
000-53438 |
|
INDO GLOBAL EXCHANGE(S) PTE, LTD. |
(Exact
name of registrant as specified in its charter) |
Nevada |
|
48-1308991 |
(State
of incorporation) |
|
(I.R.S.
Employer Identification No.) |
Menara Standard Chartered,
JI. Prof. Dr. Satrio 30th Floor,
Jakarta
Indonesia
KAV146 |
(Address
of principal executive offices) |
|
62
2125555600 |
(Registrant’s
telephone number) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of Each Class |
|
Trading
Symbol(s) |
|
Name
of Each Exchange on
Which Registered |
Common |
|
IGEX |
|
OTC |
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.
Indicate
by check mark whether the registrant has submitted electronically
and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405
of Regulation S-T (§232.405 of this chapter) during the preceding
12 months (or for such shorter period that the registrant was
required to submit and post such files).
|
Yes ☐ |
|
No ☐
(Not Required) |
Indicate
by check mark whether the registrant is a large accelerated filer,
an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of “large accelerated
filer,” “accelerated filer” and “smaller reporting company” in Rule
12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
|
|
|
|
Non-accelerated filer |
☐ |
Smaller
reporting company |
☒ |
(Do
not check if a smaller reporting company) |
|
|
|
Indicate
by check mark whether the registrant is a shell company (as defined
in Rule 12b-2 of the Exchange Act).
As
of May 17, 2022, there were
4,391,941,731 shares of the Registrant’s $0.001 par value
common stock issued and outstanding.
INDO
GLOBAL EXCHANGE(S) PTE, LTD.
TABLE
OF CONTENTS
Special
Note Regarding Forward-Looking Statements
Information
included in this Form 10-Q contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended (“Securities Act”), and Section 21E of the Securities
Exchange Act of 1934, as amended (“Exchange Act”). This information
may involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of Indo Global Exchange(s) PTE, Ltd. (the “Company”),
to be materially different from future results, performance or
achievements expressed or implied by any forward-looking
statements. Forward-looking statements, which involve assumptions
and describe future plans, strategies and expectations of the
Company, are generally identifiable by use of the words “may,”
“will,” “should,” “expect,” “anticipate,” “estimate,” “believe,”
“intend,” or “project” or the negative of these words or other
variations on these words or comparable terminology. These
forward-looking statements are based on assumptions that may be
incorrect, and there can be no assurance that these projections
included in these forward-looking statements will come to pass.
Actual results of the Company could differ materially from those
expressed or implied by the forward-looking statements as a result
of various factors. Except as required by applicable laws, the
Company has no obligation to update publicly any forward-looking
statements for any reason, even if new information becomes
available or other events occur in the future.
*
Please note that throughout this Quarterly Report, and unless
otherwise noted, the words “we,” “our,” “us,” the “Company,” or
“Indo Global refers to Indo Global Exchange(s) PTE,
Ltd.
PART I - FINANCIAL
INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
INDO GLOBAL EXCHANGE(S) PTE, LTD.
CONSOLIDATED
BALANCE SHEETS
The
accompanying notes are an integral part of the financial
statements.
INDO GLOBAL EXCHANGE(S) PTE, LTD.
CONSOLIDATED
STATEMENTS OF OPERATIONS
The
accompanying notes are an integral part of the financial
statements.
INDO GLOBAL EXCHANGE(S) PTE, LTD.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
The
accompanying notes are an integral part of the financial
statements.
INDO GLOBAL EXCHANGE(S) PTE, LTD.
NOTES
TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
April
30, 2017
NOTE
1 – ORGANIZATION AND
BASIS OF PRESENTATION
We
were organized under the laws of the State of Nevada on May 7, 2008
under the name “Claridge Ventures, Inc.” with an initial focus on
the acquisition and exploration of mineral properties in the State
of Nevada. On August 6, 2013, we affected a 1 for 4 reverse split
of its common stock and changed our name to “Indo Global
Exchange(s) PTE. Ltd”. We have two wholly-owned subsidiaries:
International Global Exchange (Aust) Pty Ltd and PT GriyaMatahari
Bali. International Global Exchange (Aust) Pty Ltd is based in
Australia and was set up for the purpose of entering into the
introducing broker agreement with Halifax. PT GriyaMatahari Bali is
based in Indonesia and was set up to allow us to operate in
Indonesia under Indonesia law.
On
September 23, 2013 (the “Closing Date”), Indo Global Exchange(s)
Pte. Ltd., a Nevada corporation (formerly Claridge Ventures, Inc.)
(the “Registrant” or “Company”), closed an asset purchase
transaction (the “Transaction”) with Indo Global Exchange PTE LTD.,
a company organized under the laws of Singapore (“Indo Global”) and
the shareholders of Indo Global (“Selling Shareholders”) pursuant
to an Amended and Restated Asset Purchase Agreement dated as of the
Closing Date (the “Purchase Agreement”) by and among the Company,
Indo Global, and the Selling Shareholders.
In
accordance with the terms of the Purchase Agreement, on the Closing
Date, the Company issued 43,496,250 shares of its
common stock (the “Shares”) directly to the Selling Shareholders in
exchange for certain assets of Indo Global (the “Assets”)
including, rights to enter into certain agreements and certain
intellectual property. The Company did not acquire any plant and
equipment, and any other business and operational assets of Indo
Global as part of the Assets, and the Company did not hire any
employees of Indo Global. Indo Global will continue as an
independent company, operating in Singapore after the
Transaction.
On
May 29, 2014, Indo Global Exchange(s) Pte. Ltd. (the “Company”)
entered in to an engagement agreement (the “Agreement”) with
International Global Exchange (AUST) (“IGE”), PT GriyaMatahari
Bali, and Kina Securities Limited (“Kina”) with an effective date
of November 25, 2013. Pursuant to the terms of the Agreement, Kina
appointed the Company, IGE and PT GriyaMatahari Bali (collectively,
“IGEX”) to provide certain services to Kina, including use of
IGEX’s comprehensive online trading platform for Kina referred
clients, which platform includes access to 21 global equity
exchanges, account statements in real time, live streaming news and
other features and capabilities. The term of the Agreement is ten
(10) years and may be terminated for cause or without cause upon120
days’ notice to the other party. Kina may terminate the Agreement
for cause upon the occurrence of certain events, including the
following: IGEX (i) has a liquidator or receiver appointed, (ii)
becomes an externally administered body, (iii) passes a resolution
for winding up, (iv) is guilty of any fraudulent act or willful
misconduct which is related to the Agreement, or (v) breaches the
terms of the Agreement.
On
the 26 th November 2015, IGEX appointed Goldhurst and Schnider of
Melbourne, Australia to formally notify Kina that they are in
breach of the contract. The breach was in relation to Kina making
unfounded statements to the market about IGEX and not formally
giving notice as required by the agreement. IGEX is now seeking
compensation from Kina for AUD$2,400,000.
The
Company generated revenue of $0 and $3,485 for the nine months ended April 30,
2017 and 2016, respectively. The revenue is a result of service fee
and commission. These revenues were derived from client trading
accounts in the form of commissions and profit share, paid by FxPro
the execution and clearing business.
NOTE
2 - SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES
Basis of
Presentation
The
unaudited condensed interim financial statements have been prepared
by us pursuant to the rules and regulations of the Securities and
Exchange Commission. The information furnished herein reflects all
adjustments (consisting of normal recurring accruals and
adjustments) which are, in the opinion of management, necessary to
fairly present the operating results for the respective periods.
Certain information and footnote disclosures normally present in
annual financial statements prepared in accordance with accounting
principles generally accepted in the United States of America have
been omitted pursuant to such rules and regulations. These
financial statements should be read in conjunction with the
unaudited financial statements and notes for the year ended July
31, 2016 included in our Annual Report on Form 10-K. The results of
the six months periods ended April 30, 2017 are not necessarily
indicative of the results to be expected for the full year ending
July 31, 2017.
Principles of
Consolidation
The
accompanying consolidated financial statements represent the
consolidated financial position and results of operations of the
Company and include the accounts and results of operations of Indo
Global Exchange(s) PTE. Ltd. and two wholly-owned subsidiaries,
International Global Exchange (Aust) Pty Ltd and PT GriyaMatahari
Bali. All intercompany transactions and balances have been
eliminated in consolidation.
Use of
Estimates
The
preparation of financial statements in conformity with generally
accepted accounting principles 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 these financial statements, and the
reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those
estimates.
Start-up
Expenses
The
Company expenses costs associated with start-up activities as
incurred. Accordingly, start-up costs associated with the Company’s
formation have been included in the Company’s general and
administrative expenses for the nine months ended April 30, 2017
and 2016.
Foreign Currency
Translation
The
Company’s functional and reporting currency is the US dollar as the
company is listed in the USA. Operations for the company are spread
between USA, Indonesia and Australia.
Translation
adjustments for the April 30, 2017 and 2016 were $0 and
$(519),
respectively. The cumulative translation adjustment and effect of
exchange rate changes on cash as of April 30, 2017 and July 31,
2016 were $0 and
$(773)
respectively. Transaction gains and losses that arise from exchange
rate fluctuations on transactions denominated in a currency other
than the functional currency are included in the results of
operations as incurred. Specifically, translation of AUD to
USD.
Assets
and liabilities that are denominated in a foreign currency are
translated at the exchange rate in effect at the year end and
capital accounts are translated at historical rates. Income
statement accounts are translated at the average rates of exchange
prevailing during the period. Translation adjustments from the use
of different exchange rates from period to period are included in
the Comprehensive Income statement account in Stockholder’s Equity,
if applicable.
Transactions
undertaken in currencies other than the functional currency of the
entity are translated using the exchange rate in effect as of the
transaction date. If applicable, exchange gains and losses are
included in other items on the Statement of Operations.
Cash and Cash
Equivalents
The
Company considers all highly liquid investments with an original
maturity of three months or less to be cash equivalents. As of
April 30, 2017 and July 31, 2016, there are no cash or cash equivalents.
Basic and Diluted Loss
Per Share
The
Company computed basic and diluted loss per share amounts using
generally accepted accounting principles. There are no potentially
dilutive shares outstanding and, accordingly, dilutive per share
amounts have not been presented in the accompanying statements of
operations.
Revenue
Recognition
We
recognize revenue from services rendered when the following four
revenue recognition criteria are met: persuasive evidence of an
arrangement exists; delivery has occurred or services have been
rendered; the selling price is fixed or determinable; and
collectability is reasonably assured.
Currently,
we have limited revenues or customers. We plan to derive revenues
from multiple sources. First, we charge a service fee as commission
income and the amount varies based on the size and volume of trade
by the customers. Second, the Company will share 25% on all profits generated by
the customers at the end of each trading cycle.
The
Company generated revenue of $0 and $3,485 for the nine months ended April 30,
2017 and 2016, respectively. The revenue is a result of service fee
and commission. These revenues were derived from client trading
accounts in the form of commissions and profit share, paid by FxPro
the execution and clearing business.
Fair Value of
Financial Instruments
Fair Value of Financial Instruments - On July 1, 2008, the
Company adopted Accounting Standards Codification Topic 820, Fair
Value Measurements and Disclosures (“Topic 820”). Topic 820 defines
fair value, establishes a three-level valuation hierarchy for
disclosures of fair value measurement and enhances disclosure
requirements for fair value measures. The three levels are defined
as follows:
|
● |
Level
1 inputs to the valuation methodology are quoted prices
(unadjusted) for identical assets or liabilities in active
markets. |
|
● |
Level
2 inputs to the valuation methodology include quoted prices for
similar assets and liabilities in active markets, and inputs that
are observable for the asset or liability, either directly or
indirectly, for substantially the full term of the financial
instrument. |
|
● |
Level
3 inputs to valuation methodology are unobservable and significant
to the fair measurement. |
The
Company’s adoption of fair value measurements and disclosures did
not have a material impact on the financial statements and
financial statement disclosures.
Income
Taxes
The
Company records income taxes in accordance with the provisions of
the Financial Accounting Standards Board (“FASB”) Accounting
Standards Codification (“ASC”) Topic 740, “Income Taxes.” The
standard requires, among other provisions, an asset and liability
approach to recognize deferred tax liabilities and assets for the
expected future tax consequences of temporary differences between
the financial statement carrying amounts and tax basis of assets
and liabilities. Valuation allowances are provided if based upon
the weight of available evidence, it is more likely than not that
some or all of the deferred tax assets will not be
realized.
Basic and Diluted Loss
Per Share
Net
loss per share is calculated in accordance with FASB ASC 260,
Earnings Per Share, for the period presented. ASC 260 requires
presentation of basic earnings per share and diluted earnings per
share. Basic income (loss) per share (“Basic EPS”) is computed by
dividing net loss available to common stockholders by the weighted
average number of common shares outstanding during the period.
Diluted earnings per share (“Diluted EPS”) is similarly calculated.
Dilution is computed by applying the treasury stock method. Under
this method, options and warrants are assumed to be exercised at
the beginning of the period (or at the time of issuance, if later),
and as if funds obtained thereby were used to purchase common stock
at the average market price during the period. For the nine months
ended April 30, 2017 and 2016, there were no
potentially dilutive securities.
Recent Accounting
Pronouncements
Adopted
In
June 2014, the FASB issued ASU 2014 10, Development Stage Entities
(Topic915): Elimination of Certain Financial Reporting
Requirements. ASU 201410 eliminates the distinction of a
development stage entity and certain related disclosure
requirements, including the elimination of inception to-date
information on the statements of operations, cash flows and
stockholders’ equity. IGEX have decided to leave additional
inception to date information on the Shareholders Equity for
historical purposes. The amendments in ASU2014-10 will be effective
prospectively for annual reporting periods beginning after
December15, 2014, and interim periods within those annual periods,
however early adoption is permitted. The Company adopted ASU2014-10
since the quarter ended April 30, 2013, thereby no longer
presenting or disclosing any information required by Topic
915.
Not
Adopted
In
February 2013, the FASB issued ASU No. 2013-04, Liabilities (Topic
405): Obligations Resulting from Joint and Several Liability
Arrangements for Which the Total Amount of the Obligation Is Fixed
at the Reporting Date. The amendments in ASU 2013-04 provide
guidance for the recognition, measurement, and disclosure of
obligations resulting from joint and several liability arrangements
for which the total amount of the obligation within the scope of
this Update is fixed at the reporting date, except for obligations
addressed within existing guidance in U.S. GAAP. The guidance
requires an entity to measure those obligations as the sum of the
amount the reporting entity agreed to pay on the basis of its
arrangement among its co-obligors and any additional amount the
reporting entity expects to pay on behalf of its co-obligors. The
guidance in this Update also requires an entity to disclose the
nature and amount of the obligation as well as other information
about those obligations. The amendment in this standard is
effective retrospectively for fiscal years, and interim periods
within those years, beginning after December 15, 2013. The adoption
of ASU No. 2013-04 did not have a material impact on our financial
statements.
In
April 2013, the FASB issued ASU No. 2013-07, Presentation of
Financial Statements (Top 205): Liquidation Basis of Accounting.
The objective of ASU No. 2013-07 is to clarify when an entity
should apply the liquidation basis of accounting and to provide
principles for the measurement of assets and liabilities under the
liquidation basis of accounting, as well as any required
disclosures. The amendments in this standard is effective
prospectively for entities that determine liquidation is imminent
during annual reporting periods beginning after December 15, 2013,
and interim reporting periods therein. The adoption of ASU No.
2013-07 did not have a material impact on our financial
statements.
In
August 2014, the FASB issued the FASB Accounting Standards Update
No. 2014-15 “Presentation of Financial Statements—Going Concern
(Subtopic 205-40): Disclosure of Uncertainties about an Entity’s
Ability to Continue as a Going Concern (“ASU
2014-15”).
In
connection with preparing financial statements for each annual and
interim reporting period, an entity’s management should evaluate
whether there are conditions or events, considered in the
aggregate, that raise substantial doubt about the entity’s ability
to continue as a going concern within one year after the date that
the financial statements are issued ( or within one year
after the date that the financial statements are available to be
issued when applicable). Management’s evaluation should be
based on relevant conditions and events that are known and
reasonably knowable at the date that the financial statements
are issued ( or at the date that the financial statements
are available to be issued when applicable). Substantial doubt
about an entity’s ability to continue as a going concern exists
when relevant conditions and events, considered in the aggregate,
indicate that it is probable that the entity will be unable to meet
its obligations as they become due within one year after the date
that the financial statements are issued (or available to be
issued). The term probable is used consistently with its use
in Topic 450, Contingencies.
When
management identifies conditions or events that raise substantial
doubt about an entity’s ability to continue as a going concern,
management should consider whether its plans that are intended to
mitigate those relevant conditions or events will alleviate the
substantial doubt. The mitigating effect of management’s plans
should be considered only to the extent that (1) it is probable
that the plans will be effectively implemented and, if so, (2) it
is probable that the plans will mitigate the conditions or events
that raise substantial doubt about the entity’s ability to continue
as a going concern.
If
conditions or events raise substantial doubt about an entity’s
ability to continue as a going concern, but the substantial doubt
is alleviated as a result of consideration of management’s plans,
the entity should disclose information that enables users of the
financial statements to understand all of the following (or refer
to similar information disclosed elsewhere in the
footnotes):
|
a. |
Principal
conditions or events that raised substantial doubt about the
entity’s ability to continue as a going concern (before
consideration of management’s plans) |
|
b. |
Management’s
evaluation of the significance of those conditions or events in
relation to the entity’s ability to meet its
obligations |
|
c. |
Management’s
plans that alleviated substantial doubt about the entity’s ability
to continue as a going concern.
|
If
conditions or events raise substantial doubt about an entity’s
ability to continue as a going concern, and substantial doubt is
not alleviated after consideration of management’s plans, an entity
should include a statement in the footnotes indicating that there
is substantial doubt about the entity’s ability to continue as a
going concern within one year after the date that the financial
statements are issued (or available to be issued). Additionally,
the entity should disclose information that enables users of the
financial statements to understand all of the following:
|
a. |
Principal
conditions or events that raise substantial doubt about the
entity’s ability to continue as a going concern |
|
b. |
Management’s
evaluation of the significance of those conditions or events in
relation to the entity’s ability to meet its
obligations |
|
c. |
Management’s
plans that are intended to mitigate the conditions or events that
raise substantial doubt about the entity’s ability to continue as a
going concern.
|
The
amendments in this Update are effective for the annual period
ending after December 15, 2017, and for annual periods and interim
periods thereafter. Early application is permitted.
Management
does not believe that any recently issued, but not yet effective
accounting pronouncements, when adopted, will have a material
effect on the accompanying financial statements.
NOTE
3 – GOING
CONCERN
These
financial statements are presented on the basis that the Company is
a going concern, which contemplates the realization of assets and
satisfaction of liabilities in the normal course of business over a
reasonable length of time. As of April 30, 2017 the Company had
incurred accumulated losses since inception of $7,591,643. The financial
statements do not include any adjustments relating to the
recoverability and classification of recorded asset amounts or the
amounts and classification of liabilities that might be necessary
should the Company be unable to continue as a going concern. Its
continuation as a going concern is dependent upon its ability to
generate sufficient cash flow to meet its obligations on a timely
basis, to obtain additional financing or refinancing as may be
required, and ultimately to establish profitable
operations.
Management’s
plans for the continuation of the Company as a going concern
include financing the Company’s operations through issuance of its
common stock. If the Company is unable to complete its financing
requirements or achieve revenue as projected, it will then modify
its expenditures and plan of operations to coincide with the actual
financing completed and actual operating revenues. There are no
assurances, however, with respect to the future success of these
plans.
NOTE
4 –ACCOUNTS PAYABLE
AND ACCRUED EXPENSES
Accounts
payable and accrued expenses amounted to $23,208 and
$23,208 as of
April 30, 2017 and July 31, 2016, respectively. Accounts payable
and accrued expenses represent primarily unpaid legal expenses,
accounting expenses, and other professional expenses.
NOTE
5 – RELATED PARTY
TRANSACTIONS
Due
to a related party amounted to $327,559 and $327,559 as of April 30, 2017
and July 31, 2016, respectively. Due to a related party represents
advances by John O’Shea, CEO of the Company, to pay company’s
expenses.
Loan
to a related party amounted to $15,000 and $15,000 as of April 30,
2017 and July 31, 2016, respectively. Loan to a related party
represents loan to the Company by John O’Shea, CEO of the Company.
The loan is interest free, without collateral, due on demand, and
for company’s operation purpose.
On
October 6, 2015, the Company issued 1,500,000,000 shares
of common stock to employees for services. The company issued John
O’Shea1,500,000,000 in lieu of salaries
valued at $0.0014 per share, using the closing
prices on the stock issuance date (future shares issued from this
pool). The Company booked stock compensation expenses of $2,100,000 based on the
closing price of the stock issuance date.
On
October 8, 2015, the Company cancelled 100,000,000 shares of common
stock issued as compensation to John O’Shea as stock compensation.
The canceled shares were cancelled to employees.
On
November 5, 2015, the Company cancelled 100,000,000 shares of common
stock issued as compensation to John O’Shea as stock compensation.
The canceled shares were cancelled to employees.
On
December 18, 2015, the Company cancelled 820,000,000 shares of common
stock issued as compensation to John O’Shea as stock compensation.
The canceled shares were cancelled to employees.
On
February 11, 2016, the Company cancelled 480,000,000 shares of common
stock issued as compensation to John O’Shea as stock compensation.
The canceled shares were cancelled to employees.
NOTE
6 – LOANS PAYABLE TO
UNRELATED PARTIES
Unrelated
party loans payable represent money received from investors to
purchase shares. As of April 30, 2017 and July 31, 2016, the
Company has unrelated party loans payable totaling $120,748 and
$120,748,
respectively.
The
current balance, $120,748 is
detailed below:
SCHEDULE OF LOANS PAYABLE TO UNRELATED
PARTIES
Herawan Rusmanhadi |
|
$ |
72,967 |
|
David White |
|
$ |
9,775 |
|
Dermot Monaghan |
|
$ |
38,006 |
|
NOTE
7 – STOCK
Stock
issuance for debt settlement
On
January 28, 2015, the Company issued 91,600,000 shares of
common stock at $0.001 using the closing
prices on the stock issuance date to shareholders for interest
expense on notes previously issued that have not received principal
or interest payments to settle interest owed of $1,597,253 Compared
with $0 issuance in the
previous year. The par value of this issuance was $91,600 and the
additional paid up capital was $1,505,600.
On
January 28, 2015, the Company issued 2,000,000
shares of common stock at a fair value of $0.012 for $10,000
cash for service to an unrelated party, using the closing prices on
the stock issuance date.
On
January 28, 2015, the Company issued 75,000,000
shares of common stock to consultants for services. The fair value
of the shares is $0.012 per share for a
total of $900,000,
using the closing prices on the stock issuance date. These shares
were issued as stock based compensation for consulting services.
The following table shows all transactions related to the 75,000,000
stock based allocation.
SCHEDULE OF TRANSACTIONS RELATED TO STOCK
BASED ALLOCATION
Date |
|
Description |
|
Change in Shares |
|
|
Stock Price on Issuance Date |
|
|
Consulting expense |
|
28/01/2015 |
|
Dora Sarros -Company set
up Cost + Admin+ Con in lieu of salary or consulting
fees |
|
|
10,500,000 |
|
|
$ |
0.012 |
|
|
$ |
126,000 |
|
28/01/2015 |
|
Bill Leslie -Company set
up Cost + Admin+ Con in lieu of salary or consulting
fees |
|
|
15,000,000 |
|
|
$ |
0.012 |
|
|
$ |
180,000 |
|
28/01/2015 |
|
Nigel O’Shea -Company
set up Cost + Admin+ Con in lieu of salary or consulting
fees |
|
|
5,000,000 |
|
|
$ |
0.012 |
|
|
$ |
60,000 |
|
28/01/2015 |
|
James Eugene Manczak
-Marketing and PR Admin+ Con |
|
|
3,000,000 |
|
|
$ |
0.012 |
|
|
$ |
36,000 |
|
28/01/2015 |
|
Gosuinus Lens - (
January 1-July 1, 2015 ) Including 1000 G&A and 5000
prepaid |
|
|
6,000,000 |
|
|
$ |
0.012 |
|
|
$ |
72,000 |
|
28/01/2015 |
|
Silas Curry - in lieu of
salary or consulting fees |
|
|
3,500,000 |
|
|
$ |
0.012 |
|
|
$ |
42,000 |
|
29/01/2015 |
|
StockVest - (January
28-April 28, 2015 ) ir, advertising, promotional and marketing
services |
|
|
2,000,000 |
|
|
$ |
0.012 |
|
|
$ |
24,000 |
|
28/01/2015 |
|
Square One consulting -
in lieu of salary or consulting fees |
|
|
5,000,000 |
|
|
$ |
0.012 |
|
|
$ |
60,000 |
|
28/01/2015 |
|
Stephen Fynmore -Company
set up Cost + Admin+ Con in lieu of salary or consulting
fees |
|
|
20,000,000 |
|
|
$ |
0.012 |
|
|
$ |
240,000 |
|
28/01/2015 |
|
Richard Jackson - in
lieu of salary or consulting fees |
|
|
5,000,000 |
|
|
$ |
0.012 |
|
|
$ |
60,000 |
|
|
|
Total |
|
|
75,000,000 |
|
|
|
|
|
|
$ |
900,000 |
|
On
January 29, 2015, the Company issued 60,000,000 shares of
common stock. The issuance is related to debt settlement of
$6,000 with two
unrelated parties. The fair value of the shares issued was
$720,000 valued at
$0.012 per share, using
the closing price on the stock issuance date. The Company booked
$714,000 as a loss on
debt extinguishment.
On
March 20, 2015, the Company issued 19,000,000 shares of
common stock. The issuance is related to debt settlement of
$10,000 of loans
payable with an unrelated party debt holder. The fair value of the
shares issued was $68,400 valued at
$0.0036 per share, using
the closing prices on the stock issuance date. The Company booked
$58,400 as a loss on debt
extinguishment.
On
April 9, 2015, the Company issued 80,000,000 shares of
common stock. The issuance is related to debt settlement of
$800 of loans payable
with two unrelated party debt holders. The fair value of the shares
issued was $232,000 valued at
$0.0029 per share, using
the closing prices on the stock issuance date. The Company booked
$231,200 as a loss on
debt extinguishment.
On
May 8, 2015, the Company issued 90,000,000 shares of
common stock. The issuance is related to debt settlement of
$900 of loans payable
with two unrelated party debt holders. The fair value of the shares
issued was $90,000 valued at
$0.001per share, using
the closing prices on the stock issuance date. The Company booked
$89100 as a loss on debt
extinguishment.
On
June 16, 2015, the Company issued 140,000,000 shares of
common stock. The issuance is related to debt settlement of
$900 of loans payable
with two unrelated party debt holders. The fair value of the shares
issued was $140,000 valued at
$0.001per share, using
the closing prices on the stock issuance date. The Company booked
$139,100 as a loss on
debt extinguishment.
On
July 22, 2015, the Company issued 20,000,000 shares of
common stock. The issuance is related to debt settlement of
$4,000 of loans payable
with an unrelated party debt holder. The fair value of the shares
issued was $18,000 valued at
$0.0009 per share, using
the closing prices on the effective date of the agreement. The
Company booked $14,000 as a loss on debt
extinguishment.
On
July 22, 2015, the Company issued 180,000,000 shares of
common stock. The issuance is related to debt settlement of
$9,000 of loans payable
with two unrelated party debt holders. The fair value of the shares
issued was $162,000 valued at
$0.0009 per share, using
the closing prices on the effective date of the agreement. The
Company booked $153,000 as a loss on
debt extinguishment.
On
August 7, 2015, the Company cancelled 50,000,000 shares of common
stock. The canceled shares were returned to treasury.
On
August 7, 2015, the Company issued
47,151,000 shares of common stock in exchange for the
cancellation of $5,847 loan payable. The
fair value of the shares issued was $117,878
valued at $0.0025 per share, using
the closing prices on the stock issuance date. The Company booked
$112,031 as a loss on
debt extinguishment.
On
September 30, 2015, the Company cancelled 35,158,108(in two lots
$20,158,108 and 15,000,000 respectively)
shares of common stock. The canceled shares were returned to
treasury.
On
September 30, 2015, the Company issued
49,300,000 shares of common stock in exchange for the
cancellation of $9,950 loan payable. The
fair value of the shares issued was $118,320
valued at $0.0024
per share, using the closing prices on the stock issuance date. The
Company booked $108,370 as a loss on
debt extinguishment.
On
October 6, 2015, the Company issued 1,500,000,000
shares of common stock to employees for services. The company
issued John O’Shea1,500,000,000 in
lieu of salaries valued at $0.0014 per share, using
the closing prices on the stock issuance date.(future shares issued
from this pool). The Company booked stock compensation expenses of
$2,100,000
based on the closing price of the stock issuance date.
On
October 6, 2015, the Company issued
25,000,000 shares of common stock in exchange for the
cancellation of $10,000 loan payable. The
fair value of the shares issued was $34,000
valued at $0.00136 per share,
using the closing prices on the stock issuance date. The Company
booked $24,000 as a loss on debt
extinguishment.
On
October 7, 2015, the Company issued
15,700,000 shares of common stock in exchange for the
cancellation of $7,065 loan payable. The
fair value of the shares issued was $18,840
valued at $0.0012 per share, using
the closing prices on the stock issuance date. The Company booked
$11,775 as a loss on debt
extinguishment.
On
October 8, 2015, the Company cancelled 100,000,000 shares
of common stock issued as compensation to John O’Shea as stock
compensation. The canceled shares were cancelled to
employees.
On
October 19, 2015, the Company issued
18,411,111 shares of common stock in exchange for the
cancellation of $8,285 loan payable. The
fair value of the shares issued was $31,299
valued at $0.0017per share, using
the closing prices on the stock issuance date. The Company booked
$23,014 as a loss on debt
extinguishment.
On
November 5, 2015, the Company issued 90,000,000 shares of
common stock in exchange for the cancellation of $9,000 loan payable. The
fair value of the shares issued was $36,000 valued at
$0.0004 per share, using
the closing prices on the stock issuance date. The Company booked
$27,000 as a loss on debt
extinguishment.
Stock
Issuance for compensation
On
October 6, 2015, the Company issued 1,500,000,000
shares of common stock to employees for services. The company
issued John O’Shea1,500,000,000 in
lieu of salaries valued at $0.0014 per share, using
the closing prices on the stock issuance date.(future shares issued
from this pool). The Company booked stock compensation expenses of
$2,100,000
based on the closing price of the stock issuance date.
On
February 11, 2016, the Company cancelled 480,000,000 shares
of common stock issued as compensation to John O’Shea as stock
compensation. The canceled shares were cancelled to
employees.
Stock
Cancellation
On
August 7, 2015, the Company cancelled 50,000,000 shares of
common stock issued as compensation to John O’Shea. The Company
booked the cancelation by decreasing common stock and increasing
additional paid in capital.
On
September 30, 2015, the Company cancelled 20,158,108 shares of
common stock issued to an unrelated party. The Company booked the
cancelation by decreasing common stock and increasing additional
paid in capital.
On
September 30, 2015, the Company cancelled 15,000,000 shares of
common stock issued to an unrelated party. The Company booked the
cancelation by decreasing common stock and increasing additional
paid in capital.
On
October 8, 2015, the Company cancelled 100,000,000 shares
of common stock issued as compensation to John O’Shea as stock
compensation. The canceled shares were cancelled to
employees.
On
November 5, 2015, the Company cancelled 100,000,000 shares
of common stock issued as compensation to John O’Shea as stock
compensation. The canceled shares were cancelled to
employees.
On
December 18, 2015, the Company cancelled 820,000,000 shares
of common stock issued as compensation to John O’Shea as stock
compensation. The canceled shares were cancelled to
employees.
NOTE
8– GENERAL AND
ADMINISTRATIVE EXPENSES
For
the nine months ended April 30, 2017 and 2016, General and
administrative expenses include the following:
SCHEDULE OF GENERAL AND ADMINISTRATIVE
EXPENSES
|
|
|
April
30, 2017 |
|
|
|
April
30, 2016 |
|
Consulting fee |
|
|
0 |
|
|
|
1,522 |
|
G&A-Accounting |
|
|
0 |
|
|
|
5,000 |
|
Legal fee |
|
|
0 |
|
|
|
- |
|
Salary |
|
|
0 |
|
|
|
30,637 |
|
Stock compensation |
|
|
0 |
|
|
|
2,100,000 |
|
Other
expenses |
|
|
0 |
|
|
|
16,831 |
|
Total |
|
|
0 |
|
|
|
2,153,990 |
|
NOTE
9 - SUBSEQUENT
EVENTS
No
material subsequent events occurred.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
FORWARD-LOOKING
STATEMENTS
This
Management’s Discussion and Analysis of Financial Condition and
Results of Operations (MD&A) contains forward-looking
statements that involve known and unknown risks, significant
uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance
or achievements expressed, or implied, by those forward-looking
statements. You can identify forward-looking statements by the use
of the words may, will, should, could, expects, plans, anticipates,
believes, estimates, predicts, intends, potential, proposed, or
continue or the negative of those terms. These statements are only
predictions. In evaluating these statements, you should consider
various factors which may cause our actual results to differ
materially from any forward-looking statements. Although we believe
that the exceptions reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, levels of activity,
performance or achievements. Therefore, actual results may differ
materially and adversely from those expressed in any
forward-looking statements. We undertake no obligation to revise or
update publicly any forward-looking statements for any
reason.
Business
Overview
We
were organized under the laws of the State of Nevada on May 7, 2008
under the name “Claridge Ventures, Inc.” with an initial focus on
the acquisition and exploration of mineral properties in the State
of Nevada. On August 6, 2013, we affected a 1 for 4 reverse split
of its common stock and changed our name to “Indo Global
Exchange(s) PTE. Ltd”. We have two wholly-owned subsidiaries:
International Global Exchange (Aust) Pty Ltd and PT GriyaMatahari
Bali. International Global Exchange (Aust) Pty Ltd is based in
Australia and was set up for the purpose of entering into the
introducing broker agreement with Halifax. PT GriyaMatahari Bali is
based in Indonesia and was set up to allow us to operate in
Indonesia under Indonesia law.
On
September 23, 2013 (the “Closing Date”), we closed an asset
purchase transaction (the “Transaction”) with Indo Global Exchange
PTE. LTD., a company organized under the laws of Singapore (“Indo
Global”) and the shareholders of Indo Global (“Selling
Shareholders”) pursuant to an Amended and Restated Asset Purchase
Agreement (the “Purchase Agreement”).
In
accordance with the terms of the Purchase Agreement, on the Closing
Date, the Company issued 43,496,250 shares of its common stock (the
“Shares”) directly to the Selling Shareholders in exchange for
certain assets of Indo Global (the “Assets”) including, rights to
enter into certain agreements and certain intellectual property.
The Company did not acquire any plant and equipment, and any other
business and operational assets of Indo Global as part of the
Assets, and the Company did not hire any employees of Indo Global.
Indo Global continues as an independent company, operating in
Singapore after the Transaction.
We
plan to operate as a business to consumers, and business to
business, to provide services to customers that enable the consumer
to access, monitor and manage their investment interests and
execute trades when participating in the global financial markets.
We will act as the administrator for the client and will monitor
any developments on transactions that occur in the accounts of each
client as part of our Account Management System.
We
are currently in discussions with potential local partners within
Indonesia to maximize our business potential and distribution
reach. We have entered into Introducing Broker Agreements with
Halifax, Axitrader and FxPro to be our execution and clearing
partners. We have also entered in to a client referral relationship
and services agreement with TodoHakot and have entered into an
agreement with Richard Jackson to act as services provider to allow
access to his trading signals. We also have a referral services
agreement with Kina Securities. We will also have the ability to
affiliate with other financial institutions such as banks,
financial planners and others in the financial services market. We
believe we are in a unique position to capitalize on the Indonesian
market and gain a first move advantage to deliver a transparent and
customer focused trading solution. Our primary focus will be local
middle to high income individuals and businesses within Indonesia
whom we may describe as high net worth (those with assets over USD
$100,000) estimated at approximately 4.9 million individuals. There
are approximately 247 million people in Indonesia, which makes it
the 4th most populous country in the world and 2% of the population
is described as high net worth; this represents our initial target
market. Once established in the Indonesian market, we plan to
expand to the Philippines and Malaysia.
The
Company generated revenue of $0 and $3,485for the nine months ended
April 30, 2017 and 2016, respectively. The revenue is a result of
service fee and commission. These revenues were derived from client
trading accounts in the form of commissions and profit share, paid
by FxPro the execution and clearing business.
Limited
Operating History; Need for Additional Capital
There
is limited historical financial information about us upon which to
base an evaluation of our performance. We cannot guarantee we will
be successful in our business operations.
Our
business is subject to risks inherent in the establishment of a new
business enterprise, including limited capital resources and
possible cost overruns due to price and cost increases in services
and products.
To
become profitable and competitive, we have to establish agreements
with established service providers and or businesses to enable us
to offer these venues to our clientele.
We
have no assurance that future financing will be available to us on
acceptable terms. If financing is not available on satisfactory
terms, we may be unable to continue, develop or expand our
operations. Equity financing could result in additional dilution to
our existing stockholders.
We
anticipate that we will need to meet our ongoing cash requirements
through the generation of revenue and equity and/or debt financing.
We estimate that our expenditures over the next 12 months will be
approximately $869,000 as described in the table below. These
estimates may change significantly depending on the nature of our
future business activities and our ability to raise
capital.
Type |
|
Amount |
|
|
Percent |
|
Salaries |
|
$ |
145,000 |
|
|
$ |
16.68 |
% |
Professional services (IT
development) |
|
|
24,000 |
|
|
|
2.76 |
% |
Equipment |
|
|
30,000 |
|
|
|
3.45 |
% |
Professional services (lawyers and
accountants) |
|
|
35,000 |
|
|
|
4.03 |
% |
Programming IT development |
|
|
60,000 |
|
|
|
6.90 |
% |
Office, rent and expenses |
|
|
150,000 |
|
|
|
17.27 |
% |
Travel expenses |
|
|
53,000 |
|
|
|
5.76 |
% |
Government Fees |
|
|
5,000 |
|
|
|
.059 |
% |
Seminars |
|
|
85,000 |
|
|
|
9.77 |
% |
Business Development fees |
|
|
145,000 |
|
|
|
16.68 |
% |
Servers and bandwidth |
|
|
15,000 |
|
|
|
1.72 |
% |
Bank fees and interest |
|
|
2,000 |
|
|
|
.023 |
% |
Administration |
|
|
15,000 |
|
|
|
1.72 |
% |
Marketing and
advertisement |
|
|
120,000 |
|
|
|
13.80 |
% |
|
|
|
|
|
|
|
|
|
Total |
|
$ |
869,000 |
|
|
$ |
100.00 |
% |
RESULTS
OF OPERATIONS
Working Capital |
|
At April 30, 2017 |
|
|
At July 31, 2016 |
|
Current Assets |
|
$ |
- |
|
|
$ |
- |
|
Current Liabilities |
|
|
(486,515 |
) |
|
|
(486,515 |
) |
Working Capital
(Deficit) |
|
$ |
(486,515 |
) |
|
$ |
(486,515 |
) |
|
|
Nine
months Ended
April
30, 2017
|
|
|
Nine
months Ended
April
30, 2016
|
|
Cash Flows Used provided
by Operating Activities |
|
$ |
(137,789 |
) |
|
$ |
(137,789 |
) |
Cash Flows Provided by Financing
Activities |
|
|
137,831 |
|
|
|
137,831 |
|
Foreign
currency translation |
|
|
(42 |
) |
|
|
(42 |
|
Net Increase
(Decrease) in Cash During Period |
|
$ |
- |
|
|
$ |
- |
|
For The Three Months Ended April 30, 2017
Operating Revenues
Revenues
for the quarters ended April 30, 2017 and 2016 were $0 and $14,
respectively. Revenues generated were the daily spreads on executed
trades.
Operating Expenses and Net Loss
Operating
expenses for the three months period ended April 30, 2017 was $0
compared with $259 for the three months ended April 30, 2016. The
decrease in operating expenditures was a result of the decreased
stock compensation expenses compared to the same period last
year.
Net
loss for the three months period ended April 30, 2017 was $(0)
compared with $(221) for the three months period ended April 30,
2016. The overall decrease in net loss of $(221) was attributed to
decreased interest expenses compared to the same period last
year.
For The Nine months Ended April 30, 2017
Operating Expenses and Net Loss
Operating
expenses for the nine months period ended April 30, 2017 was $0
compared with $2,153,990 for the nine months ended April 30, 2016.
The decrease in operating expenditures was a result of the
decreased $2,100,000 stock compensation expenses compared to the
same period last year.
Net
loss for the nine months period ended April 30, 2017 was $(0)
compared with $(2,452,021) for the nine months period ended April
30, 2016. The overall decrease in net loss was attributed to the
decreased interest expenses compared to the same period last
year.
Liquidity and Capital Resources
As of
April 30, 2017, the Company’s cash balance was $0. As of April 30,
2017, the Company had total liabilities of $486,515 and a working
capital deficit of $(486,515).
Since
our inception, we have used our common stock and promissory notes
to raise money for our operations. We have not attained profitable
operations and are dependent upon obtaining financing to pursue our
plan of operation.
There
can be no assurance that we will be successful in procuring the
financing we are seeking. Future cash flows are subject to a number
of variables, including the level of production, economic
conditions and maintaining cost controls. There can be no assurance
that operations and other capital resources will provide cash in
sufficient amounts to maintain planned or future levels of capital
expenditures. Financing may not be available in amounts or on terms
acceptable to us, if at all. Any failure by us to raise additional
funds on terms favorable to us, or at all, could limit our ability
to expand business operations and could harm our overall business
prospects. In addition, we cannot be assured of profitability in
the future.
If we
are not able to raise sufficient funds to fully implement our
startup business plan for the next year as anticipated, we will
scale our business development in line with available capital. Our
primary priority will be to retain our reporting status with the
SEC which means that we will first ensure that we have sufficient
capital to cover our legal and accounting expenses. Once these
costs are accounted for, in accordance with how much financing we
are able to secure, we will focus on market awareness, and
servicing costs as well as marketing and advertising to social
media marketing websites. We will likely not expend funds on the
remainder of our planned activities unless we have the required
capital.
Our
total expenditures over the next twelve months are anticipated to
be approximately $869,000. Our cash on hand as of April 30, 2017
and July 31, 2016 are $(0) and $0, respectively. We have cash saved
under related parties’ names and it amounted to $0 and $0, as of
April 30, 2017 and July 31, 2016, respectively. We do not have
sufficient cash on hand to fund our operations for the next twelve
months. We also require additional financing.
Cash Flow from Operating Activities
During
the nine months period ended April 30, 2017, the Company used $0 of
cash for operating activities compared with $137,789 for the nine
months ended April 30, 2016. The decrease of cash used for
operating activities are mainly due to more increase in settlement
of debt.
Cash Flow from Investing Activities
During
the nine months period ended April 30, 2017 and 2016, the Company
paid $0 and $0 in investing activities.
Cash Flow from Financing Activities
During
the nine months period ended April 30, 2017, the Company has net
cash received of $0 from financing activities compared with
$137,831 in financing activities for the same period in 2016. The
increased cash from financing activities are because more proceeds
from loans from unrelated parties during the nine months period
ended April 30, 2017 compared to the same period last
year.
Off-Balance Sheet Arrangements
We
have no 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.
Going Concern
We
have not attained profitable operations and are dependent upon
obtaining financing to pursue any extensive activities. For these
reasons, our auditors stated in their report for the nine months
ended April 30, 2017 that they have substantial doubt that we will
be able to continue as a going concern without further
financing.
Future Financings
We
will continue to rely on equity sales of our common shares in order
to continue to fund our business operations. Issuances of
additional shares will result in dilution to existing stockholders.
There is no assurance that we will achieve any additional sales of
the equity securities or arrange for debt or other financing to
fund any future business opportunities.
Critical Accounting Policies
We
have identified certain accounting policies, described below, that
are most important to the portrayal of our current financial
condition and results of operations. Our significant accounting
policies are disclosed in the notes to the audited financial
statements included in this Annual Report.
Use of Estimates
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 amounts reported in the financial statements and accompanying
notes for the reporting period. Significant areas requiring the use
of management estimates relate to the valuation of its
business.
Recently Issued Accounting Pronouncements
We do
not expect the adoption of any recent accounting pronouncements to
have a material impact on its financial statements.
Contractual Obligations
We
are a smaller reporting company as defined by Rule 12b-2 of the
Securities Exchange Act of 1934 and are not required to provide the
information under this item.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
MARKET RISK
We
are a smaller reporting company as defined by Rule 12b-2 of the
Securities Exchange Act of 1934 and are not required to provide the
information under this item.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Disclosure
controls and procedures are controls and procedures that are
designed to ensure that information required to be disclosed in our
reports filed under the Exchange Act is recorded, processed,
summarized and reported, within the time periods specified in the
SEC’s rules and forms.
Disclosure
controls and procedures include, without limitation, controls and
procedures designed to ensure that information required to be
disclosed by our company in the reports that it files or submits
under the Exchange Act is accumulated and communicated to our
management, including its principal executive and principal
financial officers, or persons performing similar functions, as
appropriate to allow timely decisions regarding required
disclosure. Our management carried out an evaluation under the
supervision and with the participation of our Principal Executive
Officer and Principal Financial Officer, of the effectiveness of
the design and operation of our disclosure controls and procedures
pursuant to Rules 13a-15(e) and 15d-15(e) under the Securities
Exchange Act of 1934 (“Exchange Act”). Based upon that evaluation,
our Principal Executive Officer and Principal Financial Officer
have concluded that our disclosure controls and procedures were not
effective as of April 30, 2017, due to the material weaknesses
resulting from the Board of Directors not currently having any
independent members and no director qualifies as an audit committee
financial expert as defined in Item 407(d)(5)(ii) of Regulation
S-K, and the Company did not effectively implement comprehensive
entity level internal controls and controls were not designed and
in place to ensure that all disclosures required were originally
addressed in our financial statements.
Changes in Internal Control over Financial
Reporting
Our
management has also evaluated our internal control over financial
reporting, and there have been no significant changes in our
internal controls or in other factors that could significantly
affect those controls subsequent to the date of our last
evaluation.
The
Company is not required by current SEC rules to include, and does
not include, an auditor’s attestation report. The Company’s
registered public accounting firm has not attested to Management’s
reports on the Company’s internal control over financial
reporting.
PART II - OTHER
INFORMATION
ITEM 1. LEGAL PROCEEDINGS
We
know of no material, existing or pending legal proceedings against
our company, nor are we involved as a plaintiff in any material
proceeding or pending litigation except for the Kina matter
discussed below. There are no proceedings in which our director,
officer or any affiliates, or any registered or beneficial
shareholder, is an adverse party or has a material interest averse
to our interest.
There
was a hearing before the British Columbia Securities Commission in
the matter of Brent Glen Jardine and Indo Global Exchange(s) Pte,
Ltd. (formerly Claridge Ventures, Inc.): held on the 26th of
January 2016. Brent Jardine was accused of acting as a director of
Claridge Ventures prior to the name change to Indo Global Exchange
when he had already been restricted to act as director early by the
BCSC.
Jardine
has admitted wrong doing and taken full responsibility of his
actions and there is no claim against IGEX or its directors as a
result. As a result, the Company considers this matter resolved and
closed.
On
May 29, 2014, Indo Global Exchange(s) Pte. Ltd. (the “Company”)
entered in to an engagement agreement (the “Agreement”) with
International Global Exchange (AUST) (“IGE”), PT GriyaMatahari
Bali, and Kina Securities Limited (“Kina”) with an effective date
of November 25, 2013. Pursuant to the terms of the Agreement, Kina
appointed the Company, IGE and PT GriyaMatahari Bali (collectively,
“IGEX”) to provide certain services to Kina, including use of
IGEX’s comprehensive online trading platform for Kina referred
clients, which platform includes access to 21 global equity
exchanges, account statements in real time, live streaming news and
other features and capabilities. The term of the Agreement is ten
(10) years and may be terminated for cause or without cause upon120
days’ notice to the other party. Kina may terminate the Agreement
for cause upon the occurrence of certain events, including the
following: IGEX (i) has a liquidator or receiver appointed, (ii)
becomes an externally administered body, (iii) passes a resolution
for winding up, (iv) is guilty of any fraudulent act or willful
misconduct which is related to the Agreement, or (v) breaches the
terms of the Agreement.
On
the 26 th November 2015, IGEX appointed Goldhurst and Schnider of
Melbourne, Australia to formally notify Kina that they are in
breach of the contract. The breach was in relation to Kina making
unfounded statements to the market about IGEX and not formally
giving notice as required by the agreement. IGEX is now seeking
compensation from Kina for AUD$2,400,000.
ITEM 1A. RISK FACTORS
We
are a smaller reporting company as defined by Rule 12b-2 of the
Securities Exchange Act of 1934 and are not required to provide the
information under this item.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF
PROCEEDS
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURE
Not
Applicable
ITEM 5. OTHER INFORMATION
None.
ITEM 6 . EXHIBITS
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*
Incorporated by reference to our Registration Statement on Form S-1
as filed with the Securities and Exchange Commission on September
10, 2008.
SIGNATURES
In
accordance with Section 13 or 15(d) of the Exchange Act, the
registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
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INDO
GLOBAL EXCHANGE(S) PTE, LTD. |
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Date: |
June
6, 2022 |
By: |
/s/
Sergio Bellosta Suárez |
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Name: |
Sergio
Bellosta Suárez |
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Title: |
Chief
Executive Officer and Director |
Indo Global Exchanges Pte (PK) (USOTC:IGEX)
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