
LICONT, CORP. (1531618) 10-Q published on Feb 10, 2015 at 1:19 pm
In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for our interim period are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the fiscal year ended September 30, 2014, as reported in our annual report on Form 10-K, have been omitted.
The Company is in the development stage as defined under Statement on Financial Accounting Standards Accounting Standards Codification FASB ASC 915-205 "Development-Stage Entities.” The Company has adopted the new provision of FASB ASC 915-275 and is not reporting inception to date activities as previously required.
On October 10, 2014, The Company entered into a payment agreement with its officer that in the case of termination the officer would be paid a daily fee of $750 per day up to a maximum of $10,000 per month. Additionally, if the Company was to terminate the officer, the officer would be entitled to a severance allowance of $50,000.
On January 12, 2015, Trevor Robertson resigned from all officer positions. Effective January 12, 2015, Bonnie Watson was appointed the sole officer of the Company. Those positions include, but not limited to, chief executive officer and chief financial officer.
On August 31, 2012, the Company underwent a change of control, whereby Trevor Robertson acquired 1,500,000 shares outstanding capital stock of the Company in exchange for $150,000. In connection with such change of control, our prior sole officer and director Andro Gvichiya resigned and Mr. Robertson was appointed as sole officer and director.