Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. SUBJEX CORP (1107699) 10-Q published on May 20, 2011 at 2:07 pm
Reporting Period: Mar 30, 2011
The accompanying unaudited and unreviewed interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Form 10-KA filed with the SEC as of and for the period ended December 31, 2010. In the opinion of management, all adjustments necessary in order for the financial statements to be not misleading have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year.
The Company’s basis of accounting contemplates the realization of assets and the satisfaction of its liabilities and commitments in the normal course of operations. Since inception, the Company has incurred losses of $7,356,836 and has a working capital deficit of $361,818 as of March 31, 2011. The Company had a working capital deficit and recurring net losses from operations in 2010 as well. Despite the net losses of past years operations, the funds spent have resulted in a significant ownership and control of technology and infrastructure which the company expects to generate considerable earnings in the future.
The Company’s operating expenses for the three months ended March 31, 2011 was $60,583 as compared to $9,922 for the three months ended March 31, 2010. Operating expenses increased overall due to the company’s revenue outlook. The Company had $1,500 in revenues for the three months ended March 31, 2011 as compared to $49 for the three months ended March 31, 2010. Revenue levels in the first quarter of 2011 were not sufficient to sustain the Company's operations; therefore funds were raised from the sale of common stock and Subscription Agreements for the sale of common stock to the Company's investor base to meet its financial needs.
ITEM 4T. Controls and Procedures
Pursuant to Rule 13a-15(b) under the Securities Exchange Act of 1934 ("Exchange Act"), the Company carried out an evaluation, with the participation of the Company's management, including the Company's Chief Executive Officer ("CEO") and Board of Directors of the effectiveness of the Company's disclosure controls and procedures (as defined under Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this report. Based upon that evaluation, the Company's CEO and Board of Directors concluded that the Company's disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act, is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to the Company's management, including the Company's CEO and Board of Directors as appropriate, to allow timely decisions regarding required disclosure.
On September 28, 2009 an “Order Granting Summary Judgment” was issued. Halleland, Lewis, Nilan & Johnson, PA plaintiffs, were granted a judgment in the amount of $72,346 against Subjex Corporation and Andrew Dean Hyder for providing legal sevices in another, now settled case. The Company is in the process of making long-term payoff arrangements with the Plaintiffs on terms with possible future revenues. No specific outcome can be assured.