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. SIGMABROADBAND CO. (1571384) 10-Q published on Aug 17, 2017 at 1:00 pm
Reporting Period: Jun 29, 2017
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒
On July 15, 2017, the Board of Directors of the Company and the majority shareholders of the Company, approved a reverse stock split of the outstanding shares of the Company’s Common Stock, par value $0.0001 per share (the “Common Stock”), at a ratio of 1-for-100 (the “Reverse Stock Split”) effective on July 28, 2017. As a result of the reverse stock split, every 100 of the Company’s old issued common stock will be converted into one share of the Company’s new issued common stock. All share information presented in these financial statements and accompanying footnotes has been retroactively adjusted to reflect the decreased number of shares resulting from the reverse stock split. In addition, in the third quarter of 2017, the Company received $125,000 from an unrelated party as an unsecured loan.
The following discussion is intended to assist you in understanding our business and the results of our operations. It should be read in conjunction with the Condensed Consolidated Financial Statements and the related notes that appear elsewhere in this report as well as our Report on Form 10K filed with the Securities and Exchange Commission for the period ending December 31, 2016. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this report. You should not place undue certainty on these forward-looking statements, which apply only as of the date of this report. Our financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.
We have generated no significant revenues since inception, we have incurred operational expenses for the three months ended June 30, 2017 and 2016 in the amounts of $7,946 and $8,495 respectively. This decrease of $549 in operating expenses was primarily the result of increase in professional fees. We have incurred operational expenses for the six months ended June 30, 2017 and 2016 in the amounts of $11,360 and $73,725 respectively. This decrease of $62,365 in operating expenses was primarily the result of one time professional fees paid in 2016.
For the period covered by this Form 10-Q, there was no information required to be disclosed in a report on Form 8-K that was not reported. There were no material changes to the procedures by which security holders may recommend nominees to the Company’s board of directors.