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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

Form 10-Q

 

Mark One

☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended November 30, 2017

 

☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______ to _______

 

Commission File No. 333-199210

 

LUBOA GROUP, INC.

 (Exact name of registrant as specified in its charter)

 

Nevada   90-1007098
(State or other jurisdiction of
incorporation or organization)
  (I.R.S. Employer
Identification Number)
     

3 F, No. 102, Bo'ai 2nd Road

Zuoying District

Kaohsiung City

Taiwan, R.O.C.

 

 

 

 

813

(Address of principal executive offices)   (Zip Code)

 

+886-75570551
(Registrant’s telephone number, including area code)
 
N/A
(Former name, former address and former fiscal year, if changed since last report)

 

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) Yes ☒ No ☐, and (2) has been subject to such filing requirements for the past 90 days. Yes ☐  No ☒

 

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 (Sec. 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 ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

  Large accelerated filer Accelerated filer
  Non-accelerated filer (Do not check if a smaller reporting company) Smaller reporting company
    Emerging growth company

 

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.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes ☒  No ☐

 

As of January 12, 2018, the registrant had 11,600,000 shares of common stock outstanding.

 

 

 

 

 

 

Table of Contents

 

Part I. FINANCIAL INFORMATION 1
Item 1. Condensed Unaudited Financial Statements 1
  Condensed Unaudited Balance Sheets 1
  Condensed Unaudited Statements of Operations 2
  Condensed Unaudited Statements of Cash Flows 3
  Notes to Condensed Unaudited Financial Statements 4
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 7
Item 3. Quantitative and Qualitative Disclosures About Market Risk 9
Item 4. Controls and Procedures 9
     
Part II. OTHER INFORMATION 10
Item 1. Legal Proceedings 10
Item 1A. Risk Factors 10
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 10
Item 3. Defaults Upon Senior Securities 10
Item 4. Mine Safety Disclosures 10
Item 5 Other Information 10
Item 6. Exhibits 10

  

 

 

 

PART I. FINANCIAL INFORMATION

 

Item 1. Condensed Unaudited Financial Statements

 

LUBOA GROUP, INC.

BALANCE SHEETS

 

  

November 30,
2017

(Unaudited)

  

August 31,

2017

(Audited)

 
ASSETS        
Current Assets        
Prepaid expenses  $8,333   $833 
Total current assets   8,333    833 
           
Total Assets  $8,333   $833 
           
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)          
Current  Liabilities          
Loan from shareholder  $99,749   $81,025 
Accounts payable   9,242    - 
Accrued expense   6,452    5,477 
Total current liabilities   115,443    86,502 
           
Total Liabilities   115,443    86,502 
           
Commitments and Contingencies   -    - 
           
Stockholders' Equity (Deficit)          
Common stock, $0.001 par value, 75,000,000 shares authorized; 11,600,000 shares issued and outstanding   11,600    11,600 
Additional paid-in-capital   37,829    37,829 
Deficit accumulated during the development stage   (156,539)   (135,098)
Total Stockholders' Equity (Deficit)   (107,110)   (85,669)
           
Total Liabilities and Stockholders' Equity (Deficit)  $8,333   $833 

 

The accompanying notes are an integral part of these financial statements

 

 1 

 

  

LUBOA GROUP, INC.

STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Three months ended   Three months ended 
   November 30,
2017
   November 30,
2016
 
         
Revenues  $-   $- 
           
Operating expenses          
General and administrative expenses   21,442    25,596 
Net loss from operations   (21,442)   (25,596)
           
Loss before taxes   (21,442)   (25,596)
           
Provision for taxes   -    - 
Net Loss  $(21,442)  $(25,596)
           
Loss per common share:          
Basic and Diluted*  $(0.00)  $(0.00)
           
Weighted average number of common shares outstanding:          
Basic and Diluted   11,600,000    11,600,000 

 

The accompanying notes are an integral part of these financial statements

 

 2 

 

  

LUBOA GROUP, INC.

STATEMENTS OF CASH FLOWS

(UNAUDITED)

  

   Three months ended   Three months ended 
   November 30, 2017   November 30, 2016 
Operating Activities        
Net loss   (21,441)  $(25,596)
Adjustment to reconcile net loss to net cash used in operating activities          
Changes in operating assets and liabilities          
Prepaid expenses   (7,500)   (7,500)
Accounts payable   9,241    12,871 
Accrued expenses   976    1,775 
Net cash used in operating activities   (18,724)   (18,450)
           
Investing Activities          
Cash used to pay for fixed assets   -    - 
Net cash provided by (used in) investing activities   -    - 
           
Financing Activities          
Proceeds from loan from shareholder   18,724    18,450 
Net cash provided by financing activities   18,724    18,450 
           
Net decrease in cash and equivalents  $-   $- 
           
Cash and equivalents at beginning of the period   -    - 
           
Cash and equivalents at end of the period  $-   $- 
           
Supplemental cash flow information:          
Cash paid for:          
Interest  $-   $- 
Taxes  $-   $- 

 

The accompanying notes are an integral part of these financial statements

 

 3 

 

 

LUBOA GROUP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

NOVEMBER 30, 2016

 

NOTE 1 – ORGANIZATION AND BUSINESS OPERATIONS

 

Organization and Description of Business

 

Luboa Group, Inc. (the “Company”), formerly known as Sunrise Tours, Inc., was incorporated under the laws of the State of Nevada on March 19, 2013 (“Inception”). On January 20, 2016, the Company filed a Certificate of Amendment with the Secretary of State of Nevada and changed its corporate name to “Luboa Group Inc.” Concurrent with the change of corporate name, the Company also changed its principal business plan from developing and offering special services such as 3D virtual tours for companies which would like to promote their venues on the Internet and electronic media, to developing specialized agricultural products and a carbon emission trading platform in Asia. However, as of November 30, 2017, no definitive agreement had been entered into in connection with the business plan. The Company’s principal headquarters is located in Kaohsiung City, Taiwan. From Inception through November 30, 2017, the Company accumulated losses of approximately $156,539.

 

In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-10, “Development Stage Entities.” The amendments in this update remove the definition of a development stage entity from the Master Glossary of the ASC thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments in this update are applied retroactively. The adoption of ASU 2014-10 removed the development stage entity financial reporting requirements for the Company.

 

NOTE 2 – GOING CONCERN

 

The Company has incurred loss since Inception, resulting in accumulated deficit of approximately $156,539 as of November 30, 2017, and further losses are anticipated in the development of its business plan. Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern.  

 

The ability to continue as a going concern is dependent upon the Company’s ability to successfully execute its business plan and generate profitable operations in the future, and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with loans from related parties or the issuance of equity and debt securities.  

 

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and are presented in US dollars. The results for the three months ended November 30, 2017 are not necessarily indicative of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10K for the year ended August 31, 2017 (the “Annual Report”), filed with the Securities and Exchange Commission.

 

The accompanying condensed financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at November 30, 2017 and for the related periods presented.

 

Cash and Cash Equivalents

For purposes of the accompanying statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company’s funds are deposited in insured institutions. At November 30, 2017, the Company’s did not have any bank deposit.

 

Basic and Diluted Income (Loss) Per Share

The Company computes income (loss) per share in accordance with ASC 260, “Earnings per Share,” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.

 

For the three month periods ended November 30, 2017 and 2016, there were no potentially dilutive debt or equity instruments issued or outstanding and any such shares would have been excluded from the computation because they would have been anti-dilutive as the Company incurred losses in these years.

  

 4 

 

 

Fair Value of Financial Instruments

ASC 820, “Fair Value Measurements and Disclosures”, establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.

 

These tiers include:

 

Level 1: defined as observable inputs such as quoted prices in active markets;

Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

 

The carrying value of cash and the Company’s loan from a shareholder approximates its fair value due to their short-term maturity.

 

Income Taxes

The Company accounts for income taxes pursuant to ASC 740, “Income Taxes.” Under ASC 740, deferred income taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The provision for income taxes represents the tax expense for the period, if any, and the change during the period in deferred tax assets and liabilities. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

ASC 740 also provides criteria for the recognition, measurement, presentation and disclosure of uncertain tax positions. Under ASC 740, the impact of an uncertain tax position on the income tax return may only be recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. At November 30, 2017, there were no unrecognized tax benefits.

 

Revenue Recognition

The Company will recognize revenue in accordance with ASC 605, “Revenue Recognition.” ASC-605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management’s judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required.

 

Advertising Costs

The Company’s policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during three month periods ended November 30, 2017 and 2016.

 

Recent Accounting Pronouncements

Management has reviewed all the recently issued, but not yet effective, accounting pronouncements, and does not believe any of these pronouncements will have a material impact on the Company.

 

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP 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 the financial statements and the reported amount of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

 

Stock-Based Compensation

As of November 30, 2017, the Company had not issued any stock-based payments to its employees.

 

Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable. To date, the Company has not adopted a stock option plan and has not granted any stock options.

 

NOTE 4 – COMMON STOCK

 

The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share.

 

On September 23, 2013, the Company issued 9,000,000 shares at $0.001 per share for total proceeds of $9,000.

 

For the year ended August 31, 2015, the Company issued 2,600,000 shares at $0.01 per share for total proceeds of $26,000.

 

As at November 30, 2017, 11,600,000 shares of common stock were issued and outstanding. See Note 8 (Change of Control) regarding the January 14, 2016 transaction resulting in the ownership change as of approximately 77.59% of these common shares. 

 

 5 

 

 

NOTE 5 – INCOME TAXES

 

As of November 30, 2017, the Company had net operating loss carry forwards of approximately $127,237 that may be available to reduce future years’ taxable income through 2035 and 2037. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.

 

NOTE 6 – PREPAID EXPENSES

 

On October 3, 2017, the Company prepaid $10,000 to OTC Market Group Inc. for its annual fee from November 1, 2017 to October 31, 2018. $8,333 of such amount is classified as prepaid expenses as of November 30, 2017.

 

NOTE 7 – LOAN FROM SHAREHOLDER

 

The Company relies on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of equity or debt securities. There is no formal written commitment for continued support from such related parties. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note.  

 

From Inception through January 14, 2016, the Company’s then sole shareholder and director Alexander Karpetskiy loaned the Company $15,066 to pay for incorporation costs and operating expenses. The loan was non-interest bearing, due upon demand and unsecured. As of January 14, 2016, the amount outstanding was $14,429. As a result of the ownership change described in Note 8, the entire unpaid balance of the loan was discharged by Mr. Karpetskiy.

 

Since January 14, 2016, a current director who is also one of the Company’s major shareholders has loaned the Company $99,749 to pay for operating expenses. As of November 30, 2017, the amount outstanding was $99,749. The loan is non-interest bearing, due upon demand and unsecured.  

 

NOTE 8 – CHANGE OF CONTROL

 

On January 14, 2016 (the “Closing Date”), Mr. Karpetskiy entered into a Securities Purchase Agreement (the “SPA”) with Hsin-Nan Lin, pursuant to which Mr. Lin acquired from Mr. Karpetskiy all 9 million shares of the Company’s common stock owned by him. Pursuant to the SPA, all of the Company’s outstanding liabilities as of the Closing Date, including the outstanding balance of Mr. Karpetskiy’s loan, were fully paid by utilizing cash on hand (or discharged in the case of Mr. Karpetskiy’s loan). As a result, the Company was relieved of unpaid shareholder loan in the amount of $14,428, which is recorded by the Company as additional paid-in capital as of November 30, 2017.

 

NOTE 9 – SUBSEQUENT EVENTS

 

In accordance with ASC 855-10, the Company has analyzed its operations subsequent to November 30, 2017 to the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements.

  

 6 

 

 

FORWARD LOOKING STATEMENTS

 

Statements made in this Form 10-Q that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.

 

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

 

General

 

We were incorporated in the State of Nevada on March 19, 2013 under the name “Sunrise Tours, Inc.” On January 20, 2016, we amended our Articles of Incorporation and changed our name to “Luboa Group, Inc.” in connection with our new business plan as described below. Our business office is located at 3 F, No. 102, Bo'ai 2nd Road, Zuoying District, Kaohsiung City, 813. Taiwan. Our telephone number is 886- 75570551.

 

Business Plan

 

Prior to our corporate name change on January 20, 2016, we planned to offer special service such as 3D virtual tours for companies which would like to promote their venues on the Internet, optical disks and hard and flash drives. Concurrent with our name change, we have changed our business plan to developing specialized agricultural products and a carbon emission trading platform in Asia. However, as of November 30, 2017, we have not entered into any definitive agreement in connection with our new business plan.

 

Results of Operations

 

As of November 30, 2017, we had total assets of $8,333 and total liabilities of $115,443. We anticipate that we will continue to incur substantial losses in the next 12 months. Our financial statements have been prepared assuming that we will continue as a going concern.  We expect we will require additional capital to meet our long term operating requirements. We may raise additional capital through, among other things, sale of equity or debt securities.

 

Three-Month Period Ended November 30, 2017 compared to the Three-Month Period Ended November 30, 2016

 

Revenue

 

We did not generate any revenue during the three months ended November 30, 2017, or the same period of 2016.

 

Operating Expenses

 

During the three-month period ended November 30, 2017, we incurred general and administrative expenses of $21,442 as compared to $25,596 during the same period of 2016. General and administrative expenses generally relate to corporate overhead, and professional and administrative services such as legal, accounting and regulatory expenses.

 

Net Income (Loss)

 

Our net loss for the three-month period ended November 30, 2017 was $21,442, as compared to a net loss of $25,596 during the same period of 2016. 

 

Liquidity and Capital Resources

 

As of November 30, 2017

 

As at November 30, 2017, our current assets were $8,333 as compared to $833 at August 31, 2017. As at November 30, 2017, our current liabilities were $115,443 as compared to $86,502 at August 31, 2017.

 

Stockholders’ deficit was $107,110 as of November 30, 2017, compared $85,669 as of August 31, 2017.

 

 7 

 

 

Cash Flows from Operating Activities

 

We did not generate positive cash flows from operating activities.

 

For the three months ended November 30, 2017, net cash flows used in operating activities was $18,724, consisting of net loss of $21,441, decreased by changes in prepaid expense of $7,500, and increased by a change in accounts payable of $9,241 and accrued expense of $976.

 

For the three months ended November 30, 2016, net cash flows used in operating activities was $18,450, consisting of net loss of $25,596, decreased by changes in prepaid expense of $7,500, and increased by a change in accounts payable of $12,871 and accrued expense of $1,775.

 

Cash Flows from Investing Activities

 

Net cash used in investing activities during the three-month periods ended November 30, 2017 and 2016 was $0.

 

Cash Flows from Financing Activities

 

We have financed our operations primarily from either loans from related parties or the issuance of equity and debt instruments.

 

For the three-month periods ended November 30, 2017 and 2016, net cash provided by financing activities was $18,724 (cash proceeds of loans from shareholder) and $18,450, respectively.

 

Plan of Operations and Funding

 

We expect that our working capital requirements will continue to be funded through a combination of related party loans and issuances of securities. We have no lines of credit or other bank financing arrangements. Our working capital requirements are expected to increase if and when we are able to execute on our current business plan. As of November 30, 2017, we had working capital deficit of $107,110.

 

We expect to fund our operations over the next three months with further loans from related parties. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) developmental expenses associated with a start-up business and (ii) marketing expenses. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations.

 

Material Commitments

 

As of the date of this report, we do not have any material commitments.

 

Purchase of Significant Equipment

 

We do not intend to purchase any significant equipment during the next twelve months.

 

Off-balance Sheet Arrangements

 

As of the date of this report, we do not have any 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 that are material to investors.

 

Going Concern

 

The independent auditors' report accompanying our August 31, 2017 financial statements contains an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.

 

 8 

 

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, we are not required to provide this information.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of November 30, 2017. Based on that evaluation, our management concluded that our disclosure controls and procedures were effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Such officer also confirmed that there was no change in our internal control over financial reporting during the three-month period ended November 30, 2017 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

 9 

 

 

PART II. OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

Management is not aware of any legal proceedings contemplated by any governmental authority or any other party involving us or our properties. As of the date of this report, no director, officer or affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us or our properties.

 

ITEM 1A. RISK FACTORS

 

As a smaller reporting company, we are not required to provide the information under this item.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

No unregistered shares were sold during the three-month period ended November 30, 2017.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None

 

ITEM 4. MINE SAFETY DISCLOSURES

 

The disclosures required by Item 4 are not applicable to us as we have no mining operations.

 

ITEM 5. OTHER INFORMATION

 

None

 

ITEM 6. EXHIBITS

 

Exhibits:

 

Exhibit Number   Description
31.1 *   Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2 *   Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002  
32.1 *   Certifications of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2 *   Certifications of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101. INS   XBRL Instance Document  
101.SCH   XBRL Taxonomy Extension Schema Document  
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document  
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document  
101.LAB   XBRL Taxonomy Extension Label Linkbase Document  
101.PRE    XBRL Taxonomy Extension Presentation Linkbase Document  

 

*    Filed herewith.

  

 10 

 

 

SIGNATURES

 

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  LUBOA GROUP, INC.
  (Registrant)
     
Dated: January 12, 2018 By: /s/ Hsin-Nan Lin
    Hsin-Nan Lin, President
    and Chief Executive Officer
     
  By: /s/ Chien-Hui Lin
    Chien-Hui Lin,
    Chief Financial Officer

 

 

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