UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

 

Date of report (Date of earliest event reported): September 3, 2013

 

 

SIPP Industries, Inc.

 (Exact name of registrant as specified in its charter)

 

 

Nevada 0-225820 87-0810718
(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation)   Identification No.)

 

 

2360 Corporate Circle, Suite 400
Henderson, NV 89074

(Address of Principal Executive Officers)      (Zip Code)

 

Registrant's telephone number, including area code:   647-426-1640

 

________________________________________

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

[_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

 
 

 

 

Section 2 - Financial Information

2.02       Results of Operations and Financial Condition

 

Sipp Industries, Inc., (The “Company”) has voluntarily disclosed unaudited financials for the following:

 

Year End December 31, 2010

Quarter End March 31, 2011

Quarter End June 30, 2011

Quarter End September 30, 2011

Year End December 31, 2012

Quarter End March 31, 2013

Quarter End June 30, 2013

(See Exhibit 1, 2, 3, 4, 5, 6, and 7)

 

The limited financial statements are strictly for informational purposes and should be viewed in conjunction with other available information about the Company. The Company has not consulted with any Public Company Accounting Oversight Board approved auditors, nor with any accountants regarding either the application of accounting principles to any to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered with respect to the Company’s financial statements, and neither a written report or oral advice was provided to the Company by any auditors or accountants that was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue.

 

The Company filed Form 15 on July 29, 2010, in accordance with Rule 12g-4(a)(2) of the Securities Exchange Act of 1934. Under Rule 12g-4(a)(2), the Company is not required to file quarterly or annual reports.

 

 

Section 9 - Financial Statements and Exhibits

9.01       Financial Statements and Exhibits

 

No. Exhibit
   
99.1 December 31, 2010 Year End Financial Statement
99.2 March 31, 2011 Quarterly Financial Statement
99.3 June 30, 2011 Quarterly Financial Statement
99.4 September 30, 2011 Quarterly Financial Statement
99.5 December 31, 2012 Year End Financial Statement
99.6 March 31, 2013 Quarterly Financial Statement
99.7 June 30, 2013 Quarterly Financial Statement

 

 

 

2
 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

  SIPP INDUSTRIES, INC.
   
  By:  /s/ Sasa Vasiljevic
    Sasa Vasiljevic
CEO

 

Date:  September 5, 2013

 

 

 

 

3

 

EXHIBIT 99.1

 

SIPP INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEET
Year End December 31, 2010
(Unaudited)

 

       
BALANCE SHEET      
       
ASSETS  
       
CURRENT ASSETS      
Cash   $ –  
Accounts Receivable     –  
Other Receivable     –  
Inventory     –  
Prepaid Accounts     –  
      –  
LONG TERM EQUITY INVESTMENT     –  
FIXED ASSETS – NBV     –  
INTANGIBLE ASSETS – NBV     –  
         
LIABILITIES AND SHAREHOLDERS' EQUITY  
CURRENT LIABILITIES        
         
Accounts Payable and Accrued Liabilities   $ –  
Other Payables     –  
Taxes Payable     –  
         
LONG TERM LIABILITIES -     –  
      –  
SHAREHOLDERS' EQUITY        
CAPITAL STOCK        
Common Stock, authorized shares 260,000,000        
Issued and outstanding - 44,857,488 @ PV $.001     44,857  
Preferred Stock, authorized shares 10,000,000        
Issued and outstanding - 1,000,000 @ PV $.001        
         
Additional Paid In Capital     (44,857 )
         
Deficit     –  
    $ –  

 

1
 

 

SIPP INDUSTRIES INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
 Year End December 31, 2010
(Unaudited)

 

CASH FLOWS        
         
Cash flows from operating activities        
Profit/Loss from operations   $ –  
         
Adjustments to cash flows from operating activities:        
Amortization of goodwill        
Depreciation of fixed assets     –  
         
Cash flows from operating activities   $ –  
         
Cash flows from investing activities:        
Capital expenditures        
Investment in inventory        
Increase in accounts receivable     –  
Decrease in prepaid expenses     –  
         
Cash used in investing activities   $ –  
         
Cash flows from financing activities:        
Increase in accounts payable and accrued liabilities     –  
Increase in paid-in-capital     –  
Increase in loans payable     –  
Issuance of capital stock     –  
         
Cash Used For financing activities   $ –  
         
Net increase (decrease) in cash     –  
         
Cash at beginning of period     –  
Cash at end of period   $ –  
         

 

 

2
 

 

 

 

 

 

SIPP INDUSTRIES INC.
CONSOLIDATED STATEMENT OF EARNINGS AND RETAINED EARNINGS
 Year End December 31, 2010
(Unaudited)

 

EARNINGS      
REVENUE        
Sales   $ –  
      –  
TOTAL SALES     –  
         
COST OF SALES        
         
Cost of Sales     –  
         
TOTAL COST OF SALES     –  
         
GROSS PROFIT     –  
         
OPERATING EXPENSES        
         
Administrative Expense     –  
Selling Expense     –  
         
      –  
         
OTHER INCOME & EXPENSES     –  
         
PROFIT (LOSS)     0  
         
NET PROFIT (LOSS)     0  
         
Deficit - Beginning of period        
Deficit - Beginning of period        
         

 

 

 

3
 

 

 

SIPP INDUSTRIES INC.

CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY

Year End December 31, 2010

(Unaudited)

 

           

 

                                         
      Common       Stock       PIC              
      Shares       Amount       Amount       R/E       Total  
Opening Bal     44,857,488     $ 44,857     $ (44,857 )   $ –     $ –  
Issuance of stock     0       –       –       –       –  
Capital Paid In         $ –     $ –       –       –  
                                       
Net Profit/Loss                                      
                                         

 

 

 

4

EXHIBIT 99.2

 

SIPP INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEET
Quarter End March 31, 2011
(Unaudited)

 

       
BALANCE SHEET        
     
ASSETS  
         
CURRENT ASSETS        
Cash   $ –  
Accounts Receivable     –  
Other Receivable     –  
Inventory     –  
Prepaid Accounts     –  
      –  
         
LONG TERM EQUITY INVESTMENT     –  
FIXED ASSETS - NBV     –  
INTANGIBLE ASSETS - NBV     –  
    $ –  
         
LIABILITIES AND SHAREHOLDERS' EQUITY  
CURRENT LIABILITIES        
         
Accounts Payable and Accrued Liabilities   $ –  
Other Payables     –  
Taxes Payable     –  
      –  
         
LONG TERM LIABILITIES -     –  
      –  
SHAREHOLDERS' EQUITY        
CAPITAL STOCK        
Common Stock, authorized shares 260,000,000        
Issued and outstanding - 44,857,488 @ PV $.001     44,857  
Preferred Stock, authorized shares 10,000,000        
Issued and outstanding - 1,000,000 @ PV $.001        
         
Additional Paid In Capital     (44,857 )
         
Deficit     –  
    $ –  

 

1
 

 

 

SIPP INDUSTRIES INC.
CONSOLIDATED STATEMENT OF EARNINGS AND RETAINED EARNINGS
Quarter End March 31, 2011
(Unaudited)

 

EARNINGS      
REVENUE        
Sales   $ –  
      –  
TOTAL SALES     –  
         
COST OF SALES        
         
Cost of Sales     –  
         
TOTAL COST OF SALES     –  
         
GROSS PROFIT     –  
         
OPERATING EXPENSES        
         
Administrative Expense     –  
Selling Expense     –  
         
      –  
         
OTHER INCOME & EXPENSES     –  
         
PROFIT (LOSS)     0  
         
NET PROFIT (LOSS)     0  
         
Deficit - Beginning of period        
Deficit - Beginning of period        

 

 

2
 

 

 

SIPP INDUSTRIES INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
Quarter End March 31, 2011
(Unaudited)

 

CASH FLOWS        
         
Cash flows from operating activities        
Profit/Loss from operations   $ –  
         
Adjustments to cash flows from operating activities:        
Amortization of goodwill        
Depreciation of fixed assets     –  
         
Cash flows from operating activities   $ –  
         
Cash flows from investing activities:        
Capital expenditures        
Investment in inventory        
Increase in accounts receivable     –  
Decrease in prepaid expenses     –  
         
Cash used in investing activities   $ –  
         
Cash flows from financing activities:        
Increase in accounts payable and accrued liabilities     –  
Increase in paid-in-capital     –  
Increase in loans payable     –  
Issuance of capital stock     –  
         
Cash Used For financing activities   $ –  
         
Net increase (decrease) in cash     –  
         
Cash at beginning of period     –  
Cash at end of period   $ –  

 

3
 

 

 

SIPP INDUSTRIES INC.
CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY
Quarter End March 31, 2011
(Unaudited)

 

                               
    Common     Stock     PIC          
    Shares     Amount     Amount     R/E     Total  
Opening Balance     44,857,488     $ 44,857     $ (44,857 )   $ –     $ –  
Issuance of stock     0       –       –               –  
Capital Paid In         $ –     $ –                  
                                         
Net Profit/Loss                                        
                                         
Bal December 2010     44,857,488       44,857     $ (44,857 )   $ –     $ –  

 

 

 

4

EXHIBIT 99.3

 

SIPP INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEET
Quarter End June 30, 2011
(Unaudited)

 

       
BALANCE SHEET        
         
ASSETS  
         
CURRENT ASSETS        
Cash   $ –  
Accounts Receivable     –  
Other Receivable     –  
Inventory     –  
Prepaid Accounts     –  
      –  
         
LONG TERM EQUITY INVESTMENT     –  
FIXED ASSETS – NBV     –  
INTANGIBLE ASSETS – NBV     –  
    $ –  
         
LIABILITIES AND SHAREHOLDERS' EQUITY  
CURRENT LIABILITIES        
         
Accounts Payable and Accrued Liabilities   $ –  
Other Payables     –  
Taxes Payable     –  
      –  
         
LONG TERM LIABILITIES -     –  
      –  
SHAREHOLDERS' EQUITY        
CAPITAL STOCK        
Common Stock, authorized shares 260,000,000        
Issued and outstanding - 44,857,488 @ PV $.001     44,857  
Preferred Stock, authorized shares 10,000,000        
Issued and outstanding - 1,000,000 @ PV $.001        
         
Additional Paid In Capital     (44,857 )
         
Deficit     –  
    $ –  
1
 

 

SIPP INDUSTRIES INC.
CONSOLIDATED STATEMENT OF EARNINGS AND RETAINED EARNINGS
Quarter End June 30, 2011
(Unaudited)

 

EARNINGS      
REVENUE        
Sales   $ –  
      –  
TOTAL SALES     –  
         
COST OF SALES        
         
Cost of Sales     –  
         
TOTAL COST OF SALES     –  
         
GROSS PROFIT     –  
         
OPERATING EXPENSES        
         
Administrative Expense     –  
Selling Expense     –  
         
      –  
         
OTHER INCOME & EXPENSES     –  
         
PROFIT (LOSS)     0  
         
NET PROFIT (LOSS)     0  
         
Deficit - Beginning of period        
Deficit - Beginning of period        

 

 

 

2
 

 

SIPP INDUSTRIES INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
Quarter End June 30, 2011
(Unaudited)

 

         
CASH FLOWS        
         
Cash flows from operating activities        
Profit/Loss from operations   $ –  
         
Adjustments to cash flows from operating activities:        
Amortization of goodwill        
Depreciation of fixed assets     –  
         
Cash flows from operating activities   $ –  
         
Cash flows from investing activities:        
Capital expenditures        
Investment in inventory        
Increase in accounts receivable     –  
Decrease in prepaid expenses     –  
         
Cash used in investing activities   $ –  
         
Cash flows from financing activities:        
Increase in accounts payable and accrued liabilities     –  
Increase in paid-in-capital     –  
Increase in loans payable     –  
Issuance of capital stock     –  
         
Cash Used For financing activities   $ –  
         
Net increase (decrease) in cash     –  
         
Cash at beginning of period     –  
Cash at end of period   $ –  

 

 

3
 

 

SIPP INDUSTRIES INC.

CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY

Quarter End June 30, 2011

(Unaudited)

 

           

 

                               
    Common     Stock     PIC          
    Shares     Amount     Amount     R/E     Total  
Opening Balance     44,857,488     $ 44,857     $ (44,857 )   $ –     $ –  
Issuance of stock     0       –       –               –  
Capital Paid In           $ –     $ –                  
                                   
Net Profit/Loss                                        
                                         
Bal December 2010     44,857,488       44,857     $ (44,857 )   $ –     $ –  

 

 

 

 

 

 

 

 

 

 

 

 

 

4

EXHIBIT 99.4

 

SIPP INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEET
Quarter End September 30, 2011
(Unaudited)

 

       
BALANCE SHEET        
         
ASSETS
         
CURRENT ASSETS        
Cash   $ –  
Accounts Receivable     –  
Other Receivable     –  
Inventory     –  
Prepaid Accounts     –  
      –  
         
LONG TERM EQUITY INVESTMENT     –  
FIXED ASSETS - NBV     –  
INTANGIBLE ASSETS - NBV     –  
    $ –  
         
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES        
         
Accounts Payable and Accrued Liabilities   $ –  
Other Payables     –  
Taxes Payable     –  
      –  
         
LONG TERM LIABILITIES -     –  
      –  
SHAREHOLDERS' EQUITY        
CAPITAL STOCK        
Common Stock, authorized shares 260,000,000        
Issued and outstanding - 44,857,488 @ PV $.001     44,857  
Preferred Stock, authorized shares 10,000,000        
Issued and outstanding - 1,000,000 @ PV $.001        
         
Additional Paid In Capital     (44,857 )
         
Deficit     –  
    $ –  
1
 

 

SIPP INDUSTRIES INC.
CONSOLIDATED STATEMENT OF EARNINGS AND RETAINED EARNINGS
Quarter End September 30, 2011
(Unaudited)

 

EARNINGS      
REVENUE        
Sales   $ –  
      –  
TOTAL SALES     –  
         
COST OF SALES        
         
Cost of Sales     –  
         
TOTAL COST OF SALES     –  
         
GROSS PROFIT     –  
         
OPERATING EXPENSES        
         
Administrative Expense     –  
Selling Expense     –  
         
      –  
         
OTHER INCOME & EXPENSES     –  
         
PROFIT (LOSS)     0  
         
NET PROFIT (LOSS)     0  
         
Deficit - Beginning of period        
Deficit - Beginning of period        

 

 

2
 

 

SIPP INDUSTRIES INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
Quarter End September 30, 2011
(Unaudited)

 

         
CASH FLOWS        
         
Cash flows from operating activities        
Profit/Loss from operations   $ –  
         
Adjustments to cash flows from operating activities:        
Amortization of goodwill        
Depreciation of fixed assets     –  
         
Cash flows from operating activities   $ –  
         
Cash flows from investing activities:        
Capital expenditures        
Investment in inventory        
Increase in accounts receivable     –  
Decrease in prepaid expenses     –  
         
Cash used in investing activities   $ –  
         
Cash flows from financing activities:        
Increase in accounts payable and accrued liabilities     –  
Increase in paid-in-capital     –  
Increase in loans payable     –  
Issuance of capital stock     –  
         
Cash Used For financing activities   $ –  
         
Net increase (decrease) in cash     –  
         
Cash at beginning of period     –  
Cash at end of period   $ –  

 

 

 

3
 

 

SIPP INDUSTRIES INC.

CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY

Quarter End September 30, 2011

(Unaudited)

 

           

 

                               
    Common     Stock     PIC          
    Shares     Amount     Amount     R/E     Total  
Opening Balance     44,857,488     $ 44,857     $ (44,857 )   $ –     $ –  
Issuance of stock     0       –       –               –  
Capital Paid In           $ –     $ –                  
                                   
Net Profit/Loss                                        
                                         
Bal December 2010     44,857,488       44,857     $ (44,857 )   $ –     $ –  

 

 

 

 

 

4

EXHIBIT 99.5

CONSOLIDATED BALANCE SHEET
Year End December 31, 2012
(Unaudited)

 

       
BALANCE SHEET        
         
ASSETS  
         
CURRENT ASSETS        
Cash   $ –  
Accounts Receivable     –  
Other Receivable     –  
Inventory     –  
Prepaid Accounts     –  
      –  
         
LONG TERM EQUITY INVESTMENT     –  
FIXED ASSETS - NBV     –  
INTANGIBLE ASSETS - NBV     –  
    $ –  
         
LIABILITIES AND SHAREHOLDERS' EQUITY  
CURRENT LIABILITIES        
         
Accounts Payable and Accrued Liabilities   $ –  
Other Payables     –  
Taxes Payable     –  
      –  
         
LONG TERM LIABILITIES -     –  
      –  
SHAREHOLDERS' EQUITY        
CAPITAL STOCK        
Common Stock, authorized shares 260,000,000        
Issued and outstanding - 44,857,488 @ PV $.001     44,857  
Preferred Stock, authorized shares 10,000,000        
Issued and outstanding - 1,000,000 @ PV $.001        
         
Additional Paid In Capital     (44,857 )
         
Deficit     –  
      –  
    $ –  

 

1
 

 

 

SIPP INDUSTRIES INC.
CONSOLIDATED STATEMENT OF EARNINGS AND RETAINED EARNINGS
for the Year Ended December 31, 2012
(Unaudited)
         

 

EARNINGS      
REVENUE        
Sales   $ –  
      –  
TOTAL SALES     –  
         
COST OF SALES        
         
Cost of Sales     –  
         
TOTAL COST OF SALES     –  
         
GROSS PROFIT     –  
         
OPERATING EXPENSES        
         
Administrative Expense     –  
Selling Expense     –  
         
      –  
         
OTHER INCOME & EXPENSES     –  
         
PROFIT (LOSS)     0  
         
NET PROFIT (LOSS)     0  
         
Deficit - Beginning of period        
Deficit - Beginning of period        
         

 

 

2
 

 

SIPP INDUSTRIES INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
Year End December 31, 2012
(Unaudited)

 

CASH FLOWS        
         
Cash flows from operating activities        
Profit/Loss from operations   $ –  
         
Adjustments to cash flows from operating activities:        
Amortization of goodwill        
Depreciation of fixed assets     –  
         
Cash flows from operating activities   $ –  
         
Cash flows from investing activities:        
Capital expenditures        
Investment in inventory        
Increase in accounts receivable     –  
Decrease in prepaid expenses     –  
         
Cash used in investing activities   $ –  
         
Cash flows from financing activities:        
Increase in accounts payable and accrued liabilities     –  
Increase in paid-in-capital     –  
Increase in loans payable     –  
Issuance of capital stock     –  
         
Cash Used For financing activities   $ –  
         
Net increase (decrease) in cash     –  
         
Cash at beginning of period     –  
Cash at end of period   $ –  

 

 

 

3
 

 

SIPP INDUSTRIES INC.

CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY

Year End December 31, 2012

(Unaudited)

 

           

 

                               
    Common     Stock     PIC          
    Shares     Amount     Amount     R/E     Total  
Opening Balance     44,857,488     $ 44,857     $ (44,857 )   $ –     $ –  
Issuance of stock     0       –       –               –  
Capital Paid In           $ –     $ –                  
                                   
Net Profit/Loss                                        
                                         

 

 

 

 

 

 

 

 

 

 

 

 

4

 

EXHIBIT 99.6

 

SIPP INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEET
Quarter End March 31, 2013
(Unaudited)

 

       
BALANCE SHEET        
         
ASSETS  
         
CURRENT ASSETS        
Cash   $ –  
Accounts Receivable     –  
Other Receivable     –  
Inventory     –  
Prepaid Accounts     –  
      –  
         
LONG TERM EQUITY INVESTMENT     –  
FIXED ASSETS - NBV     –  
INTANGIBLE ASSETS - NBV     –  
    $ –  
         
LIABILITIES AND SHAREHOLDERS' EQUITY  
CURRENT LIABILITIES        
         
Accounts Payable and Accrued Liabilities   $ 3,100.00  
Other Payables     –  
Taxes Payable     –  
      –  
         
LONG TERM LIABILITIES -     –  
      –  
SHAREHOLDERS' EQUITY        
CAPITAL STOCK        
Common Stock, authorized shares 260,000,000        
Issued and outstanding - 469,857,488 @ PV $.001     469,857  
Preferred Stock, authorized shares 10,000,000        
Issued and outstanding - 1,000,000 @ PV $.001     1,000  
         
Additional Paid In Capital     (1,197,605 )
         
Deficit     1,671,562.00  
    $ –  

 

1
 

 

SIPP INDUSTRIES INC.
CONSOLIDATED STATEMENT OF EARNINGS AND RETAINED EARNINGS
Quarter End March 31, 2013
(Unaudited)

 

EARNINGS        
REVENUE        
Sales   $ –  
      –  
TOTAL SALES     –  
         
COST OF SALES        
         
Cost of Sales     –  
         
TOTAL COST OF SALES     –  
         
GROSS PROFIT     –  
         
OPERATING EXPENSES        
         
Administrative Expense     5,817.00  
Selling Expense     –  
         
      5,817.00  
         
OTHER INCOME & EXPENSES     –  
         
PROFIT (LOSS)     (5,817 )
         
NET PROFIT (LOSS)     0  
         
Deficit - Beginning of period     1665745  
Deficit - End of period     1671562  
         

 

 

2
 

 

SIPP INDUSTRIES INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
 Quarter End March 31, 2013
(Unaudited)

 

         
CASH FLOWS        
         
Cash flows from operating activities        
Profit/Loss from operations   $ (5,817.00 )
         
Adjustments to cash flows from operating activities:        
Amortization of goodwill        
Depreciation of fixed assets     –  
         
Cash flows from operating activities   $ (5,817.00 )
         
Cash flows from investing activities:        
Capital expenditures        
Investment in inventory        
Increase in accounts receivable     –  
Decrease in prepaid expenses     –  
         
Cash used in investing activities   $ –  
         
Cash flows from financing activities:        
Increase in accounts payable and accrued liabilities     400.00  
Increase in paid-in-capital     418,783.00  
Increase in loans payable     –  
Issuance of capital stock     425,000.00  
         
Cash used for financing activities   $ 5,817.00  
         
Net increase (decrease) in cash     –  
         
Cash at beginning of period     –  
Cash at end of period   $ –  
         

 

3
 

 

SIPP INDUSTRIES INC.
CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY
Quarter End March 31, 2013
(Unaudited)
               
               

 

                                           
    Preferred     Stock     Common     Stock     PIC          
    Shares     Amount     Shares     Amount     Amount     R/E     Total  
Opening Balance     1,000,000     $ 1,000       44,857,488     $ 44,857     $ 1,617,388     $ (1,665,745.00 )   $ (2,500 )
                                                         
Issuance of stock                     425,000,000       425,000       –               425,000  
Capital Paid In                             –     $ (419,783 )           $ (419,783 )
                                                   
Net Profit/Loss                                           $ (5,817 )   $ (5,817 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

EXHIBIT 99.7

 

SIPP INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEET
Quarter End June 30, 2013
(Unaudited)

 

       
BALANCE SHEET        
         
ASSETS  
         
CURRENT ASSETS        
Cash   $ –  
Accounts Receivable     –  
Other Receivable     –  
Inventory     –  
Prepaid Accounts     –  
      –  
         
LONG TERM EQUITY INVESTMENT     –  
FIXED ASSETS - NBV     –  
INTANGIBLE ASSETS - NBV     –  
    $ –  
         
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES        
         
Accounts Payable and Accrued Liabilities   $ 3,100.00  
Other Payables     –  
Taxes Payable     –  
      –  
         
LONG TERM LIABILITIES -     –  
      –  
SHAREHOLDERS' EQUITY        
CAPITAL STOCK        
Common Stock, authorized shares 260,000,000        
Issued and outstanding - 469,857,488 @ PV $.001     469,857  
Preferred Stock, authorized shares 10,000,000        
Issued and outstanding - 1,000,000 @ PV $.001     1,000  
         
Additional Paid In Capital     (1,197,605 )
         
Deficit     1,671,562.00  
      –  
    $ –  

 

1
 

 

SIPP INDUSTRIES INC.
CONSOLIDATED STATEMENT OF EARNINGS AND RETAINED EARNINGS
Quarter End June 30, 2013
(Unaudited)

 

       
EARNINGS        
REVENUE        
Sales   $ –  
      –  
TOTAL SALES     –  
         
COST OF SALES        
         
Cost of Sales     –  
         
TOTAL COST OF SALES     –  
         
GROSS PROFIT     –  
         
OPERATING EXPENSES        
         
Administrative Expense     5,817.00  
Selling Expense     –  
         
      5,817.00  
         
OTHER INCOME & EXPENSES     –  
         
PROFIT (LOSS)     (5,817 )
         
NET PROFIT (LOSS)     0  
         
Deficit - Beginning of period     1665745  
Deficit - End of period     1671562  
         

 

2
 

 


SIPP INDUSTRIES INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
 Quarter End June 30, 2013
(Unaudited)

 

CASH FLOWS        
         
Cash flows from operating activities        
Profit/Loss from operations   $ (5,817.00 )
         
Adjustments to cash flows from operating activities:        
Amortization of goodwill        
Depreciation of fixed assets     –  
         
Cash flows from operating activities   $ (5,817.00 )
         
Cash flows from investing activities:        
Capital expenditures        
Investment in inventory        
Increase in accounts receivable     –  
Decrease in prepaid expenses     –  
         
Cash used in investing activities   $ –  
         
Cash flows from financing activities:        
Increase in accounts payable and accrued liabilities     400.00  
Increase in paid-in-capital     418,783.00  
Increase in loans payable     –  
Issuance of capital stock     425,000.00  
         
Cash used for financing activities   $ 5,817.00  
         
Net increase (decrease) in cash     –  
         
Cash at beginning of period     –  
Cash at end of period   $ –  
         

 

 

 

3
 

 

SIPP INDUSTRIES INC.
CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY
Quarter End June 30, 2013
(Unaudited)
               

 

                                           
    Preferred     Stock     Common     Stock     PIC              
    Shares     Amount     Shares     Amount     Amount     R/E     Total  
Opening Balance     1,000,000     $ 1,000       44,857,488     $ 44,857     $ 1,617,388     $ (1,665,745.00 )   $ (2,500 )
                                                         
Issuance of stock                     425,000,000       425,000       –               425,000  
Capital Paid In                             –     $ (419,783 )           $ (419,783 )
                                                   
Net Profit/Loss                                           $ (5,817 )   $ (5,817 )

 

 

 

 

 

 

4