UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
[X] Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the period ended September 30, 2009
[ ] Transition Report pursuant to 13 or 15(d) of the Securities Exchange
Act of 1934
For the transition period ______________ to ______________
Commission File Number 000-52278
ITOKK, INC.
(Exact name of registrant as specified in its charter)
Nevada 26-1281852
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
440 North Wolfe Road, Sunnyvale, CA 94085
(Address of principal executive offices) (Zip Code)
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Issuer's telephone number, including area code: 408-419-1719
Shadow Marketing Inc.
17365 S.W. 13th Street
Pembroke Pines, Florida 33029
(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), and (2) has been subject to such filing requirements for the past 90 days Yes [X] No [ ]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting company [X] (do not check if a smaller reporting company) |
Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act). Yes [ ] No [X]
September 30, June 30,
2009 2009
-------- --------
(Unaudited)
ASSETS
CURRENT ASSETS
Cash $ 3,392 $ 122
-------- --------
TOTAL ASSETS $ 3,392 $ 122
======== ========
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES
Accounts payable and accrued liabilities $ 7,150 $ 13,150
Due to related party 63,819 42,859
-------- --------
TOTAL CURRENT LIABILITIES 70,969 56,009
-------- --------
STOCKHOLDERS' DEFICIT
Common stock, $0.001 par value
Authorized: 200,000,000 shares
Issued and outstanding:
7,445,000 at September 30, 2009 and June 30, 2009 7,445 7,445
Additional paid-in capital 17,055 17,055
Deficit accumulated during the development stage (92,077) (80,387)
-------- --------
TOTAL STOCKHOLDERS' DEFICIT (67,577) (55,887)
-------- --------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 3,392 $ 122
======== ========
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The accompanying notes are an integral part of these interim financial statements
From
Three Months Ended September 19, 2003
September 30, (Inception) to
--------------------------------- September 30,
2009 2008 2009
----------- ----------- -----------
REVENUE
Advertising revenue $ -- $ -- $ 576
----------- ----------- -----------
TOTAL REVENUE -- -- 576
----------- ----------- -----------
EXPENSES
Magazine publication costs -- -- 16,755
General and administrative 11,690 1,793 75,898
----------- ----------- -----------
TOTAL COSTS AND EXPENSES 11,690 1,793 92,653
----------- ----------- -----------
NET LOSS $ (11,690) (1,793) $ (92,077)
=========== =========== ===========
NET LOSS
Basic and diluted $ (0.00) (0.00)
=========== ===========
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
Basic and diluted 7,445,000 7,445,000
=========== ===========
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The accompanying notes are an integral part of these interim financial statements
From
Three Months Ended September 19, 2003
September 30, (Inception) to
------------------------ September 30,
2009 2008 2009
-------- -------- --------
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $(11,690) $ (1,793) $(92,077)
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities (6,000) (4,500) 7,150
-------- -------- --------
NET CASH USED FOR OPERATING ACTIVITIES (17,690) (6,293) (84,927)
-------- -------- --------
CASH FLOWS FROM FINANCING ACTIVITIES
Loans from related party 20,960 10,000 63,819
Proceeds from sales of common stock -- -- 24,500
-------- -------- --------
NET CASH PROVIDED BY FINANCING ACTIVITIES 20,960 10,000 88,319
-------- -------- --------
INCREASE IN CASH 3,270 3,707 3,392
CASH, BEGINNING 122 558 --
-------- -------- --------
CASH, ENDING $ 3,392 $ 4,265 $ 3,392
======== ======== ========
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid $ -- $ -- $ --
======== ======== ========
Income taxes paid $ -- $ -- $ --
======== ======== ========
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The accompanying notes are an integral part of these interim financial statements
1. ORGANIZATION, BUSINESS OPERATIONS AND BASIS OF PRESENTATION
BASIS OF PRESENTATION
The unaudited financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the rules and regulations of the Securities and Exchange Commission. They do not include all information and notes required by generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there have been no material changes in the information disclosed in the notes to the audited financial statements included on Form 10-K of the Company for the year ended June 30, 2009. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended September 30, 2009, are not necessarily indicative of the results that may be expected for any other interim period or the entire year. For further information, these unaudited financial statements and the related notes should be read in conjunction with the Company's audited financial statements for the year ended June 30, 2009, included in the Company's annual report on Form 10-K.
RECENTLY ADOPTED ACCOUNTING GUIDANCE
On July 1, 2009, we adopted authoritative guidance issued by the Financial Accounting Standards Board ("FASB") on business combinations. The guidance retains the fundamental requirements that the acquisition method of accounting (previously referred to as the purchase method of accounting) be used for all business combinations, but requires a number of changes, including changes in the way assets and liabilities are recognized and measured as a result of business combinations. It also requires the capitalization of in-process research and development at fair value and requires the expensing of acquisition-related costs as incurred. We completed no business combinations since July 1, 2009 and the adoption of the new guidance did not have an impact on our financial statements.
On July 1, 2009, we adopted the authoritative guidance issued by the FASB that changes the accounting and reporting for non-controlling interests. Non-controlling interests are to be reported as a component of equity separate from the parent's equity, and purchases or sales of equity interests that do not result in a change in control are to be accounted for as equity transactions. In addition, net income attributable to a non-controlling interest is to be included in net income and, upon a loss of control, the interest sold, as well as any interest retained, is to be recorded at fair value with any gain or loss recognized in net income. Adoption of the new guidance did not have an impact on our financial statements.
On July 1, 2009, we adopted the authoritative guidance on fair value measurement for nonfinancial assets and liabilities, except for items that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). Adoption of the new guidance did not have an impact on our financial statements.
RECENT ACCOUNTING GUIDANCE NOT YET ADOPTED
In October 2009, the FASB issued authoritative guidance on revenue recognition that will become effective for us beginning July 1, 2010, with earlier adoption permitted. Under the new guidance on arrangements that include software elements, tangible products that have software components that are essential to the functionality of the tangible product will no longer be within the scope of the software revenue recognition guidance, and software-enabled products will now be subject to other relevant revenue recognition guidance. Additionally, the FASB issued
authoritative guidance on revenue arrangements with multiple deliverables that are outside the scope of the software revenue recognition guidance. Under the new guidance, when vendor specific objective evidence or third party evidence for deliverables in an arrangement cannot be determined, a best estimate of the selling price is required to separate deliverables and allocate arrangement consideration using the relative selling price method. The new guidance includes new disclosure requirements on how the application of the relative selling price method affects the timing and amount of revenue recognition. The adoption of this new guidance will not have an impact on our financial statements.
In June 2009, the FASB issued authoritative guidance on the consolidation of variable interest entities, which is effective for us beginning July 1, 2010. The new guidance requires revised evaluations of whether entities represent variable interest entities, ongoing assessments of control over such entities, and additional disclosures for variable interests. The adoption of this new guidance will not have an impact on our financial statements.
2. SUBSEQUENT EVENTS
NAME CHANGE
On October 5, 2009, the Company changed its name to Itokk, Inc.
CAPITAL STOCK
On October 5, 2009, the Company's authorized capital changed to include 1,000,000 preferred shares. The classes, series, voting powers and restrictions on these preferred shares have not been determined or authorized by the Company's board of directors.
On September 14, 2009, the Company approved an 8.5 to 1 forward-split of their common stock for shareholders of record on that date. The split was effective on October 28, 2009.
ACQUISITION OF LICENSING AGREEMENT
On September 14, 2009, the Company entered into a licensing agreement with Packetera Communications Inc. ("Packetera"), a private Canadian company, whereby the Company agreed to issue 30,600,000 post forward-split shares of their common stock in exchange for Packetera granting to the Company an exclusive worldwide 75 year license to use, sell, market, distribute and sublicense various products and services owned by Packetera. The acquisition was effective on October 28, 2009 and the results of the transaction have been presented in the following pro forma balance sheet:
September 30, Combined
2009 Pro Forma Adjustments Pro Forma
-------- -------------------------- -----------
ASSETS
CURRENT ASSETS
Cash $ 3,392 $ -- $ -- $ 3,392
Intellectual property -- (a) 2,000,000 -- 2,000,000
-------- ---------- -------- -----------
TOTAL ASSETS $ 3,392 $2,000,000 $ -- $ 2,003,392
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable and accrued liabilities $ 7,150 $ -- $ -- $ 7,150
Due to related party 63,819 -- -- 63,819
-------- ---------- -------- -----------
TOTAL CURRENT LIABILITIES 70,969 -- -- 70,969
-------- ---------- -------- -----------
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock, $0.001 par value 7,445 (a) 30,600 (b) (4,000) 34,045
Additional paid-in capital 17,055 (a) 1,969,400 (b) 4,000 1,990,455
Deficit accumulated during the development stage (92,077) -- -- (92,077)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) (67,577) 2,000,000 -- 1,932,423
-------- ---------- -------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 3,392 $2,000,000 $ -- $ 2,003,392
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(b) On October 28, 2009, two officers of Itokk each cancelled 17,000,000 shares of the Company's common stock (34,000,000 shares were cancelled in total).
Management has evaluated all activity of the Company through November 13, 2009 (the issue date of the financial statements) and concluded that no subsequent events (other than the subsequent events disclosed above) have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.
FORWARD-LOOKING STATEMENTS
This Form 10-Q includes "forward-looking statements" within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.
All statements other than historical facts included in this report, including without limitation, statements under "Plan of Operation", regarding our financial position, business strategy, and plans and objectives of management for the future operations, are forward-looking statements.
Although we believe that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to, market conditions, competition and the ability to successfully complete financing.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Our plan of operation for the twelve months following the date of this report is to expand our business operations by:
* executing additional reseller agreements pursuant to which third
parties will market our products and services to end-users;
* assembling an integration team to aid and assist resellers;
* assembling a call center support team to answer reseller and end-user
inquiries;
* conducting a marketing plan to secure additional resellers and
customers; and
* pursuing research and development initiatives to complete certain
products in the development stage and to generate proposals for
potential new products.
In order to execute additional reseller agreements, we plan to have our management travel extensively in order to introduce our products and services to telecommunications companies, cable companies, Internet service providers, VOIP service providers and marketing organizations throughout North America and Europe. Our C.E.O., Kevin Penstock, will be primarily responsible for initiating new contacts in North America, while Carmelo D'Anzi, our vice-president of business development, will initiate new contacts in Europe. Our goal is to execute and maintain a minimum of 17 new, active resellers within the next 12 months. We intend to commence this marketing effort immediately and anticipate that it will be ongoing throughout the next 12 month period.
Our management will also oversee the assembly of the integration and call center support teams. This will primarily involve hiring and training personnel to aid and assist resellers in their efforts to sell our products to their customers and to answer any questions from either the resellers or their customers. We expect to hire 12 client and customer support personnel in the next 12 months. The timing of the expansion of these teams will depend on our ability to raise funding to cover labor and related overhead expense.
Our marketing efforts will consist of a mix of new social and media viral marketing via the Internet sustained by channel marketing through our resellers.
In order to pursue new product development, such as our Softphone suite, extended Callback products and services, as well as to research new VoIP technologies, we intend to retain software developers. Our C.E.O., Kevin Penstock, and our vice-president of research and development, Ioannis
Karamitsos, Ph.D., will oversee the training and management of these employees. We intend to expand our research and development efforts by retaining five technical staff in Vancouver and another 30 developers in India, with an initial recruitment of five employees. The timing of the expansion of these teams will depend on our ability to raise funding to cover labor and related overhead expense.
In order to achieve the preceding objectives, we anticipate incurring the following approximate costs:
Management wages: $ 915,000
Operations and overhead: $1,268,000
Research and development: $ 402,000
Marketing: $ 528,000
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TOTAL: $3,113,000
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Of this amount, we expect that in order to achieve our objectives, we will require these funds on a per quarter basis approximately as follows:
Quarter 1: $ 256,000
Quarter 2: $ 630,000
Quarter 3: $1,013,000
Quarter 4: $1,214,000
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TOTAL: $3,113,000
==========
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As well, we anticipate spending an additional $100,000 on administrative costs such as accounting and auditing fees, legal fees and fees payable in connection with reporting obligations.
Total expenditures over the next 12 months are therefore expected to be approximately $3,213,000. Our ability to meet these objectives in the time frames indicated will be dependent on our ability to generate revenue from operations and to raise sufficient additional capital to expand operations. If we are unable to generate sufficient revenue or raise financing as required, we will delay our expansion of operations as necessary.
SOURCES AND USES OF CASH
At September 30, 2009, our current assets consisted of $3,392 in cash. Accordingly, we will have to raise additional funds in the next twelve months in order to cover our anticipated administrative costs and costs of expanding our operations as outlined above. We currently do not have a specific plan of how we will obtain such funding; however, we anticipate that additional funding will be in the form of equity financing from the sale of our common stock. Any private placement of our common stock could result in substantial dilution to existing shareholders.
We have and will continue to seek to obtain short-term loans from our directors, although no future arrangements for additional loans have been made. We do not have any agreements with our directors concerning these loans. We do not have any arrangements in place for any future equity financing.
EVENTS, TRENDS AND UNCERTAINTIES
The development of our business will depend upon our ability to attract resellers and customers for our VOIP and related products and services. Our ability to generate revenue may be affected by events and trends such as general economic conditions, technological advances and competing products from existing and new companies in the same business.
RESULTS OF OPERATIONS
We did not earn any revenues during the three-month period ended September 30, 2009. We incurred operating expenses in the amount of $11,690 for the period consisting entirely of general and administrative costs.
We have not attained profitable operations and are dependent upon obtaining financing to pursue activities. For these reasons, there is substantial doubt that we will be able to continue as a going concern.
CONTROLS AND PROCEDURES
EVALUATION OF DISCLOSURE CONTROLS
We evaluated the effectiveness of our disclosure controls and procedures as of the date of this report. This evaluation was conducted by Kevin Penstock, our chief executive officer and principal accounting officer.
Disclosure controls are controls and other procedures that are designed to ensure that information that we are required to disclose in the reports we file pursuant to the Securities Exchange Act of 1934 is recorded, processed, summarized and reported.
LIMITATIONS ON THE EFFECTIVE OF CONTROLS
Our management does not expect that our disclosure controls or our internal controls over financial reporting will prevent all error and fraud. A control system, no matter how well conceived and operated, can provide only reasonable, but no absolute, assurance that the objectives of a control system are met. Further, any control system reflects limitations on resources, and the benefits of a control system must be considered relative to its costs. These limitations also include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of a control. A design of a control system is also based upon certain assumptions about potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and may not be detected.
CONCLUSIONS
Based upon their evaluation of our controls, Kevin Penstock, our chief executive officer and principal accounting officer, has concluded that, subject to the limitations noted above, the disclosure controls are effective providing reasonable assurance that material information relating to us is made known to management on a timely basis during the period when our reports are being prepared. There were no changes in our internal controls that occurred during the quarter covered by this report that have materially affected, or are reasonably likely to materially affect our internal controls.
PART II- OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Company is not a party to any pending legal proceeding. Management is not aware of any threatened litigation, claims or assessments.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
On October 28, 2009, we issued 30,600,000 shares of our common stock to Packetera Communications Inc. ("Packetera") pursuant to a licensing agreement
whereby we acquired an exclusive worldwide 75 year license to use, sell, market, distribute and/or sublicense various products and services owned by Packetera.
We issued these shares pursuant to Section 4(2) of the Securities Act of 1933. We were able to rely upon this exemption since this issuance does not constitute a public offering of our shares.
In connection with this issuance, the principal of Packetera, Kevin Penstock was provided with access to all material aspects of the company, including the business, management, offering details, risk factors and financial statements. He also represented to us that he was acquiring the shares as principal for his own account with investment intent. He also represented that he was sophisticated, having prior investment experience and having adequate and reasonable opportunity and access to any corporate information necessary to make an informed decision. This issuance of securities was not accompanied by general advertisement or general solicitation. The shares were issued with a Rule 144 restrictive legend.
In connection with the completion of the aforementioned licensing agreement, we agreed to split our common stock such that every share of pre-split stock was exchange for 8.5 post-split shares of common stock.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
On September 14, 2009, the following actions were authorized by our Board of Directors and approved by the written consent of stockholders of the company holding 4,000,000 shares, representing a majority of the shares of our outstanding common stock:
(1) to amendment and restate our Articles of Incorporation to change the
name of the Company from Shadow Marketing, Inc. to Itokk, Inc.;
(2) to amend and restate our Articles of Incorporation to change our
authorized capital to include 1,000,000 shares of preferred stock and
that the Company vest authority in the board of directors to prescribe
the classes, series and the number of each class or series of stock
and the voting powers, designations, preferences, limitations,
restrictions and relative rights of each class or series of stock; and
(3) to approve a 8.5-for-1 forward-split of our common stock issued and
outstanding, such that every current shareholder of the Company's
common stock shall be issued 8.5 shares of the Company's $0.001 par
value common voting stock in exchange for every one share of the
Company's $0.001 par value common voting stock held as of the record
date, with fractional shares being rounded up to the next whole share.
The number of authorized shares of common stock will be unchanged
(200,000,000).
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
31.1 Certification pursuant to Rule 13a-14(a) under the Securities Exchange Act
of 1934
31.2 Certification pursuant to Rule 13a-14(a) under the Securities Exchange Act
of 1934
32.1 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
32.2 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
We filed the following current reports on Form 8-K during the three-month period ended September 30, 2009, and subsequent thereto:
Date of Filing Subject of Filing
-------------- -----------------
September 14, 2009 Entry into a licensing agreement with Packetera
Communications Inc.
September 22, 2009 Change of auditor
October 28, 2009 Completion of licensing agreement with Packetera
Communications Inc.
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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.
November 16, 2009
ITOKK, INC.
/s/ Kevin Penstock ------------------------------------- Kevin Penstock, President, Chief Executive Officer, Principal Accounting Officer and Principal Financial Officer |
Exhibit 31.1
CERTIFICATION
I, Kevin Penstock, Chief Executive Officer of Itokk, Inc., certify that:
1. I have reviewed this quarterly report on Form 10-Q of Itokk, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by quarterly report;
3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d- 15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such
disclosure control and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to
us by others within those entities, particularly during the period in
which this report is being prepared;
b) designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted
accounting principles;
c) evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end
of the period covered by this report based on such evaluation;
d) disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the registrant's
most recent fiscal quarter (the registrant's fourth fiscal quarter in
the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant's internal
control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to
record, process summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
control over financial reporting
Date: November 16, 2009 /s/ Kevin Penstock ----------------------------------- Kevin Penstock, C.E.O. Principal Executive Officer |
Exhibit 31.2
CERTIFICATION
I, Kevin Penstock, principal accounting officer of Itokk, Inc., certify that:
1. I have reviewed this quarterly report on Form 10-Q of Itokk, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by quarterly report;
3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d- 15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such
disclosure control and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to
us by others within those entities, particularly during the period in
which this report is being prepared;
b) designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted
accounting principles;
c) evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end
of the period covered by this report based on such evaluation;
d) disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the registrant's
most recent fiscal quarter (the registrant's fourth fiscal quarter in
the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant's internal
control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to
record, process summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
control over financial reporting
Date: November 16, 2009 /s/ Kevin Penstock ---------------------------------- Kevin Penstock Principal Financial Officer Principal Accounting Officer |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Itokk, Inc. (the "Company") on Form 10-Q for the period ended September 30, 2009 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, in the capacities and on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:
1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: November 16, 2009 /s/ Kevin Penstock ------------------------------------ Kevin Penstock, C.E.O. (Principal Executive Officer) |
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Itokk, Inc. (the "Company") on Form 10-Q for the period ended September 30, 2009 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, in the capacities and on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:
1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: November 16, 2009 /s/ Kevin Penstock ----------------------------------- Kevin Penstock Principal Financial Officer Principal Accounting Officer |