Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-K

 

[X]  ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended May 31, 2015

 

[_]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period ended _______

 

Commission File Number: 000-52791

 

PORTAGE RESOURCES INC.

(Exact name of registrant as specified in its charter)

 

   
Nevada 75-3244927

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer Identification No.)
   

5996 S Edmond St., Las Vegas, NV

(Address of principal executive offices)

89118

(Zip Code)

 

Issuer’s telephone number, including area code 844-370-1805

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Name of each exchange on which registered
N/A N/A

 

Securities registered under Section 12(g) of the Act: Common Stock

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes  [_]        No  [X]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes  [_]        No  [X]

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   [_]        No  [X]

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  [_]        No  [ X ] 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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 [_]

 

Non-accelerated filer [X ]

 

Accelerated filer [_]

Smaller reporting company [X]

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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. [_]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  [_]        No  [X]

Aggregate market value of the voting stock of the registrant held by non-affiliates of the registrant at November 30, 2014 (computed by reference to the latest price at which the common equity was sold at $0.0012 per share, and the aggregate market value of non-affiliates was $142,200. The number of non-affiliate shares was 39,500,000 as of November 30, 2014.

 

Number of common stock shares issued and outstanding at 1,950,863,362 as of October 5, 2020.

 

     

 

 

TABLE OF CONTENTS

 

   
PART I 1
Item 1. Description of Business 1
Item 1A. Risk Factors 2
Item 1B. Unresolved Staff Comments 2
Item 2. Description of Property 2
Item 3. Legal Proceedings 2
Item 4. Submission of Matters to a Vote of Security Holders 2
PART II 3
Item 5. Market for Common Equity and Related Stockholder Matters 3
Item 6. Selected Financial Data 4
Item 7. Management's Discussion and Analysis and Results of Operation 4
Item 7A. Quantitative and Qualitative Disclosures about Market Risk 4
Item 8. Financial Statements and Supplementary Data 5
Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure 6
Item 9A. Controls and Procedures 6
Item 9A(T). Controls and Procedures  
Item 9B. Other Information 7
PART III 8
Item 10. Directors, Executive Officers, Promoters and Control Persons; Compliance with Section 16(a) of the Exchange Act 8
Item 11. Executive Compensation 9
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 10
Item 13. Certain Relationships, Related Transactions and Director Independence 10
Item 14. Principal Accountant Fees and Services 11
PART IV 12
Item 15. Exhibits and Financial Statement Schedules 12

 

 

 

 

  i  

 

PART I

 

ITEM 1. BUSINESS DESCRIPTION

 

Corporate Overview

 

On April 30, 2008, the directors of the Company approved a resolution to forward split the issued and outstanding common shares of the Company on the basis of the issuance of 39 new shares for one existing share of common stock presently held (the “Forward Split”). As a result of the Forward Split every one outstanding share of common stock was increased to forty shares of common stock.

 

On May 1, 2008, the Secretary of State for Nevada approved an amendment to the Articles of Incorporation where the total number of shares of common stock was increased to 500,000,000 shares of common stock with a par value of $0.001 per common share.

 

On February 4, 2011, the Board of Directors approved a ten for one (10:1) forward split of the issued and authorized shares of the Company. The Company’s authorized common stock increased from 500,000,000 shares of common stock with a par value of $0.001 to 5,000,000,000 shares of common stock with a par value of $0.001.

 

On May 30, 2011, Paul Luna Belfiore (“Mr. Belfiore”) acquired control of four hundred eighty million (480,000,000) shares of the Company’s issued and outstanding common stock, representing approximately 75.33% of the Company’s total issued and outstanding common stock, from Martine Caron (“Mr. Caron”), and Russell L. James (“Mr. James”) in accordance with stock purchase agreements between Mr. Belfiore and Messrs. Caron and James, respectively, (the “Stock Purchase Agreements”). Pursuant to the Stock Purchase Agreements, Mr. Belfiore paid an aggregate purchase price of twenty thousand dollars ($20,000) to Messrs. Caron and James in exchange for the shares.

 

On June 13, 2011, the Company raised a total of $50,000 for working capital by way of a Regulation S private placement.

 

On June 15, 2011, Mr. Oscar Tinoco as appointed a Director of the Company and Vice President of Operations and on June 20, 2011, Mr. Elias Garate was appointed as a director of the Company and V.P. Exploration.

 

As at our fiscal year end we did not have any subsidiaries, however, subsequent to our fiscal year ended the Company incorporated two Peruvian subsidiaries, Portage Minerals Peru S.A. and Portage Resources Peru S.A. to hold its mineral properties in Peru.

 

On June 2, 2015, the Company filed a Form 15 terminating its registration under section 12(g) of the Securities Exchange Act of 1934.

 

Forward Looking Statements

 

Certain matters discussed herein are forward-looking statements. Such forward-looking statements contained in this Form 10-K involve risks and uncertainties, including statements as to:

 

· our future operating results;
· our business prospects;
· our contractual arrangements and relationships with third parties;
· the dependence of our future success on the general economy;
· our possible future financings; and
· the adequacy of our cash resources and working capital.

 

These forward-looking statements can generally be identified as such because the context of the statement will include words such as we “believe,” “anticipate,” “expect,” “estimate” or words of similar meaning. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which are described in close proximity to such statements and which could cause actual results to differ materially from those anticipated. Shareholders, potential investors and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included herein are only made as of the date of this Form 10-K, and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

 

 

 

  1  

 

 

ITEM 1A. RISK FACTORS

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and, as such, are not required to provide the information under this Item; however, due to the current circumstance we have chosen to include the following risk factor.

 

ITEM 1B. UNRESOLVED STAFF COMMENTS

 

None

 

ITEM 2. PROPERTIES

 

We do not currently own or lease any property.

 

ITEM 3. LEGAL PROCEEDINGS

 

We know of no material, active or pending legal proceedings against our Company, nor of any proceedings that a governmental authority is contemplating against us.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

 

 

  2  

 

 

PART II

 

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

 

Market Information, Holders and Dividends

 

Market Information

 

There is a limited public market for our common shares. Our common shares are quoted for trading on the OTC Bulletin Board under the symbol “POTG.” The market for our stock is highly volatile. We cannot assure you that there will be a market in the future for our common stock. OTC Bulletin Board stocks are traditionally smaller companies that do not meet the financial and other listing requirements of a regional or national stock exchange.

 

Dividend Policy

 

The Company has never paid a cash dividend on its common stock and does not intend to pay cash dividends on its common stock in the foreseeable future.

 

Holders

 

As of October 5, 2020, we had 27 shareholders of record, which does not include shareholders who hold shares in “street accounts” of securities brokers.

 

Recent Sales of Unregistered Securities

 

Except as identified below, there were no other unregistered securities sold or issued by the Company without the registration of these securities under the Securities Act of 1933 in reliance on exemptions from such registration requirements, within the period covered by this report, which have not been previously included in a Quarterly Report on Form 10-Q or a Current Report on Form 8-K. There were no underwriting discounts or commissions paid in connection with the sale of the identified securities.

 

During the year ended May 31, 2015, the Company issued 25,000,000 shares of common stock for total non cash expense of $62,500.

 

The shares above will be issued under the Regulation S exemption in compliance with the exemption from the registration requirements found in Regulation S promulgated by the Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended. The offer and sale to the purchasers was made in an offshore transaction as defined by Rule 902(h). No directed selling efforts were made in the U.S. as defined in Rule 902(c). The offer and sale to the purchasers was not made to a U.S. person or for the account or benefit of a U.S. person. The following conditions were present in the offer and sale: a) The purchaser of the securities certified that it is not a U.S. person and did not acquire the shares for the account or benefit of any U.S. person; b) The purchaser has agreed to resell the securities only in compliance with Regulation S pursuant to a registration under the Securities Act, or pursuant to an applicable exemption from registration; and has agreed not to engage in hedging transactions with regard to the securities unless in compliance with the Securities Act; c) The purchaser has acknowledged and agreed with the Company that the Company shall refuse registration of any transfer of the securities unless made in accordance with Regulation S, pursuant to a registration statement under the Securities Act, or pursuant to an applicable exemption from registration; and d) The purchaser has represented that it is acquiring the shares for its own account, for investment purposes only and not with a view to any resale, distribution or other disposition of the shares in violation of the United States federal securities laws. Neither the Company nor any person acting on its behalf offered or sold these securities by any form of general solicitation or general advertising. The shares sold are restricted securities and the certificates representing these shares have been affixed with a standard restrictive legend, which states that the securities cannot be sold without registration under the Securities Act of 1933 or an exemption therefrom.

 

Issuer Purchase of Securities

 

The Company did not repurchase any of its securities during the fiscal year ended May 31, 2015.

 

 

 

  3  

 

 

ITEM 6. SELECTED FINANCIAL DATA.

 

As a “smaller reporting company”, we are not required to provide the information required by this Item.

 

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following discussion should be read in conjunction with our audited financial statements and the related notes that appear elsewhere in this Annual Report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs.  Our actual results could differ materially from those discussed in the forward looking statements. Factors that could cause or contribute to such differences include those discussed below and elsewhere in this Annual Report.

 

Our financial statements are stated in United States dollars and are prepared in accordance with United States generally accepted accounting principles.

 

Results of Operations

 

We did not earn any revenue for the years ended May 31, 2015 and 2014.

 

For the year ended May 31, 2015, we incurred $62,500 of general and administrative expense compared to $0. We ceased most of our operations and on June 2, 2015, the Company filed a Form 15 terminating its registration under section 12(g) of the Securities Exchange Act of 1934.

 

For the year ended May 31, 2015, we incurred $2,400 of interest expense compared to $2,400 in the prior year. During the current year we incurred interest expense on our short-term loans.

 

Our net loss for the year ended May 31, 2015 was $64,900 compared to $2,400 for the year ended May 31, 2014.

 

We have suffered recurring losses from operations. The continuation of our Company is dependent upon our Company attaining and maintaining profitable operations and raising additional capital as needed.  In this regard, we have raised capital through loan transactions in the past, and presently believe we will be able to do so in the future, as well as to be able to raise capital by way of equity financings.

 

Liquidity & Capital Resources

 

As reflected in the accompanying financial statements, the Company has had no revenue, has an accumulated deficit of $5,355,411 at May 31, 2015, had a net loss of $64,900 and net cash used in operating activities of $0 for year ended May 31, 2015.

 

We received no funds financing activities for the year ended May 31, 2015 or 2014.

 

We cannot at this time say how much additional capital may be required. Should we be required to raise additional capital, there can be no assurance that we will be successful in raising the capital required to fund our planned expenditures or other additional activities.

 

We expect to continue to incur losses for the foreseeable future and there can be no assurance that we will achieve or maintain revenues or profitability, or establish or sustain future growth.

 

Critical Accounting Policies and Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Note 2 to the Financial Statements describes the significant accounting policies and methods used in the preparation of the Financial Statements. Estimates are used for, but not limited to, contingencies and taxes.  Actual results could differ materially from those estimates. The following critical accounting policies are impacted significantly by judgments, assumptions, and estimates used in the preparation of the Financial Statements.

 

We are subject to various loss contingencies arising in the ordinary course of business. We consider the likelihood of loss or impairment of an asset or the incurrence of a liability, as well as our ability to reasonably estimate the amount of loss in determining loss contingencies. An estimated loss contingency is accrued when management concludes that it is probable that an asset has been impaired, or a liability has been incurred and the amount of the loss can be reasonably estimated. We regularly evaluate current information available to us to determine whether such accruals should be adjusted.

 

We recognize deferred tax assets (future tax benefits) and liabilities for the expected future tax consequences of temporary differences between the book carrying amounts and the tax basis of assets and liabilities. The deferred tax assets and liabilities represent the expected future tax return consequences of those differences, which are expected to be either deductible or taxable when the assets and liabilities are recovered or settled. Future tax benefits have been fully offset by a 100% valuation allowance as management is unable to determine that it is more likely than not that this deferred tax asset will be realized.

 

Off Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements as of the date of this filing.

 

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

As a “smaller reporting company”, we are not required to provide the information required by this Item.

 

 

 

  4  

 

 

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

 

PORTAGE RESOURCES INC.

CONSOLIDATED FINANCIAL STATEMENTS

 

Report of Independent Registered Public Accounting Firm F-1
   
Consolidated Balance Sheets as of May 31, 2015 and 2014 F-2
   
Consolidated Statements of Operations for the years ended May 31, 2015 and 2014 F-3
   
Consolidated Statements of Stockholders’ Deficit for the years ended May 31, 2015 and 2014 F-4
   
Consolidated Statements of Cash Flows for years ended May 31, 2015 and 2014 F-5
   
Notes to the Consolidated Financial Statements F-6

 

 

 

 

  5  

 

 

 

 

Report of Independent Registered Public Accounting Firm

To the shareholders and the board of directors of PORTAGE RESOURCES INC.

 

Opinion on the Financial Statements

We have audited the accompanying balance sheets of PORTAGE RESOURCES INC. as of May 31, 2015 and 2014, the related statements of operations, changes in shareholders' equity and cash flows, for each of the two years in the period ended May 31, 2015, and the related notes collectively referred to as the "financial statements". In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of May 31, 2015 and 2014, and the results of its operations and its cash flows for each of the two years in the period ended May 31, 2015, in conformity with U.S. generally accepted accounting principles.

 

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

Critical Audit Matters

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

 

/s/ OLAYINKA OYEBOLA & CO 

 

OLAYINKA OYEBOLA & CO.

(Chartered Accountants)

 

We have served as the Company's auditor since August 2020.

September 30, 2020

 

 

 

  F-1  

 

 

 

PORTAGE RESOURCES INC.

CONSOLIDATED BALANCE SHEETS

 

 

    May 31,
2015
    May 31,
2014
 
ASSETS                
                 
Current Assets:                
Cash   $     $  
Total Assets            
                 
LIABILITIES AND STOCKHOLDERS’ DEFICIT                
                 
Current Liabilities:                
Accounts payable   $ 107,947     $ 107,947  
Advances payable     108,404       108,404  
Accrued interest     7,100       4,700  
Short-term loans     25,520       25,520  
Total Current Liabilities     248,971       246,571  
                 
STOCKHOLDERS’ DEFICIT:                
Common stock: 5,000,000,000 shares authorized, at $0.001 par value 481,759,900 and 456,759,900 shares issued and outstanding, respectively.     481,760       456,760  
Additional paid in capital     4,624,680       4,587,180  
Accumulated deficit     (5,355,411 )     (5,290,511 )
Total Stockholders' Deficit     (248,971 )     (246,571 )
Total Liabilities and Stockholders’ Deficit   $     $  

 

 

The accompanying notes are an integral part of these financial statements.

 

 

 

  F-2  

 

 

PORTAGE RESOURCES INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

    For the Years Ended
May 31,
 
    2015     2014  
             
Expenses:                
General and administrative expense   $ 62,500     $  
Total expenses     62,500        
                 
Other expense:                
Interest expense     (2,400 )     (2,400 )
Total other expense     (2,400 )     (2,400 )
                 
Net Loss   $ (64,900 )   $ (2,400 )
                 
Basic and diluted loss per common share   $ (0.00 )   $ (0.00 )
Weighted average number of common shares outstanding - basic and diluted     457,102,366       456,759,900  

 

The accompanying notes are an integral part of these financial statements.

 

 

 

 

  F-3  

 

  

PORTAGE RESOURCES INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

MAY 31, 2015

 

 

 

  Common Stock     Additional     Accumulated        
  Shares     Amount     Paid in Capital     Deficit     Total  
Balance, May 31, 2013     456,759,900     $ 456,760     $ 4,587,180     $ (5,288,111 )   $ (244,171 )
Net Loss                       (2,400 )     (2,400 )
Balance, May 31, 2014     456,759,900       456,760       4,587,180       (5,290,511 )     (246,571 )
Common stock issued     25,000,000       25,000       37,500             62,500  
Net loss                       (64,900 )     (64,900 )
Balance, May 31, 2015     481,759,900     $ 481,760     $ 4,624,680     $ (5,355,411 )   $ (248,971 )

 

The accompanying notes are an integral part of these financial statements.

 

 

 

 

  F-4  

 

 

 

PORTAGE RESOURCES INC.

CONSOLIDATED STATEMENTS OF CASH FLOW

 

 

    For the Years Ended
May 31,
 
    2015     2014  
CASH FLOWS FROM OPERATING ACTIVITIES:                
Net loss   $ (64,900 )   $ (2,400 )
Adjustment to reconcile net loss to net cash used by operating activities:                
Stock compensation     62,500        
Changes in operating assets and liabilities:                
Accrued interest     2,400       2,400  
Net cash used in operations            
                 
CASH FLOWS FROM FINANCING ACTIVITIES:                
Proceeds from issuance of common stock            
Cash Flows Provided by Financing Activities            
                 
Net decrease in cash            
Cash at beginning of period            
CASH AT END OF PERIOD   $     $  

 

 

The accompanying notes are an integral part of these financial statements.

 

 

  F-5  

 

 

PORTAGE RESOURCES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MAY 31, 2015

 

 

NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION

 

Portage Resources Inc. (the “Company”) was incorporated under the laws of the State of Nevada on July 20, 2006 with authorized common stock of 5,000,000,000 shares at $0.001 par value.

  

The Company was organized for the purpose of acquiring and developing mineral properties.

 

On June 22, 2011, the Company incorporated two subsidiaries to undertake mineral acquisition and exploration activities in Peru known as Portage Resources Peru S.A. and Portage Minerals Peru Sociedad Anonima. Under Peruvian regulation each Company must have one Peruvian shareholder to be validly incorporated; therefore, the Company has incorporated each entity with 99 shares held by the Company and 1 share held by a Peruvian resident.

 

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

 

Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles 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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Concentrations of Credit Risk

We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant credit risk on cash.

 

Cash equivalents

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents for the years ended May 31, 2015 or 2014.

 

Principles of Consolidation

These financial statements include the accounts of the Company and its two subsidiaries (Portage Resources Peru S.A. and Portage Minerals Peru Sociedad Anomina) on a consolidated basis. All inter-company accounts have been eliminated.

 

Income taxes

The Company follows Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the fiscal years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statements of Income in the period that includes the enactment date.

 

 

 

  F-6  

 

 

The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”) with regards to uncertainty income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25.

 

Fair Value Measurements

Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritize the inputs used to measure fair value into three levels and bases the categorization with the hierarchy upon the lowest level of input that is available and significant to the fair value measurement.

 

The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

 

The three levels of the fair value hierarchy under ASC 820 are described below:

 

Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

 

Level 2 - Inputs, other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g. interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

 

Level 3 - Inputs that are both significant to the fair value measurement and unobservable.

 

The Company’s cash and cash equivalents and short-term investments are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The carrying amounts of accounts payable, advances payable and short-term loans approximate their fair value due to short term maturities.

 

Net income (loss) per common share

Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period. The weighted average number of common shares outstanding and potentially outstanding common shares assumes that the Company incorporated as of the beginning of the first period presented.

 

The Company’s diluted loss per share is the same as the basic loss per share for the years ended May 31, 2015 and 2014, as the inclusion of any potential shares would have had an anti-dilutive effect due to the Company generating a loss.

 

Recently issued accounting pronouncements

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 requires lessees to recognize lease assets and lease liabilities on the balance sheet and requires expanded disclosures about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and interim periods in fiscal years beginning after December 15, 2018, with early adoption permitted. The Company has adopted this accounting standard update.

 

 

 

 

  F-7  

 

 

On June 20, 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 is intended to reduce cost and complexity and to improve financial reporting for share-based payments to nonemployees (for example, service providers, external legal counsel, suppliers, etc.). Under the new standard, companies will no longer be required to value non-employee awards differently from employee awards. Meaning that companies will value all equity classified awards at their grant-date under ASC718 and forgo revaluing the award after this date. The guidance is effective for interim and annual periods beginning after December 15, 2018.

 

In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivative and Hedging (Topic 815, and Leases (Topic 841). This new guidance will be effective for annual reporting periods beginning after December 15, 2019, including interim periods within those annual reporting periods. While the Company is continuing to assess the potential impacts of ASU 2019-10, it does not expect ASU 2019-10 to have a material effect on its financial statements.

 

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

 

NOTE 3 - ADVANCES PAYABLE

 

During the fiscal year ended May 31, 2011, a former director of the Company made advances of $12,381 to the Company for operations, and paid expenses on behalf of the Company of $3,900. These advances are non-interest bearing and payable on demand. On May 30, 2011 the former director resigned from the Board of Directors of the Company, and as at May 31, 2011 the entire amount advanced by this former director, totaling $108,364, was reclassified to advances payable.  On June 22, 2011, the former director made an additional advance of $40 to the Company. As of May 31, 2015 and 2014, the balance due to this former director totaled $108,404 and $108,404, respectively.

 

NOTE 4- COMMON STOCK

  

During the year ended May 31, 2015, the Company issued 25,000,000 shares of common stock for total non cash expense of $62,500.

 

NOTE 5 - SHORT-TERM LOANS

 

On November 30, 2011, the Company received a loan from Nilam Resources Inc. of $5,520. The loan is due on demand and bears no interest for six months. After six months the loan incurs a $100 per month non-compounded interest charge. As of May 31, 2015, there is $3,600 of interest accrued on this loan.

 

On January 4, 2012, the Company requested a loan from BTL Media Corp. of $20,000. The loan is due on demand and bears no interest for six months. After six months the loan incurs a $100 per month non-compounded interest charge. As of May 31, 2015, there is $3,500 of interest accrued on this loan.

 

 

 

  F-8  

 

 

NOTE 6 – GOING CONCERN

 

As reflected in the accompanying financial statements, the Company has no current operations from which to generate revenue, has an accumulated deficit of $5,355,411 at May 31, 2015 and had a net loss of 64,900 for the year ended May 31, 2015. These factors raise substantial doubt about our ability to continue as a going concern. The financial statements have been prepared assuming that the Company will continue as a going concern.

 

These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

The Company’s ability to raise additional capital through the future issuances of common stock and/or debt financing is unknown. The obtainment of additional financing, the successful development of the Company’s contemplated plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations. These conditions and the ability to successfully resolve these factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements of the Company do not include any adjustments that may result from the outcome of these uncertainties.

 

NOTE 7 - INCOME TAXES

 

At May 31, 2015, the Company had net operating loss carry forwards of approximately $3,841,000 that may be offset against future taxable income. No tax benefit has been reported in the May 31, 2015 financial statements since the potential tax benefit is offset by a valuation allowance of the same amount.

 

The provision for Federal income tax consists of the following for the years ended May 31, 2015 and 2014:

 

    2015     2014  
Federal income tax benefit attributable to:                
Current operations   $ (22,000 )   $ (816 )
Less: valuation allowance     22,000       816  
Net provision for Federal income taxes   $     $  

 

The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows as of May 31, 2015 and 2014:

 

    2015     2014  
Income (loss) before taxes   $ (64,900 )   $ (2,400 )
Statutory tax rate     34%       34%  
Expected income tax (recovery)   $ (22,066 )   $ (816 )
Change in valuation allowance   $ 22,066     $ 816  
Foreign tax rate difference   $     $  
Total income taxes (recovery)            

 

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years.

 

ASC Topic 740 provides guidance on the accounting for uncertainty in income taxes recognized in a company’s financial statements. Topic 740 requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more-likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements.

 

 

 

  F-9  

 

The Company includes interest and penalties arising from the underpayment of income taxes in the statements of operations in the provision for income taxes. As of May 31, 2015, the Company had no accrued interest or penalties related to uncertain tax positions.

 

NOTE 8 - SUBSEQUENT EVENTS

 

Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855, from the balance sheet date through the date the financial statement were available to be issued and has determined that there are no material subsequent events that require disclosure in these financial statements.

 

On May 18, 2015 Portage acquired the controlling interest of FG Fitness & Media Group. As part of this agreement Portage acquired over 70% of the ownership of FG Fitness and included in the transaction FG’s management obtained board seats in Portage Resources, Inc. In connection with the acquisition the Company, issued 1 billion shares of common stock to Anthony Miller, former Chairman.

 

On June 2, 2015, the Company filed a Form 15 terminating its registration under section 12(g) of the Securities Exchange Act of 1934.

 

On June 24, 2020, Mark Vanterpool acquired 1,000,000,000 control shares pursuant to a private transaction.

 

On July 9, 2020, the Company amended its Articles of Incorporation and changed the name of the Company to OM Holdings International, Inc.; however, the change has not yet been approved by the Financial Industry Regulatory Authority (FINRA).

 

On July 9, 2020, the Company amended its Articles of Incorporation creating 10,000,000 million shares of preferred stock, par value $0.00001. 1,000,000 shares are designated Series A Preferred and 5,000,000 shares are designated Series B Preferred.

 

On July 9, 2020, the Company, issued 1,000,000 shares of Series A preferred stock to OM Prime Holdings, Ltd. in exchange for payments made on behalf of the Company to revive and get current.

 

On July 16, 2020, the Company created a wholly owned subsidiary called Portage Resources, Inc. of Colorado. It subsequently transferred all the assets and liabilities of the company into this subsidiary.

 

On July 22, 2020, the Company agreed to retired 4,900,000 series B preferred shares owed to Anthony Miller pursuant to the FG Fitness & Media Inc. acquisition. In exchange for 100% of the shares in the subsidiary Portage Resources, Inc. of Colorado.

 

Subsequent to May 31, 2013, the Company issued 1,494,103,462 shares of common stock to various persons and entities for services, acquisitions and debt conversion.

 

 

 

  F-10  

 

 

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 

None

 

ITEM 9A. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

Under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this report. The disclosure controls and procedures ensure that all information required to be disclosed by us in the reports that we file or submit under the Exchange Act is: (i) recorded, processed, summarized and reported, within the time periods specified in the SEC’s rule and forms; and (ii) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer as appropriate to allow timely decisions regarding required disclosure. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of May 31, 2015, these disclosure controls and procedures were not effective.

 

Management’s Annual Report on Internal Control over Financial Reporting

 

Our management is responsible to establish and maintain adequate internal control over financial reporting. Our Chief Executive Officer and Chief Financial Officer are responsible to design or supervise a process that provides reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The policies and procedures include:

 

maintenance of records in reasonable detail to accurately and fairly reflect the transactions and dispositions of assets,
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of management and directors, and
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on our financial statements.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives.

 

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our internal control over financial reporting as of the end of the period May 31, 2015. In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control – Integrated Framework. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the fiscal year May 31, 2015. our internal control over financial reporting were not effective at that reasonable assurance level. The following aspects of the Company were noted as potential material weaknesses:

 

lack of an audit committee
lack of corporate documentation
Ineffective controls over period end financial disclosure and reporting processes.

 

Changes in Internal Controls over Financial Reporting

 

There were no changes in our internal control over financial reporting that occurred during our most recent fiscal quarter that have materially affected, or reasonably likely to materially affect, our internal control over financial reporting.

 

 

 

  6  

 

 

Attestation Report of Independent Public Accounting Firm

 

This annual report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting because as a smaller reporting company we are not subject to attestation by our independent registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit us to provide only management’s report in this annual report.

 

ITEM 9B. OTHER INFORMATION

 

None.

 

 

 

 

 

 

 

 

 

 

 

  7  

 

 

PART III

 

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 

Executive Officer and Directors

 

Our officers and Directors and their ages and positions are as follows:

 

Name Age Position Appointment
Mark Vanterpool 64 CEO, CFO, Chairman June 25, 2020

 

Mark Vanterpool is the founder of OM Holdings International, a publicly traded company, of which he is the current chief executive officer (CEO). With technological innovation at its core, the company focuses on leveraging the use of the latest technology to provide indispensable goods and services to the underserved Caribbean market.

 

Throughout the span of his career, Mark has acquired significant expertise across various industries. He has an impressive track record of growth and success in banking, real estate development, food distribution, and politics.

 

He perfected his management and banking skills quite early in his career by joining Barclays Bank PLC in 1974. At Barclays Bank, he facilitated the progressive growth of the bank’s market share in the Caribbean market. After working for nearly 14 years in the banking sector, he resigned from Barclays Bank to pursue his entrepreneurial interest.

 

In 1988, he became the CEO of K-Mark’s Foods, which at that time, was a small food market with only a few employees. Through his profound understanding of how to create value for his customers, Mark grew this food company into a multi-location company, generating over $28M in revenue with an above industry-average margin of 30%. Today this company employs over 150 employees.

 

With the intent to extend his impact in the Caribbean, Mark began working as a public official in 1999 after being elected as a representative of the Fourth District in the House of Assembly of the Virgin Islands. In recent years, he returned to the National Democratic Party and was eventually elected in 2011 as the Minister for Communications, Works and Sea Ports and was reelected in 2015.

 

Today, Mark’s focus is OM Holdings International. Building on his past success, he endeavors to seize opportunities in a myriad of industries that will bring even greater value to the underserved Caribbean market while fostering the growth of shareholder value.

 

Code of Ethics

 

As of the date of this report, the Company has not adopted a code of ethics.

 

Audit Committee

 

At this time, the Company is not required to have an audit committee. Further, since there are not sufficient independent members of the Board it is not feasible at this time to have an audit committee. The Board of Directors performs the same functions as an audit committee. The Board of Directors in performing its functions as an audit committee has determined that it does not have an audit committee financial expert.

 

 

 

  8  

 

 

ITEM 11. EXECUTIVE COMPENSATION.

 

The particulars of compensation paid to the following persons during the fiscal period ended May 31, 2015 and 2014 below:

 

        Annual Compensation     Long Term Compensation              
              Awards     Payout(s)              
Name and Principal Position   Year  

Salary

$

   

Bonus

$

   

Stock Awards

$

   

Option Awards

$

   

Non-equity

incentive plan

compensation

$

   

 

Nonqualified

deferred

compensation earnings

$

   

All Other

Compensation

$

    Total
$
 
Paul Belfiore   2014     0       0       0       0       0       0       0       0  
Paul Belfiore   2015     0       0       0       0       0       0       0       0  

 

Outstanding Equity Awards at Fiscal Year-End

 

None

 

Option Grants and Exercises

 

There were no option grants or exercises by any of the executive officers named in the Summary Compensation Table above. The Company does not have any stock option plans.

 

Employment Agreements

 

As of the fiscal year ended May 31, 2015, we have not entered into employment agreements with our Director and Officer.

 

Compensation of Directors

 

During the most recent fiscal year, no director was provided any compensation in their roles as directors of the Company.

 

The Company has made no arrangements for the cash remuneration of its director except as noted above, and to the extent that they will be entitled to receive reimbursement for actual, demonstrable out-of-pocket expenses, including travel expenses, if any, made on the Company’s behalf.

 

Compensation Committee

 

We do not currently have a compensation committee. The Company’s Executive Compensation is currently approved by the Board of Directors of the Company in the case of the Company’s Principal Executive Officer. For all other executive compensation contracts, the Principal Executive Officer negotiates and approves the contracts and compensation.

 

 

 

  9  

 

 

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 

Security Ownership of Certain Beneficial Owners

 

The following table sets forth information, as of October 5, 2020, with respect to the beneficial ownership of the Company’s Common Stock by management and each person known by the Company to be the beneficial owner of more than 5% of the outstanding common stock. Information is also provided regarding beneficial ownership of common stock if all outstanding options, warrants, rights and conversion privileges (to which the applicable 5% stockholders have the right to exercise in the next 60 days) are exercised and additional shares of common stock are issued.

 

Title Of

Class

  Name And
Address Of
Beneficial Owner
  Amount And
Nature Of
Beneficial Owner
 

Percent Of

Class (1)

Common   Mark Vanterpool   1,000,000,000   51.2%

 

(1) Beneficial ownership is determined in accordance with SEC rules and includes voting or investment power with respect to securities. All shares of common stock subject to options or warrants exercisable within 60 days of May 31, 2015 are deemed to be outstanding and beneficially owned by the persons holding those options or warrants for the purpose of computing the number of shares beneficially owned and the percentage ownership of that person. They are not, however, deemed to be outstanding beneficially owned for the purpose of computing the percentage ownership of any other person. Subject to the paragraph above, the percentage ownership of outstanding shares is based on 1,950,863,362 shares of common stock outstanding as of October 5, 2020.

 

Changes in Control

 

On June 24, 2020, one billion shares of commons stock were transferred from Chris Lotito, former CEO and sole director to Mark Vanterpool.

 

Securities authorized for issuance under equity compensation plans.

 

None

 

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

 

Certain Relationships and Related Transactions

 

The following information summarizes transactions we have either engaged in for the past two fiscal years or propose to engage in, involving our executive officers, directors, more than 5% stockholders, or immediate family members of these persons. These transactions were negotiated between related parties without “arm’s length” bargaining and, as a result, the terms of these transactions may be different than transactions negotiated between unrelated persons.

 

Director Independence

 

At this time the Company does not have a policy that its directors or a majority be independent of management. The Company has at this time only one director. It is the intention of the Company to implement a policy in the future that a majority of the Board member be independent of the Company’s management as the members of the board of director’s increases after implementation of the Company’s business plan.

 

 

 

  10  

 

 

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

 

Audit, Audit-Related and Non-Audit Fees

 

The following table presents the aggregate fees billed for each of the last two fiscal years by Olayinka Oyebola & Co, our Independent Registered Public Accounting Firm, in connection with the audit of our financial statements and other professional services rendered by those accounting firms.

 

Description of Service   2015     2014  
Audit fees     3,000       3,000  
Audit-related fees            
Tax fees            
All other fees              
Total     3,000       3,000  

 

 

 

 

 

 

 

 

 

 

 

 

  11  

 

 

PART IV

 

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

 

31.1   Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (*)
32.1   Certification of Chief Executive Officer and 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   Interactive Data Files for The OLB Group, Inc. Form 10-K for the period ended December 31, 2019 (*)

 

 

 

 

 

 

  12  

 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

       
      PORTAGE RESOURCES INC.
       
Date: November 6, 2020 By: /s/ Mark Vanterpool
    Name: Mark Vanterpool
    Title: Chief Executive Officer, Acting Chief Financial Officer, Acting Principal Accounting Officer, and Director

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

     
Signature Title Date
/s/  Mark Vanterpool President, Secretary, Treasurer, Chief Executive Officer, Chief Financial Officer and Director November 6, 2020

 

 

 

 

 

 

  13  

 

EXHIBIT 31.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

AS ADOPTED 
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Mark Vanderpool, certify that:

 

1. I have reviewed this Annual Report on Form 10-K of Portage Resources Inc.

 

2. Based on my knowledge, this report does not contain any untrue statement of a 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 this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this 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. I am 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 controls 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; and

 

  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 the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. 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.

 

Dated:  November 6, 2020

 

By: /s/ Mark Vanderpool

Mark Vanderpool

Chief Executive Officer and Chief Financial Officer

(Principal Executive 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 Annual Report on Form 10-K of Portage Resources Inc. (the “Company”) for the year ending May 31, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Mark Vanderpool, Chief Executive Officer and Chief Financial Officer of the Company, 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.

 

 

Dated: November 6, 2020

 

By: /s/ Mark Vanderpool

Mark Vanderpool

Chief Executive Officer (Principal Executive Officer) and Chairman of the Board of Directors

(Principal Executive Officer)

 

 

 

This certification accompanies each Report pursuant to § 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of §18 of the Securities Exchange Act of 1934, as amended.

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.