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 January 31, 2015 |
|
|
[
] |
TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT |
|
|
|
For
the transition period from _________ to ________ |
|
|
|
Commission
file number: 333-188119 |
Vopia,
Inc. |
(Exact
name of registrant as specified in its charter)
|
Nevada |
39-2079422 |
(State
or other jurisdiction of incorporation or organization) |
(I.R.S.
Employer Identification No.) |
|
|
1700
Montgomery Street, Suite 101
San
Francisco, CA |
94111 |
(Address
of principal executive offices) |
(Zip
Code) |
Registrant’s
telephone number: 415-835-9463 |
|
Securities registered under Section 12(b) of the Exchange Act
|
Title
of each class |
Name
of each exchange on which registered |
None |
not
applicable |
|
Securities
registered under Section 12(g) of the Exchange Act:
|
Title
of each class |
|
None |
|
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 [X]
No [ ]
Indicate
by checkmark 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 and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [ ] No
[X]
Indicate
by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not
contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X]
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]
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
[X] No [ ]
State
the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price
at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day
of the registrant’s most recently completed second fiscal quarter. $7,725,000
Indicate
the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
132,900,000 as of April 29, 2015
TABLE
OF CONTENTS
PART
I
Item
1. Business
Overview
Vopia
is a search technology software and online platform to collect, merge and validate the best business information from the web.
We provide mobile and tablet browsers with a powerful search engine, targeted in-depth data collection and optimal solutions through
a more efficient method. As the search engine environment has matured, the next challenge is clearly that of transparency and
in-depth relevance. The most obvious online tool shortfall concerns the market that relates to business information, where services
such as Google, Yellowpages, Manta, Yelp, Linkedin and Kompass are the market leaders, but have limited resources on company data
and tend to focus on selected countries. The Vopia solution bridges this gap, with the creation of a mobile search specifically
for professionals and focused on businesses across all countries.
Core
Competencies
Vopia’s
core competencies are pivotal to its success.
- Vopia’s
software and WebCrawler are constantly and automatically updating the database with new and applicable data from the companies’
websites.
- Vopia
has affiliate agreements guaranteeing additional and relevant information on each company.
- On
Vopia, users can find the companies and products they want immediately – in any type of industry and worldwide.
- Over
45 million company websites from 60 countries are currently indexed in Vopia.
- Performing
a search on Vopia is simple, manageable and easy to do.
Vision
Build
the most powerful mobile data search application to find up-to-date information on businesses worldwide.
Mission
Vopia
will be established as the preferred B2B and B2C platform. The core of this platform is our unique search engine with advanced
crawler technology. In the future the search engine will be complemented by additional services and applications as illustrated
below.
Vopia
will continuously focus on delivering the best and fastest overview on structured company information worldwide. The primary target
is to digitalize information on every company in the world. This will secure Vopia a unique position and will make it easier and
faster to do business worldwide.
Available
Products/Services
Vopia
offers a strong search tool to attract users. Some features of our search engine include:
Company
search - 90 million companies sort by category, keyword, popularity and location.
People
search - 250 million professionals sort by industry, job title and location.
Products
search - 50 million products (included EAN Products)
Social
network - 240 million social networks.
Free
search - To deliver web address, emails, who is lookup, website summary, phone, contacts and social links.
Target
search - To deliver free limited contact information by targeted keyword and location.
Map
application - To show website information by industry and location by Google map application.
Vopia
offers a range of products and services to attract potential data buyers like:
API
- To deliver website information by targeted keyword.
Self-service
- To deliver contact information and email by targeted keyword.
Internet
Traffic - Leveraging its knowledge about generating traffic from Google using search engine optimization.
E-mails
- Offer companies an email service to alert them when their profiles have been updated or viewed.
Network
- Attracting a wide range of companies through their own community networks and pressroom.
There are now added 10.5 million
profile pages. The total number of profiles pages in Vopia.com is now 182.5 million.
In addition, link to Google + pages
is now added as social media together with Facebook, Twitter and Linkedin. In addition, you can search and buy among 36 million
products. We are working to implement more feed with popular products from the international
shopping site like Kelkoo and daily deals site on local basis. We are under developing of new way to target your search by map
location. We expect the new shopping feed and map location search is launched during the month of June.
Services
towards Partners
Services
- A partnership with Vopia can direct targeted users and potential buyers to services like specific suppliers and greater in-depth
company information. Participants will also have access to credit information, online travel booking, online purchase of IT services
and hardware, recruitment services, stock listing and financial services, online marketing and advertising.
Content
- Vopia also offers partnerships for other portals with a Business-to-Business oriented content, which gives the partner a high
quality of dynamic content with a high relevance for the targeted user and audience.
Location
- Vopia will provide a business API to find products and suppliers by specific location and user ranking.
Major
Competitors
Vopia’s
competitors are the market leaders in search engine technology and their success is a symbol of our potential market. Our competitive
edge is based on newly developed web crawlers, data mining software and advanced search algorithms, which provides users a more
effective mobile search experience. Below is a list of our key competitors categorized into four sections: A. Full Web, B. Locater,
C. Researcher and D. Different.
A
- Full Web
These
search sites are the mobile equivalent of Google or Yahoo. They search the full web to get the best response to your query. Type
a keyword or phrase into a text-box on the mobile site, and it will display a page with a list of responses. To better adapt to
the mobile Internet, quite a number of these sites now pursue an "answers not links" policy. These sites use mobile
analytics and user search-history to tailor responses to the individual user.
B
- Locater
Location-based
search engine that looks in specific geographic areas for what the user has requested. These are most often interested in local
shops, events and entertainments.
C
- Researcher
These
search engines are geared towards answering specific questions. If you want to know why the sky is blue, or who did the voice
for Principal Skinner in the Simpsons, these mobile sites are for you. Some use "intelligent" search engines to try
and locate the best answer. Some search an internal database of information. Others forward your query onto a living researcher,
who finds the answer to your question and sends it back to you.
D
- Different
This
category covers those search engines which serve such a specific (and often very clever) purpose that they simply do not fit into
any other category.
No. | |
Name | |
Description | |
Type |
| 1 | | |
Answers | |
http://mobile.answers.com
is the mobile version of www.answers.com. Searches result in an encyclopaedia-style entry on the subject matter. | |
| C | |
| 2 | | |
AOL | |
http://mobile.aol.com/
– the mobile portal of AOLs search engine | |
| A | |
| 3 | | |
ASK | |
http://m.ask.com
is the mobile portal of web search engine www.ask.com | |
| A | |
| 4 | | |
ChaCha | |
www.chacha.com
maintains a panel of experts. ChaCha forwards users texts to the person best qualified to answer the question, and promises
answers within minutes | |
| C | |
| 5 | | |
Concierge | |
Maintained
by Conde Nast, the mobile search site www.concierge.com targets holiday makers. It searches destination brochures, holiday
sites, hotels and weather information from around the world. | |
| B | |
| 6 | | |
Google
mobile | |
Google
Search for mobile users, http://m.google.com/, offers advertisers the chance to place ads alongside search results. | |
| A | |
| 7 | | |
Guanxi | |
http://www.minfo.com/guanxi/en/
is an SMS based search service, with an optional downloadable client. It is a city-search service for China, providing entertainment
and amenities information. | |
| B | |
| 8 | | |
Hiogi | |
www.hiogi.com
is a community of people connected via Twitter, SMS and the mobile Internet. Users are rewarded for answering and asking questions.
http://mobile.hiogi.com is its mobile portal. | |
| C | |
| 9 | | |
Ixigo | |
The
mobile portal for an Indian travel search site, http://m.ixigo.com provides flight and hotel information. | |
| A | |
| 10 | | |
JumpTap | |
Using
information collected from its mobile search platform, www.jumptap.com places targeted ads with search results. | |
| A | |
| 11 | | |
JustDial | |
www.justdial.com
is the web based version of this Indian local search engine. It also offers SMS keyword searches to it’s database. | |
| B | |
| 12 | | |
Kannuu | |
www.kannuu.com
offers search software that runs on non-computer devices. Its kannuu.device engine is geared towards the mobile Internet,
using predictive software to speed searches. | |
| A | |
| 13 | | |
Live
Search Mobile | |
www.livesearchmobile.com
is the mobile portal for Windows Live search engine. It offers location-based searches and full-web search. | |
| A | |
| 14 | | |
Local | |
www.local.com
provides location-based searches based on two inputs: what you’re looking for and where you’re looking for it.
http://mobile.local.com does the same on mobile! | |
| B | |
| 15 | | |
Maporama | |
Geared
towards companies rather than individuals, www.maporama.com allows users to keep track of sales outlets, clients, suppliers
as well as moving sales agents & emergency units. | |
| D | |
| 16 | | |
MasterCard
Nearby | |
https://wap.mcnearby.com
is a location-based service that allows MasterCard customers to locate nearby cash and special merchant offers | |
| B | |
| 17 | | |
mCore
Search | |
The
mobile search engine of www.motricity.com, mCore promises single box search. It covers meta-search, WAP, Web indexes, local
search, and portal search. | |
| A | |
| 18 | | |
mdog | |
http://mdog.com
is a mobiles search only usable by smartphones. It offers the same functions as a full
web search engine. | |
| A | |
| 19 | | |
Medio | |
www.medio.com
runs a mobile search engine which uses mobile analytics to try and provide one-stop search results for users. Its mobile adverts
are targeted and placed with the search results. | |
|
A |
|
| 20 | | |
Mindshare | |
www.mindshare.com
is a multi-national advertising agency. Its Mindshare Interactive company deals with mobile advertising, and Mindshare Search
deals with mobile search | |
|
A |
|
| 21 | | |
Mobile
Content Networks | |
http://mcn-inc.com
combines vertical search with its Taxonomy Engine to try to provide accurate search results. It also provides the opportunity
to place targeted ads with search results. Demo of the search engine can be found here: http://mobilesearch.net/ | |
|
A |
|
| 22 | | |
Mobile411 | |
This
downloadable app from www.v-enable.com allows location-based searches for local entertainment. Phone calles, texts and maps
are all available from the app. | |
|
B |
|
| 23 | | |
Nokia
Mobile Search | |
Nokia’s
website provides the download for this app based search engine, which offers locations based and full web searches | |
|
A
B |
|
| 24 | | |
Onyomo | |
http://m.onyomo.com/
provides it’s users with location-based info on amenities from Restaurants and ATMs to Airlines and Chemists. | |
|
B |
|
| 25 | | |
Picollator
Mobile | |
www.picollator.com
is a search engine that uses pictures instead of text for query input. http://picollator.mobi/ is the mobile version of this
search engine. | |
|
D
A |
|
| 26 | | |
Searchme | |
The
mobile version of www.searchme.com, http://m.searchme.com allows users to view a picture of the pages in its search result
before choosing which one to visit. | |
|
A |
|
| 27 | | |
Slifter | |
www.slifter.com
is a location-based service that helps users find products and promotions at local stores | |
|
B |
|
| 28 | | |
Technorati
mobile | |
The
mobile version of www.technorati.com, http://m.technorati.com/ specifically searches the “live” web, eg. blogs,
news updates and other user generated content. | |
|
A |
|
| 29 | | |
Texperts | |
www.texperts.com
offers answers to any question by text, and also a detailed map (from www.multipmap.com) in response to queries for directions. | |
|
C |
|
| 30 | | |
Yahoo!
Mobile | |
Yahoo!
OneSearch is the mobile version of the full web searcher. Yahoo! Mobile Ad Services can also place ads with any of Yahoo’s
mobile web services. | |
|
A |
|
| 31 | | |
Yulop | |
A
location-based search engine, http://m.yulop.com provides mobile search, navigation and traffic info, and locating friends
and family. | |
|
A |
|
Marketing
Strategy
Promoting
vopia.com
Vopia’s
market presence will be achieved by relying on the strategy of identifying and serving a specialized market segment of business
professionals. There are many competing sites, but we believe the future of search engines, and the Web as a whole, is to consolidate
into niche groups and specific communities that provide direct and targeted information to their users. Presently, there is not
one company dominating the mobile search engine market, mainly because our top competitors have structured their business around
desktop systems and are just beginning to transition to mobile. This presents an opportunity for Vopia to position itself as the
leading mobile search engine for business professionals worldwide. To achieve this goal, Vopia’s strategy is a mix of online
and offline promotional tools:
1.
Online Promotional Tools
Affiliate
Marketing | |
VOPIA.COM
plans to establish an affiliate program to increase the visibility of the company. |
Article
Marketing | |
Article
Marketing is an effective way of increasing visitor to the website. The company plans to use press releases, guest posts and
other tools like HubPages & Squidoo to increase the visibility.
|
Blog
Marketing | |
VOPIA.COM
plans to use expert bloggers to increase the flow of traffic to the website. The bloggers will link the content which increase
the search engine ranking thereby drawing visitors to the website.
|
Email
Marketing | |
VOPIA.COM
plans to use email marketing as an effective tool (sending email) to increase visibility amongst prospective customers. |
Social
Media | |
VOPIA.COM
plans to use social media effectively to establish its presence. Some of the social media
tools used are Twitter, Facebook and Youtube among others. |
Newsletters | |
VOPIA.COM
plans to send newsletters to its existing user base and its prospective customers.
|
Search
Engine Marketing | |
VOPIA.COM
plans to use variety of Search Engine Marketing tools to increase the visibility. They are PPC, Google Adwords, MSN Ad Center,
Solo Ads, etc. |
Search
Engine Optimization | |
VOPIA.COM
plans to use variety of Search Engine Optimization tools such as Keyword Selection, Content Writing, On-page Optimization
and Off-page Optimization.
|
2.
Offline Promotional Tools
Magazines
| |
VOPIA.COM
plans to advertise in various magazines and publications focusing on business and entrepreneurs.
|
Newspaper
| |
VOPIA.COM
plans to advertise in print media such as national daily newspapers and weekly newspapers, which will increase the visibility
of the service.
|
Television
Ads | |
VOPIA.COM
plans to advertise in television, which will increase the visibility of the company and enhance brand awareness.
|
Newsletters | |
VOPIA.COM
plans to send newsletters to its prospective customers. |
Brochures,
Flyers & Presentations | |
VOPIA.COM
plans to use brochures and flyers to reach the customers. |
Referral
Program | |
VOPIA.COM
plans to have referral programs and will partner with suitable partners such as textile companies, schools and institutions
accordingly. VOPIA.COM also plans to have referral options for customers and will incentivize them for identifying new customers
for VOPIA.COM.
|
Online
Business Directories | |
VOPIA.COM
plans to promote its services by listing in various business directories like yellow pages, which will increase the visibility
and bring more business to the company.
|
Word
of Mouth | |
VOPIA.COM
plans to consider this as a most successful marketing tool as the recommendation from satisfied customers will increase our
business. VOPIA.COM will have a separate testimonial page and will provide the testimonials for customer to read.
|
Market
Opportunity
The
demand for faster and better information about companies and products grows with the increasing volume of information on the Internet.
Online users seek for precise and targeted content as they look to avoid the deluge of non-relevant data. This has created the
opportunity for companies to develop content specific platforms that provide users with an effective search tool, in sync with
their needs.
According
to Gartner, Inc., an information technology research and advisory firm based in Connecticut, estimates for data sales will grow
to $2 billion in 2014 and will increase to $4 billion by 2016. Vopia plans to take advantage of this opportunity by providing
the largest database of company information that relevantly matches a user’s search criteria and that is constantly updated
with the most current data online.
Market
Needs
As
the economy becomes increasingly global there is a growing market demand for locating new partners, suppliers and buyers across
country borders and between regions. It is relatively easy to locate specific companies if their websites’ names are known
in advance (through search engines, data providers and social network). It is also possible to locate suppliers by searching for
specific products or services as long as you know the local directories and data providers such as Experian, Dun & Bradstreet
and Salesforce. However, these companies often focus on a variety of other sectors that are not relevant to business, or professional
services.
There
is a rapidly growing need for a faster and easier way to locate partners, suppliers and buyers across borders and in a language
users are familiar with. Vopia has found that in the early phases of the search process, particularly in the Awareness phase,
there is a heavy reliance on general search, with 65.3% of search engine users indicating that random online searches are their
usual starting point. As users progress through the purchase cycle, the reliance on general search decreases.
What
increases is the usage of B2B vertical engines. As prospects move through the Research and Negotiation phases, they use B2B vertical
engines to a greater extent to do further research on their alternatives and find specific information about companies and competitors.
Vopia believes that, with its advanced web crawlers and data mining software, the company is better suited to provide users with
the relevant information needed to help them make the right decisions throughout their purchasing cycle.
Operational
Overview
Reasons
to Choose Vopia
- Vopia
has a local and a global target group.
- Unique
segmentation possibilities, e.g. keyword, categories and industries.
- Sponsor
links are targeted directly at the relevant users, according to their search criteria.
- Vopia
has a global B2B and B2C target group.
- Listed
companies can add more search words allowing more people and more relevant target groups to find their business.
Effectiveness
- Vopia
provides effective marketing: Vopia generates "clicks" from the users that have a defined need for information and provide
the opportunity for immediate action, e.g. negotiation and buying mode.
- Sponsor
links have a predominant place on Vopia.
- The
opportunity to present the company in a very attractive way compared to the competing directories.
- Easy
and manageable interface for customers.
- The
opportunity for targeting the profile via access to user statistics, e.g. multiple tracking possibilities.
Intellectual
Property
We
plan to rely upon trademark, copyright and trade secret laws in various jurisdictions, as well as confidentiality procedures and
contractual provisions to protect our proprietary assets and brands. We do not own any patent, trademark or copyright registrations
at the present time.
Government
Regulation
The
application of new and existing laws and regulations to the Internet or other online services could also have a material adverse
effect on our business, prospects, financial condition and results of operations. Several federal laws that could have an impact
on our business have already been adopted. The Digital Millennium Copyright Act is intended to reduce the liability of online
service providers for listing or linking to third party web properties that include materials that infringe copyrights or rights
of others. The Children’s Online Privacy Protection Act is intended to restrict the distribution of certain materials deemed
harmful to children and imposes additional restrictions on the ability of online services to collect user information from minors.
In addition, the Protection of Children from Sexual Predators Act requires online services providers to report evidence of violations
of federal child pornography laws under certain circumstances. The foregoing legislation may impose significant additional costs
on our business or subject us to additional liabilities, if we were not to comply fully with their terms, whether intentionally
or not.
There
are a growing number of legislative proposals before Congress and various state legislatures regarding privacy issues related
to the Internet generally, and some of these proposals apply specifically to paid search businesses and ownership rights of Internet
domain properties. We are unable to determine if and when such legislation may be adopted. If certain proposals were to be adopted,
our business could be harmed by increased expenses or lost revenue opportunities, and in other unforeseen ways.
We
anticipate that new laws and regulations affecting us will be implemented in the future. Those new laws, in addition to new applications
of existing laws, could expose us to substantial liabilities and compliance costs. In addition, because our services are available
over the Internet in multiple states, certain states may claim that we are required to qualify to do business in such state.
Personnel
We
have 1 officer and director. In the following months, we will look to add more experience to the team as we build the web development
team and our administrative and financial capabilities. We need a total of 21 personnel in order to achieve our target growth
in the market.
Capital
Requirements
We
will require a cash injection of $3.5 million to achieve our operating plan. We plan to seek additional financing in a private
equity offering to secure funding for operations. More than 75% of the proceeds are expected to be used to establish our market
presence. The costs are mostly related to the execution of our marketing strategy for Vopia’s online and offline promotional
tools, discussed above. The remaining capital will cover the costs of logistics, rentals and the cost of personnel. Vopia believes
that the capital it plans to raise will be sufficient to cover the operating expenses for the first twelve months. There can be
no assurance, however, that we will be successful in raising additional funding. If we are not able to secure additional funding,
the implementation of our business plan will be impaired. There can be no assurance that such additional financing will be available
to us on acceptable terms or at all.
Item
2. Properties
We
lease office space at 1700 Montgomery Street, Suite 101, San Francisco, CA 94111, United States (administrative office) and National
House, 81/A, Kunj Society, Alkapuri. Vadodara, 390007, Gujarat-India (Software Development Office) for a combined monthly rent
of $4,500. Gimwork Project LP has paid the rent on these leases though 2014. We are required to pay the monthly rent starting
in 2015. The monthly fee includes internet connection, phone and administrative support (24 hours support) and security.
.Item
3. Legal Proceedings
We
are not a party to any pending legal proceeding. We are not aware of any pending legal proceeding to which any of our officers,
directors, or any beneficial holders of 5% or more of our voting securities are adverse to us or have a material interest adverse
to us.
Item
4. Mine Safety Disclosures
N/A
PART
II
Item
5. Market for Registrant’s Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities
Our
common stock is quoted under the symbol “VOPA” on the OTCQB operated by OTC Markets Group, Inc. Only a limited
market exists for our securities. There is no assurance that a regular trading market will develop, or if developed, that it will
be sustained. Therefore, a shareholder may be unable to resell his securities in our company.
The
following tables set forth the range of high and low prices for our common stock for the each of the periods indicated as reported
by the OTCQB. These quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily
represent actual transactions.
Fiscal
Year Ending January 31, 2015 |
Quarter
Ended | |
High
$ | |
Low
$ |
| January
31, 2015 | | |
| 1.01 | | |
| .25 | |
| October
31, 2014 | | |
| 1.00 | | |
| .25 | |
| July
31, 2014 | | |
| 1.25 | | |
| 1.25 | |
| April
30, 2014 | | |
| 1.25 | | |
| 1.25 | |
On
March 31, 2015, the last sales price per share of our common stock was $0.25.
Penny
Stock
The
SEC has adopted rules that regulate broker-dealer practices in connection with transactions in penny stocks. Penny stocks are
generally equity securities with a market price of less than $5.00, other than securities registered on certain national securities
exchanges or quoted on the NASDAQ system, provided that current price and volume information with respect to transactions in such
securities is provided by the exchange or system. The penny stock rules require a broker-dealer, prior to a transaction in a penny
stock, to deliver a standardized risk disclosure document prepared by the SEC, that: (a) contains a description of the nature
and level of risk in the market for penny stocks in both public offerings and secondary trading; (b) contains a description of
the broker's or dealer's duties to the customer and of the rights and remedies available to the customer with respect to a violation
of such duties or other requirements of the securities laws; (c) contains a brief, clear, narrative description of a dealer market,
including bid and ask prices for penny stocks and the significance of the spread between the bid and ask price; (d) contains a
toll-free telephone number for inquiries on disciplinary actions; (e) defines significant terms in the disclosure document or
in the conduct of trading in penny stocks; and (f) contains such other information and is in such form, including language, type
size and format, as the SEC shall require by rule or regulation.
The
broker-dealer also must provide, prior to effecting any transaction in a penny stock, the customer with (a) bid and offer quotations
for the penny stock; (b) the compensation of the broker-dealer and its salesperson in the transaction; (c) the number of shares
to which such bid and ask prices apply, or other comparable information relating to the depth and liquidity of the market for
such stock; and (d) a monthly account statement showing the market value of each penny stock held in the customer's account.
In
addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from those rules, the
broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive
the purchaser's written acknowledgment of the receipt of a risk disclosure statement, a written agreement as to transactions involving
penny stocks, and a signed and dated copy of a written suitability statement.
These
disclosure requirements may have the effect of reducing the trading activity for our common stock. Therefore, stockholders may
have difficulty selling our securities.
Holders
of Our Common Stock
As
of April 30, 2015, we had 132,900,000 shares of our common stock issued and outstanding, held by thirty-five (35) shareholders
of record, with others holding shares in street name.
Dividends
There
are no restrictions in our articles of incorporation or bylaws that prevent us from declaring dividends. The Nevada Revised Statutes,
however, do prohibit us from declaring dividends where after giving effect to the distribution of the dividend:
1.
we would not be able to pay our debts as they become due in the usual course of business, or;
2.
our total assets would be less than the sum of our total liabilities plus the amount that would be needed to satisfy the rights
of shareholders who have preferential rights superior to those receiving the distribution.
We
have not declared any dividends and we do not plan to declare any dividends in the foreseeable future.
Recent
Sales of Unregistered Securities
We
have not issued any unregistered equity securities since we reported in our last report on Form 10-Q for the quarter ended July
31, 2014.
Securities
Authorized for Issuance under Equity Compensation Plans
We
do not have any equity compensation plans.
Item
6. Selected Financial Data
A
smaller reporting company is not required to provide the information required by this Item.
Item
7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Forward-Looking
Statements
Certain
statements, other than purely historical information, including estimates, projections, statements relating to our business plans,
objectives, and expected operating results, and the assumptions upon which those statements are based, are “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the
words “believes,” “project,” “expects,” “anticipates,” “estimates,”
“intends,” “strategy,” “plan,” “may,” “will,” “would,”
“will be,” “will continue,” “will likely result,” and similar expressions. We intend such
forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995, and are including this statement for purposes of complying with those safe-harbor provisions.
Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which
may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual
effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse affect on our operations
and future prospects on a consolidated basis include, but are not limited to: changes in economic conditions, legislative/regulatory
changes, availability of capital, interest rates, competition, and generally accepted accounting principles. These risks and uncertainties
should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.
We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information,
future events or otherwise. Further information concerning our business, including additional factors that could materially affect
our financial results, is included herein and in our other filings with the SEC.
Results
of Operations for the Years Ended January 31, 2015 and 2014
Revenues
We
have not earned any revenues since our inception on May 14, 2012. We are presently in the development stage of our business and
we can provide no assurance that we will generate revenues from our search engine to sustain a viable business operation.
We
incurred operating expenses in the amount of $40,805 for the year ended January 31, 2015, as compared with $15,621 for the same
period ended 2014. The amounts for each mentioned period was mainly attributable to professional fees.
We
incurred a net loss in the amount of $41,002 for the year ended January 31, 2015, as compared with a net loss of $15,621 for the
same period ended 2014. Our losses for each period are mainly attributable to operating expenses together with a lack of any revenues.
Liquidity
and Capital Resources
As
of January 31, 2015, we had total current assets of $3,662. Our total current liabilities as of January 31, 2015 were $35,173.
As a result, we had a working capital deficit of $31,511 as of January 31, 2015.
Operating
activities used $37,528 in cash for the year ended January 31, 2015. Our net loss of $41,002 was the main reason for our negative
operating cash flow.
Financing
activities provided $28,245 for the year ended January 31, 2015 mostly from related party advances.
On
May 14, 2014, we received advances from a related party in the amount of $18,000. The advances are unsecured, non-interest bearing,
with no specified terms of repayment.
On
October 29, 2014, a shareholder paid expenses of $245 on behalf of the Company.
On
November 20, 2014, we issued a promissory note payable in the amount of $10,000. The note bears interest at 10% per annum and
is due on demand.
We
will require a cash injection of $3.5 million to achieve our operating plan. We plan to seek additional financing in a private
equity offering to secure funding for operations. More than 75% of the proceeds are expected to be used to establish our market
presence. The costs are mostly related to the execution of our marketing strategy for our online and offline promotional tools.
The remaining capital will cover the costs of logistics, rentals and the cost of personnel. We believe that the capital we plan
to raise will be sufficient to cover our operating expenses for the first twelve months. There can be no assurance, however, that
we will be successful in raising additional funding. If we are not able to secure additional funding, the implementation of our
business plan will be impaired. There can be no assurance that such additional financing will be available to us on acceptable
terms or at all.
Going
Concern
The
accompanying financial statements have been prepared in conformity with generally accepted accounting principle, which contemplate
our continuation as a going concern. However, we have no revenues as of January 31, 2015. We currently have limited working capital,
and have not completed our efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended
period of time.
Management
anticipates that we will be dependent, for the near future, on additional investment capital to fund operating expenses We intend
to position the company so that we may be able to raise additional funds through the capital markets. In light of management’s
efforts, there are no assurances that we will be successful in this or any of our endeavors or become financially viable and continue
as a going concern.
Critical
Accounting Policies
In
December 2001, the SEC requested that all registrants list their most “critical accounting polices” in the Management
Discussion and Analysis. The SEC indicated that a “critical accounting policy” is one which is both important to the
portrayal of a company’s financial condition and results, and requires management’s most difficult, subjective or
complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain.
Our
critical accounting policies are set forth in Note 2 to the financial statements.
Recently
Issued Accounting Pronouncements
We
do not expect the adoption of recently issued accounting pronouncements to have a significant impact on our results of operations,
financial position or cash flow.
Off
Balance Sheet Arrangements
As
of January 31, 2015, there were no off balance sheet arrangements.
Item
7A. Quantitative and Qualitative Disclosures About Market Risk
A
smaller reporting company is not required to provide the information required by this Item.
Item
8. Financial Statements and Supplementary Data
Index
to Financial Statements Required by Article 8 of Regulation S-X:
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Board of Directors and
Stockholders of Vopia, Inc. (f/k/a/ Blue Fashion Corp.)
We
have audited the accompanying balance sheets of Vopia, Inc. (f/k/a Blue Fashion Corp.) as of January 31, 2015 and 2014, and the
related statements of operations, stockholders’ equity (deficit), and cash flows for the years ended January 31, 2015 and
2014. Vopia, Inc.’s management is responsible for these financial statements. Our responsibility is to express an opinion
on these financial statements based on our audits.
We
conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. The company is not required to have, nor were we engaged to perform, an audit of its internal control
over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing
audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In
our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Vopia,
Inc (f/k/a Blue Fashion Corp.) as of January 31, 2015 and 2014 and the results of its operations and its cash flows for the years
ended January 31, 2015 and 2014in conformity with accounting principles generally accepted in the United States of America.
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed
in Note 9 to the financial statements, the Company had accumulated deficit of $168,400 as of January 31, 2015, which raises substantial
doubt about its ability to continue as a going concern. Management’s plans concerning these matters are also described in
Note 9. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
/s/
KLJ & Associates, LLP
KLJ
& Associates, LLP |
St.
Louis Park, MN |
April
30, 2015 |
|
1660
Highway 100 South
Suite
500
St.
Louis Park, MN 55416
630.277.2330
VOPIA,
INC.
(FORMERLY
BLUE FASHION CORP.)
BALANCE
SHEETS
| |
January
31, 2015 | |
January
31, 2014 |
ASSETS | |
| | | |
| | |
Current
Assets | |
| | | |
| | |
Cash
and cash equivalents | |
$ | — | | |
$ | 9,283 | |
Prepaid
expenses | |
| 3,662 | | |
| — | |
Total
Current Assets | |
| 3,662 | | |
| 9,283 | |
Fixed
Assets | |
| | | |
| | |
Furniture
and Equipment | |
| 1,050 | | |
| 1,050 | |
Accumulated
Depreciation | |
| (416 | ) | |
| (208 | ) |
Total
Fixed Assets | |
| 634 | | |
| 842 | |
Investment
in intellectual property | |
| 10,000 | | |
| — | |
Total
Assets | |
$ | 14,296 | | |
$ | 10,125 | |
LIABILITIES
AND STOCKHOLDERS’ EQUITY (DEFICIT) | |
| | | |
| | |
Current
Liabilities | |
| | | |
| | |
Accrued
expenses | |
$ | 6,731 | | |
$ | — | |
Accrued
interest | |
| 197 | | |
| — | |
Advances
from related party | |
| 28,000 | | |
| — | |
Due
to shareholder | |
| 245 | | |
| — | |
Loans
from director | |
| — | | |
| 6,623 | |
Total
Liabilities | |
| 35,173 | | |
| 6,623 | |
Stockholders’
Equity (Deficit) | |
| | | |
| | |
Common
stock, par value $0.001; 250,000,000 shares authorized, 132,900,000 (January 31, 2014 - 130,920,000) shares issued and outstanding | |
| 132,900 | | |
| 130,900 | |
Additional
paid in capital | |
| 14,623 | | |
| — | |
Accumulated
deficit | |
| (168,400 | ) | |
| (127,398 | ) |
Total
Stockholders’ Equity (Deficit) | |
| (20,877 | ) | |
| 3,502 | |
Total
Liabilities and Stockholders’ (Deficit) | |
$ | 14,296 | | |
$ | 10,125 | |
See
accompanying notes to financial statements
VOPIA,
INC.
(FORMERLY
BLUE FASHION CORP.)
STATEMENTS
OF OPERATIONS
| |
Year
Ended January
31, 2015 | |
Year
Ended
January 31, 2014 |
REVENUES | |
$ | — | | |
$ | — | |
OPERATING
EXPENSES | |
| | | |
| | |
Depreciation
Expense | |
| 208 | | |
| — | |
General
and administrative | |
| 2,152 | | |
| 208 | |
Bank
fees | |
| 58 | | |
| 623 | |
Professional
fees | |
| 38,387 | | |
| 14,790 | |
TOTAL
OPERATING EXPENSES | |
| 40,805 | | |
| 15,621 | |
LOSS
FROM OPERATIONS | |
| (40,805 | ) | |
| (15,621 | ) |
OTHER
INCOME (EXPENSE) | |
| | | |
| | |
Interest
Expense | |
| (197 | ) | |
| — | |
TOTAL
OTHER INCOME (EXPENSE) | |
| (197 | ) | |
| — | |
PROVISION
FOR INCOME TAXES | |
| — | | |
| — | |
NET
LOSS | |
$ | (41,002 | ) | |
$ | (15,621 | ) |
NET
LOSS PER SHARE: BASIC AND DILUTED | |
$ | (0.00 | ) | |
$ | (0.00 | ) |
WEIGHTED
AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED (as adjusted for 20-1 forward stocks split) | |
| 132,066,667 | | |
| 111,397,540 | |
See
accompanying notes to financial statements.
VOPIA,
INC.
(FORMERLY BLUE FASHION CORP.)
STATEMENTS OF Stockholders’
Equity (DEFICIT)
| |
Common
Stock | |
Additional
Paid-In | |
Accumulated | |
Total Stockholders’ |
| |
Shares | |
Amount | |
Capital | |
Deficit | |
Equity |
Balance
as of January 31, 2013 | |
| 100,000,000 | | |
| 100,000 | | |
| — | | |
| (95,727 | ) | |
| 4,273 | |
Shares issued for cash at $0.001 per share | |
| 30,900,000 | | |
| 30,900 | | |
| — | | |
| (16,050 | ) | |
| 14,850 | |
Net loss for the period
ended January 31, 2014 | |
| — | | |
| — | | |
| — | | |
| (15,621 | ) | |
| (15,621 | ) |
Balance
as of January 31, 2014 | |
| 130,900,000 | | |
| 130,900 | | |
| — | | |
| (127,398 | ) | |
| 3,502 | |
Forgiveness of director’s
loan | |
| | | |
| — | | |
| 6,623 | | |
| | | |
| 6,623 | |
Issuance of shares for asset
contribution | |
| 2,000,000 | | |
| 2,000 | | |
| 8,000 | | |
| — | | |
| 10,000 | |
Net loss for the period
ended January 31, 2015 | |
| — | | |
| — | | |
| — | | |
| (41,002 | ) | |
| (41,002 | ) |
Balance
as of January 31, 2015 | |
| 132,900,000 | | |
| 132,900 | | |
| 14,623 | | |
| (168,400 | ) | |
| (20,877 | ) |
The
accompanying notes are an integral part of these financial statements.
VOPIA,
INC.
(FORMERLY
BLUE FASHION CORP.)
STATEMENTS
OF CASH FLOWS
| |
Year
Ended January
31, 2015 | |
Year
Ended
January 31, 2014 |
CASH
FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net
loss for the period | |
$ | (41,002 | ) | |
$ | (15,621 | ) |
Adjustments
to reconcile net loss to net cash (used in) operating activities: | |
| | | |
| | |
Depreciation
Expense | |
| 208 | | |
| 208 | |
Changes
in assets and liabilities: | |
| | | |
| | |
Increase
in accrued expenses | |
| 6,731 | | |
| — | |
Increase
in accrued interest | |
| 197 | | |
| — | |
Increase
in prepaid expenses | |
| (3,662 | ) | |
| — | |
CASH
FLOWS USED IN OPERATING ACTIVITIES | |
| (37,528 | ) | |
| (15,413 | ) |
CASH
FLOWS FROM INVESTING ACTIVITIES | |
| | | |
| | |
Furniture
and Equipment | |
| — | | |
| — | |
CASH
FLOWS PROVIDED BY INVESTING ACTIVITIES | |
| — | | |
| — | |
CASH
FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Common
stock issued for cash | |
| — | | |
| 14,850 | |
Advances
from related party | |
| 28,000 | | |
| — | |
Due
to shareholder | |
| 245 | | |
| — | |
CASH
FLOWS PROVIDED BY FINANCING ACTIVITIES | |
| 28,245 | | |
| 14,850 | |
NET
INCREASE (DECREASE) IN CASH | |
| (9,283 | ) | |
| (563 | ) |
Cash,
beginning of period | |
| 9,283 | | |
| 9,846 | |
Cash,
end of period | |
$ | — | | |
$ | 9,283 | |
SUPPLEMENTAL
CASH FLOW INFORMATION: | |
| | | |
| | |
Interest
paid | |
$ | — | | |
$ | — | |
Income
taxes paid | |
$ | — | | |
$ | — | |
NON-CASH
TRANSACTIONS: | |
| | | |
| | |
Forgiveness
of loans from director | |
$ | 6,623 | | |
$ | — | |
Issuance
of shares for intellectual property | |
$ | 10,000 | | |
$ | — | |
See
accompanying notes to financial statements.
VOPIA,
INC.
(FORMERLY
BLUE FASHION CORP.)
NOTES
TO THE FINANCIAL STATEMENTS
JANUARY
31, 2015
NOTE
1 – ORGANIZATION AND NATURE OF BUSINESS
Vopia,
Inc. (formerly Blue Fashion Corp.) was incorporated as Blue Fashion Corp. under the laws of the State of Nevada on May 14, 2012.
The Company is a development stage company formerly in the business of providing exclusive agent services finding top models
for fashion shows, television commercials, movies and magazines. On July 4, 2014, the Company entered into a contribution agreement
with Gimwork Project LP for the acquisition of assets and the assumption of liabilities associated with search technology software
and online platforms. On August 5, 2014 the Company changed its name to Vopia, Inc.
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United
States of America and are presented in US dollars.
Accounting
Basis
The
Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP”
accounting). The Company has adopted a January 31 fiscal year end.
Cash
and Cash Equivalents
The
Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The
Company had $0 of cash as of January 31, 2015.
Fair
Value of Financial Instruments
The
Company’s financial instruments consist of cash and cash equivalents and amounts due to shareholder. The carrying amount
of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing
market rates unless otherwise disclosed in these financial statements.
Income
Taxes
Income
taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and
liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and
are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax
assets that, based on available evidence, are not expected to be realized.
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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results
could differ from those estimates.
Revenue
Recognition
The
Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.
Stock-Based
Compensation
Stock-based
compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option
plan and has not granted any stock options.
VOPIA,
INC.
(FORMERLY
BLUE FASHION CORP.)
NOTES
TO THE FINANCIAL STATEMENTS
JANUARY
31, 2015
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Basic
Income (Loss) Per Share
Basic
income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted
average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net
income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted
weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt
or equity. There are no such common stock equivalents outstanding as of January 31, 2015.
Comprehensive
Income
The
Company has which established standards for reporting and display of comprehensive income, its components and accumulated balances.
When applicable, the Company would disclose this information on its Statement of Stockholders’ Equity. Comprehensive income
comprises equity except those resulting from investments by owners and distributions to owners. The Company has not had any significant
transactions that are required to be reported in other comprehensive income.
Recent
Accounting Pronouncements
Vopia,
Inc. does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s
results of operations, financial position or cash flow.
NOTE
3 – INVESTMENT IN INTELLECTUAL PROPERTY
On
July 4, 2014, the Company entered into a contribution agreement with Gimwork Project LP for the acquisition of assets and the
assumption of liabilities associated with search technology software and online platforms. In consideration, the Company issued
to Gimwork Project LP 100,000 shares of common stock with a deemed value of $10,000.
NOTE
4 – LOANS FROM DIRECTOR AND SHAREHOLDER
On
May 11, 2012, director loaned $381 to incorporate the Company.
On
November 1, 2012, director loaned the Company $167 to purchase business license and file initial list with Nevada Secretary of
State.
On
November 6, 2012, director loaned $5,000 to the Company for business expenses.
On
January 23, 2014, director loaned $1,050 to purchase Nikon D7000 digital SLR camera, 18-55mm AF-S DX VR Nikon Zoom Lens.
The
loans are unsecured, non-interest bearing and due on demand.
On
July 4, 2014, the former officer and director, agreed to forgive $6,623 in loans, which was recorded as an increase in additional
paid in capital.
The
balance due to the director was $0 and $6,623 as of January 31, 2015 and January 31, 2014, respectively.
On
October 29, 2014, a shareholder paid expenses of $245 on behalf of the Company.
The
balance due to the shareholder was $245 and $0 as of January 31, 2015 and January 31, 2014, respectively.
NOTE
5 – ADVANCES FROM RELATED PARTY
On
May 14, 2014 the Company received advances from a related party in the amount of $18,000. The advances are
unsecured, non-interest bearing, with no specified terms of repayment.
On
November 20, 2014 the Company issued a promissory note payable in the amount of $10,000. The note bears interest at 10% per annum
and is due on demand.
The
balance as of January 31, 2015 and January 31, 2014 was $28,000 and $0, respectively.
VOPIA,
INC.
(FORMERLY
BLUE FASHION CORP.)
NOTES
TO THE FINANCIAL STATEMENTS
JANUARY
31, 2015
NOTE
6 – COMMON STOCK
The
Company has 250,000,000, $0.001 par value shares of common stock authorized.
Effective
September 9, 2014 our board of directors and majority of our shareholders approved 20 for 1 forward split of our common stock.
On
January 2, 2013, the Company issued 100,000,000 shares of common stock for cash proceeds of $5,000 at $0.001 per share.
On
October 25, 2013, the Company issued 30,900,000 shares of common stock for cash proceeds of $15,450 at $0.01 per share.
On
July 4, 2014, the Company issued 2,000,000 shares of common stock with a deemed value of $10,000 for intellectual property.
On
August 5, 2014, the Company amended its Articles of Incorporation to increase its authorized share capital to 250,000,000, $0.001
par value shares of common stock.
There
were 132,900,000 shares of common stock issued and outstanding as of January 31, 2015.
NOTE
7 – COMMITMENTS AND CONTINGENCIES
Gimwork
Project LP has agreed to provide office space without charge until 2015. The Company is required to pay the monthly rent of $4,500
starting in 2015.
NOTE
8 – INCOME TAXES
As
of January 31, 2015, the Company had net operating loss carry forwards of approximately $168,400 that may be available to reduce
future years’ taxable income in varying amounts through 2031. Future tax benefits which may arise as a result of these losses
have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly,
the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.
The
provision for Federal income tax consists of the following:
| |
January
31, 2015 | |
January
31, 2014 |
Federal income tax benefit
attributable to: | |
| | | |
| | |
Current Operations | |
$ | 13,941 | | |
$ | 5,311 | |
Less: valuation allowance | |
| (13,941 | ) | |
| (5,311 | ) |
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:
| |
January
31, 2015 | |
January
31, 2014 |
Deferred tax asset attributable
to: | |
| | | |
| | |
Net operating
loss carryover | |
$ | 19,499 | | |
$ | 5,558 | |
Less: valuation allowance | |
| (19,499 | ) | |
| (5,558 | ) |
Net
deferred tax asset | |
$ | — | | |
$ | — | |
VOPIA,
INC.
(FORMERLY
BLUE FASHION CORP.)
NOTES
TO THE FINANCIAL STATEMENTS
JANUARY
31, 2015
NOTE
8 – INCOME TAXES (CONTINUED)
Due
to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $168,400
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.
NOTE
9 – GOING CONCERN
The
accompanying financial statements have been prepared in conformity with generally accepted accounting principle, which contemplate
continuation of the Company as a going concern. However, the Company had no revenues as of January 31, 2015. The Company currently
has negative working capital, and has not completed its efforts to establish a stabilized source of revenues sufficient to cover
operating costs over an extended period of time.
Management
anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses
The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light
of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or
become financially viable and continue as a going concern.
NOTE
10 – SUBSEQUENT EVENTS
In
accordance with SFAS 165 (ASC 855-10) the Company has analyzed its operations subsequent to
January 31, 2015 to the date these financial statements were issued, and has determined that it does not have any material subsequent
events to disclose in these financial statements, except as noted below.
Item
9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure
No
events occurred requiring disclosure under Item 304 of Regulation S-K during the fiscal year ending January 31, 2015.
Item
9A. Controls and Procedures
As
required by Rule 13a-15 under the Securities Exchange Act of 1934, we have carried out an evaluation of the effectiveness of our
disclosure controls and procedures as of the end of the period covered by this annual report, being January 31, 2015. This evaluation
was carried out under the supervision and with the participation of our management, including our Chief Executive Officer and
Chief Financial Officer.
Disclosure
controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed
in our reports filed or submitted under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within
the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures
include controls and procedures designed to ensure that information required to be disclosed in our company’s reports filed
under the Securities Exchange Act of 1934 is accumulated and communicated to management, including our Chief Executive Officer
and Chief Financial Officer, to allow timely decisions regarding required disclosure.
Based
upon that evaluation, including our Chief Executive Officer and Chief Financial Officer, we have concluded that our disclosure
controls and procedures were ineffective as of the end of the period covered by this annual report.
Management’s
Annual Report on Internal Control over Financing Reporting
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule
13a-15(f) under the Securities Exchange Act of 1934). Management has assessed the effectiveness of our internal control over financial
reporting as of January 31, 2015 based on criteria established in Internal Control-Integrated Framework issued by the Committee
of Sponsoring Organizations of the Treadway Commission. As a result of this assessment, management concluded that, as of January
31, 2015, our internal control over financial reporting was not effective. Our management identified the following material weaknesses
in our internal control over financial reporting, which are indicative of many small companies with small staff: (i) inadequate
segregation of duties and effective risk assessment; and (ii) insufficient written policies and procedures for accounting and
financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines.
We
plan to take steps to enhance and improve the design of our internal control over financial reporting. During the period covered
by this annual report on Form 10-K, we have not been able to remediate the material weaknesses identified above. To remediate
such weaknesses, we hope to implement the following changes during our fiscal year ending December 31, 2015: (i) appoint additional
qualified personnel to address inadequate segregation of duties and ineffective risk management; and (ii) adopt sufficient written
policies and procedures for accounting and financial reporting. The remediation efforts set out in (i) and (ii) are largely dependent
upon our securing additional financing to cover the costs of implementing the changes required. If we are unsuccessful in securing
such funds, remediation efforts may be adversely affected in a material manner.
This
annual report does not include an attestation report of our registered public accounting firm regarding internal control over
financial reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant
to an exemption for non-accelerated filers set forth in Section 989G of the Dodd-Frank Wall Street Reform and Consumer Protection
Act.
Item
9B. Other Information
None
PART
III
Item
10. Directors, Executive Officers and Corporate Governance
The
following table contains information with respect to our current executive officers and directors:
Name | |
| Age | | |
Principal
Positions With Us |
Jorgen
Frederiksen | |
| 57 | | |
President,
Chief Executive Officer, Chief Financial Officer and Director |
Jorgen
Frederiksen, holds a degree in trading, graduating from Teknisk Skole, Aarhus, Denmark in 1984. From 1980-1993, Mr. Frederiksen
has been an entrepreneur and has a combined 13 years’ experience of serving as an executive and director of various non-public
trading companies while owning and operating his own businesses.
From
2000 to the present, Mr. Frederiksen has been CTO and supervisor at Jysk Haandvaerkerskole.
Term
of Office
Our
directors are appointed for a one-year term to hold office until the next annual general meeting of our shareholders or until
removed from office in accordance with our bylaws. Our officers are appointed by our board of directors and hold office until
removed by the board.
Family
Relationships
There
are no family relationships between or among the directors, executive officers or persons nominated or chosen by us to become
directors or executive officers.
Involvement
in Certain Legal Proceedings
During
the past ten years, none of the following occurred with respect to a present or former director, executive officer, or employee:
(1) any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either
at the time of the bankruptcy or within two years prior to that time; (2) any conviction in a criminal proceeding or being subject
to a pending criminal proceeding (excluding traffic violations and other minor offenses); (3) being subject to any order, judgment
or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily
enjoining, barring, suspending or otherwise limiting his or her involvement in any type of business, securities or banking activities;
and (4) being found by a court of competent jurisdiction (in a civil action), the SEC or the Commodities Futures Trading Commission
to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated.
Committees
of the Board
Our
company currently does not have nominating, compensation or audit committees or committees performing similar functions nor does
our company have a written nominating, compensation or audit committee charter. Our directors believe that it is not necessary
to have such committees, at this time, because the functions of such committees can be adequately performed by the board of directors.
Our
company does not have any defined policy or procedural requirements for shareholders to submit recommendations or nominations
for directors. The board of directors believes that, given the stage of our development, a specific nominating policy would be
premature and of little assistance until our business operations develop to a more advanced level. Our company does not currently
have any specific or minimum criteria for the election of nominees to the board of directors and we do not have any specific process
or procedure for evaluating such nominees. The board of directors will assess all candidates, whether submitted by management
or shareholders, and make recommendations for election or appointment.
A
shareholder who wishes to communicate with our board of directors may do so by directing a written request addressed to our CEO
and director, Jorgen Frederiksen, at the address appearing on the first page of this annual report.
Code
of Ethics
We
have not adopted a Code of Ethics that applies our principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions.
Item
11. Executive Compensation
The
table below summarizes all compensation awarded to, earned by, or paid to our officers for all services rendered in all capacities
to us for our fiscal years ended January 31, 2015 and 2014.
SUMMARY
COMPENSATION TABLE |
Name
and principal position | |
| Year | | |
| Salary
($) | | |
| Bonus ($) | | |
Stock
Awards ($) | |
Option
Awards ($) | |
Non-Equity
Incentive Plan Compensation ($) | |
Nonqualified
Deferred Compensation Earnings ($) | |
All
Other Compensation ($) | |
| Total ($) | |
Jorgen
Frederiksen Chief
Executive Officer, Chief Financial Officer and Director | |
| 2015 2014 | | |
| 0 n/a | | |
| 0 n/a | | |
0 n/a | |
0 n/a | |
0 n/a | |
0 n/a | |
0 n/a | |
| 0 n/a | |
Jose
De La Cruz Former Chief Executive Officer, Chief Financial Officer and Director | |
| 2015 2014 | | |
| 0 n/a | | |
| 0 n/a | | |
0 n/a | |
0 n/a | |
0 n/a | |
0 n/a | |
0 n/a | |
| 0 n/a | |
Narrative
Disclosure to the Summary Compensation Table
We
have not entered into any employment agreement or consulting agreement with our executive officers. There are no arrangements
or plans in which we provide pension, retirement or similar benefits for executive officers.
Our
decision to compensate officers depends on the availability of our cash resources with respect to the need for cash to further
our business purposes.
Stock
Option Grants
We
have not granted any stock options to the executive officers or directors since our inception.
Outstanding
Equity Awards at Fiscal Year-End
The
table below summarizes all unexercised options, stock that has not vested, and equity incentive plan awards for each named executive
officer as of January 31, 2015.
OUTSTANDING
EQUITY AWARDS AT FISCAL YEAR-END |
OPTION
AWARDS | | |
| STOCK
AWARDS | |
Name | |
| Number
of Securities Underlying Unexercised Options
(#) Exercisable | | |
| Number
of Securities Underlying Unexercised Options
(#) Unexercisable | | |
| Equity Incentive
Plan Awards: Number
of Securities Underlying Unexercised Unearned Options (#) | | |
| Option Exercise
Price ($) | | |
| Option Expiration Date | | |
| Number of
Shares or
Units of
Stock That Have Not
Vested (#) | | |
| Market Value of
Shares or
Units of
Stock That
Have Not
Vested ($) | | |
| Equity Incentive
Plan Awards:
Number of
Unearned Shares, Units or Other
Rights That
Have Not Vested (#) | | |
| Equity Incentive Plan
Awards: Market
or Payout Value
of Unearned Shares,
Units or Other
Rights That
Have Not Vested (#) | |
Jorgen
Frederiksen | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Jose
Del La Cruz | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Director
Compensation
We
do not pay any compensation to our directors at this time. However, we reserve the right to compensate our directors in the future
with cash, stock, options, or some combination of the above.
Item
12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The
following table sets forth, as of April 3, 2015, certain information as to shares of our voting stock owned by (i) each person
known by us to beneficially own more than 5% of our outstanding voting stock, (ii) each of our directors, and (iii) all of our
executive officers and directors as a group.
Unless
otherwise indicated below, to our knowledge, all persons listed below have sole voting and investment power with respect to their
shares of voting stock, except to the extent authority is shared by spouses under applicable law. Unless otherwise indicated below,
each entity or person listed below maintains an address of 1700 Montgomery Street, Suite 101 San Francisco, CA 94111.
The
number of shares beneficially owned by each stockholder is determined under rules promulgated by the SEC. The information is not
necessarily indicative of beneficial ownership for any other purpose. Under these rules, beneficial ownership includes any shares
as to which the individual or entity has sole or shared voting or investment power and any shares as to which the individual or
entity has the right to acquire beneficial ownership within 60 days through the exercise of any stock option, warrant or
other right. The inclusion in the following table of those shares, however, does not constitute an admission that the named stockholder
is a direct or indirect beneficial owner.
| |
| Common
Stock | |
Name
and Address of Beneficial Owner | |
| Number
of Shares
Owned (1) | | |
| Percent
of Class (2) | |
Jorgen Frederiksen | |
| 0 | | |
| 0 | % |
All Directors and Executive
Officers as a Group (1 person) | |
| 0 | | |
| 0 | % |
5% Holders | |
| | | |
| | |
Jose Del La Cruz 64
Rue Vieille Du Temple Paris, France 75004 | |
| 10,000,000 | | |
| 8 | % |
Gimwork
Project LP(3) SL014174
78 Montgomery St. Suite 6 Scoltand Edinburg
EH7 5JA | |
| 78,700,000 | | |
| 59 | % |
| (1) | Unless
otherwise indicated, each person or entity named in the table has sole voting power and
investment power (or shares that power with that person’s spouse) with respect
to all shares of voting stock listed as owned by that person or entity. |
| (2) | Pursuant
to Rules 13d-3 and 13d-5 of the Exchange Act, beneficial ownership includes any shares
as to which a shareholder has sole or shared voting power or investment power, and also
any shares which the shareholder has the right to acquire within 60 days, including upon
exercise of common shares purchase options or warrants. The percent of class is based
on 132,900,000 voting shares as of April 3, 2015. |
| (3) | Gimwork
Project LP is beneficially owned by Michael Heiberg and Rasmus Refer. |
Item
13. Certain Relationships and Related Transactions, and Director Independence
Other
than the transactions described below and under the heading “Executive Compensation” (or with respect to which such
information is omitted in accordance with SEC regulations), since December 1, 2012 there have not been, and there is not currently
proposed, any transaction or series of similar transactions to which we were or will be a participant in which the amount involved
exceeded or will exceed $120,000, and in which any director, executive officer, holder of 5% or more of any class of our capital
stock or any member of the immediate family of any of the foregoing persons had or will have a direct or indirect material interest.
On
July 4, 2014, we entered into a contribution agreement with Gimwork Project LP for the acquisition of assets and the assumption
of liabilities associated with search technology software and online platforms. In consideration, the Company issued to Gimwork
Project LP 2,000,000 (post split) shares of common stock with a deemed value of $10,000.
Gimwork
Project LP has agreed to provide office space without charge until 2015. Gimwork Project LP paid $4,500 in 2014. We are required
to pay the monthly rent of $4,500 starting in 2015.
On
July 4, 2014, Bojana Banjac, our former officer and director, agreed to forgive $6,623 in loans, which was recorded as an increase
in additional paid in capital.
Item
14. Principal Accounting Fees and Services
Below
is the table of Audit Fees billed by our auditors in connection with the audits of the Company’s annual financial statements
for the years ended:
Financial Statements
for the Year Ended January 31 | |
Audit
Services | |
Audit
Related Fees | |
Tax
Fees | |
Other
Fees |
| 2015 | | |
$ | 7,750 | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | |
| 2014 | | |
$ | 6,500 | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | |
PART
IV
Item
15. Exhibits, Financial Statements Schedules
(a) |
Financial
Statements and Schedules |
The
following financial statements and schedules listed below are included in this Form 10-K.
Financial
Statements (See Item 8)
**provided
herewith
| (1) | Incorporated
by reference to the Registration Statement on Form S-1 filed on April 25, 2013 |
| (2) | Incorporated
by reference to the Form 8-K filed on July 11, 2014 |
| (3) | Incorporated
by reference to the Form 8-K filed on September 9, 2014 |
| (4) | Incorporated
by reference to the Form 8-K filed on August 29, 2014 |
SIGNATURES
Pursuant
to the requirements of Section 13 or 15(d) of the Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
Vopia,
Inc.
By: /s/
Jorgen Frederiksen
Jorgen
Frederiksen
President,
Chief Executive Officer, Principal Executive Officer and Director
May
1, 2015
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.
By: /s/
Jorgen Frederiksen
Jorgen
Frederiksen
President,
Chief Executive Officer, Principal Executive Officer and Director
May
1, 2015
CERTIFICATIONS
I, Jorgen Frederiksen, certify that;
1. |
|
I have reviewed this quarterly report on Form 10-K for the year ended January 31, 2015 of Vopia, Inc. (the “registrant”); |
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. |
|
The registrant’s other certifying officer 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 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 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 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: May 1, 2015
/s/ Jorgen Frederiksen
By: Jorgen Frederiksen
Title: Chief Executive Officer
CERTIFICATIONS
I, Jorgen Frederiksen, certify that;
1. |
|
I have reviewed this quarterly report on Form 10-K for the year ended January 31, 2015 of Vopia, Inc. (the “registrant”); |
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. |
|
The registrant’s other certifying officer 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 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 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 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: May 1, 2015
/s/ Jorgen Frederiksen
By: Jorgen Frederiksen
Title: Chief Financial Officer
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
In connection with the quarterly Report of
Vopia, Inc. (the “Company”) on Form 10-K for the year ended January 31, 2015 filed with the Securities and Exchange
Commission (the “Report”), I, Jorgen Frederiksen, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
| 1. | The Report fully complies with the requirements of Section 13(a)
of the Securities Exchange Act of 1934; and |
| 2. | The information contained in the Report fairly presents, in all material
respects, the consolidated financial condition of the Company as of the dates presented and the consolidated result of operations
of the Company for the periods presented. |
By: |
/s/ Jorgen Frederiksen |
Name: |
Jorgen Frederiksen |
Title: |
Principal Executive Officer, Principal Financial Officer and Director |
Date: |
May 1, 2015 |
This certification has been furnished solely pursuant to Section
906 of the Sarbanes-Oxley Act of 2002.
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