What changed in this filing

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Item 1. Financial Statements

2022-08-15 compared with 2022-05-16 · 58 added, 62 removed, 375 unchanged (24% of the section changed)

10 unchanged sentences

5,000,000 shares authorized;

$ 0.001 par value 5,000,000 issued and outstanding at

March 31, 2022 and December 31, 2021

$ 0.001 par value, 5,000,000 issued and outstanding at June 30, 2022 and December

Common stock:

250,000,000 shares authorized;

$ 0.001 par value 74,640,766 shares issued and

outstanding at March 31, 2022 and December 31, 2021

Capital deficiency

$ 0.001 par value, 74,640,766 shares issued and outstanding at June 30, 2022 and

December 31, 2021

Additional Paid-in Capital

Accumulated deficit during development stage

7 unchanged sentences

Three Months Ended

Six Months Ended

Operating Expenses

14 unchanged sentences

Additional Paid-in Capital

Accumulated Deficit

Balance – December 31.

2 unchanged sentences

$ ( 97,338,353 )

Balance – June 30, 2022

$ ( 97,344,963 )

Common Stock:

Preferred Stock:

Additional Paid-in Capital

Balance – December 31.

$ ( 97,272,577 )

Beginning balance, value

$ ( 97,272,577 )

Balance – March 31, 2021

$ ( 97,293,337 )

Ending balance, value

Cancellation of common stock

Balance – June 30, 2021

$ ( 97,303,234 )

2 unchanged sentences

OF CASH FLOWS

Three Months Ended

Six Months Ended

CASH FLOWS FROM OPERATING ACTIVITIES

29 unchanged sentences

an amendment to our certificate of incorporation to change our name to Cereplast, Inc.

We developed and tried to commercialize proprietary

bio-based resins through two complementary product families:

Cereplast Compostables ® resins which are compostable, renewable,

ecologically sound substitutes for petroleum-based plastics, and Cereplast Sustainables™ resins (including the Cereplast Hybrid

Resins product line), which replaces up to 90 % of the petroleum-based content of traditional plastics with materials from renewable resources.

February 10, 2014, the Company, filed a voluntary petition for relief under Chapter 11 of Title 11 of the United States Bankruptcy Code

44 unchanged sentences

to establishing a new business and, even if planned principal operations have commenced, revenues are insignificant.

Company is planning potential acquisitions.

The management has approached several companies in China and met the management of potential

acquisition targets.

The Company feels strongly that despite the challenges of cross border business, it might be able to acquire some

good growth companies and bring good values to our stockholders.

Although the Company is making some progress in the Merger and Acquisition

efforts, any potential results, if any, are still not certain.

accompanying financial statements have been prepared assuming the continuation of the Company as a going concern.

48 unchanged sentences

The Company’s diluted loss per share is the same as the basic loss per share for

the three months ended March 31, 2022 and 2021, as there are no potential shares outstanding that would have a dilutive effect.

the six months ended June 30, 2022 and 2021, as there are no potential shares outstanding that would have a dilutive effect.

tax expense is based on pretax financial accounting income.

4 unchanged sentences

The Company recorded a valuation allowance against

its deferred tax assets as of March 31, 2022 and December 31, 2021.

its deferred tax assets as of June 30, 2022 and December 31, 2021.

Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions.

19 unchanged sentences

4 – Related party transaction

October 04, 2019, the Company issued 50,000,000 shares of common stock to Custodian Ventures, LLC at par for shares valued at $ 50,000

in exchange for settlement of a portion of a related party loan for amounts advanced to the Company in the amount of $ 20,100 , and a note

receivable due to the Company in the amount of $ 29,900 .

The note bears an interest of 3 % and matures in 180 days following written demand

by the holder.

At December 31, 2020, the note receivable with a balance of $ 31,383 was written off because the collectability of the

note is unlikely after the change of control, the written off balance of the note consisted of the principal in the amount of $ 29,900

and interest receivable of $ 1,483 .

May 4, 2020, the Company issued 5,000,00 shares of the Series A-1 Preferred stock valued at $ 5,000 to Custodian Ventures LLC as repayment

of funds loaned to the Company.

the three months ended March 31, 2022, the Company’s current majority shareholder advanced $ 19,250 to the Company as working capital.

As of March 31, 2022 and December 31, 2021, the Company owed its current majority shareholders of $ 72,426 and $ 53,176 , respectively.

The advances are non-interest bearing and are due on demand.

the six months ended June 30, 2022, the Company’s current majority shareholder advanced $ 26,110 to the Company as working capital.

As of June 30, 2022 and December 31, 2021, the Company owed its current majority shareholders of $ 79,286 and $ 53,176 , respectively.

advances are non-interest bearing and are due on demand.

5 – Common stock

9 unchanged sentences

May 27, 2021, the 510 shares of common stock issued to Custodian Ventures were cancelled.

of March 31, 2022, a total of 74,640,766 shares of common stock with par value $ 0.001 remain outstanding.

of June 30, 2022, a total of 74,640,766 shares of common stock with par value $ 0.001 remain outstanding.

6 – Preferred stock

of March 31, 2022, a total of 5,000,000 shares of Series A-1 preferred stock with par value $ 0.001 remain outstanding.

of June 30, 2022, a total of 5,000,000 shares of Series A-1 preferred stock with par value $ 0.001 remain outstanding.

7 – Income Taxes

2 unchanged sentences

Temporary differences result primarily from the recording of tax benefits of net operating loss carry forwards.

of March 31, 2022, the Company has an insufficient history to support the likelihood of ultimate realization of the benefit associated

of June 30, 2022, the Company has an insufficient history to support the likelihood of ultimate realization of the benefit associated

with the deferred tax asset.

3 unchanged sentences

expenses in the statements of operations.

For the three months ended March 31, 2022 and 2021, the Company had no unrecognized tax benefits

For the six months ended June 30, 2022 and 2021, the Company had no unrecognized tax benefits

and related interest and penalties expenses.

27 unchanged sentences

and on March 18, 2005 it changed its name again to Cereplast, Inc.

had developed and were commercializing proprietary bio-based resins through two complementary product families:

Cereplast Compostables

resins which are compostable, renewable, ecologically sound substitutes for petroleum-based plastics, and Cereplast Sustainables resins

(including the Cereplast Hybrid Resins product line), which replaces up to 90% of the petroleum-based content of traditional plastics

with materials from renewable resources.

Our resins could be converted into finished products using conventional manufacturing equipment

without significant additional capital investment by downstream converters.

In the summer of 2014, the Company ceased all operations

and since that time has been inactive.

In the summer of 2014, the

Company ceased all operations.

March 22, 2019, the eight judicial District Court of Nevada appointed Custodian Ventures, LLC as custodian for Cereplast, Inc., proper

10 unchanged sentences

Our independent accountants have expressed a “going concern”

As of March 31, 2022, we had an accumulated deficit of $97,338,353 and a net working capital deficit of $72,676.

As of June 30, 2022, we had an accumulated deficit of $97,344,963 and a net working capital deficit of $79,286.

our current burn rate is nominal, it is expected that our costs of operations will continue to exceed revenues, primarily due to the

5 unchanged sentences

Company is planning potential acquisitions.

The management has approached several companies in China as potential acquisition targets.

The Company feels strongly that despite the challenges of cross border business, it might be able to acquire some good growth companies

and bring good values to our stockholders.

The management has approached several companies in China and met the management of potential

acquisition targets.

The Company feels strongly that despite the challenges of cross border business, it might be able to acquire some

good growth companies and bring good values to our stockholders.

Although the Company is making some progress in the Merger and Acquisition

efforts, any potential results, if any, are still not certain.

Accounting Policies, Judgments and Estimates

35 unchanged sentences

in the length of time that the receivables are past due greater than the historical assumptions used, additional allowances may be required.

The Company has no accounts receivables and therefore as of March 31, 2022, and 2021 no allowance for doubtful accounts is necessary.

The Company has no accounts receivables and therefore as of June 30, 2022 and 2021, no allowance for doubtful accounts is necessary.

Company follows the asset and liability method of accounting for future income taxes.

6 unchanged sentences

The Company’s effective tax rate approximates the Federal statutory rates.

of Operations for the Quarter Ended March 31, 2022 compared to the Quarter Ended March 31, 2021

of Operations for the Quarter Ended June 30, 2022 compared to the Quarter Ended June 30, 2021

the summer of 2014, the Company decided to discontinue all operations.

1 unchanged sentence

operations are determined and structured by the new major shareholder.

the quarters ended March 31, 2022 and 2021, we generated no revenues.

expenses, during the quarter ended March 31, 2022, was $19,500 compared to $20,760 during the quarter ended March 31, 2021, a decrease

of $1,260 or 6%.

the quarters ended June 30, 2022 and 2021, we generated no revenues.

expenses, during the quarter ended June 30, 2022, was $6,610 compared to $9,897 during the quarter ended June 30, 2021, a decrease of

$3,287 or 33%.

Operating expenses during the six months ended June 30, 2022, was $26,110 compared to $30,657 during the six months ended

June 30, 2021, a decrease of $4,547 or 15%.

The decrease was mainly due to the lower professional fees.

the quarter ended March 31, 2022, the Company incurred a net loss of $19,500, compared to a net loss of $20,760 during the quarter ended

March 31, 2021.

The $1,260 decrease in net loss was primarily due to the decrease in operating expenses.

the quarter ended June 30, 2022, the Company incurred a net loss of $6,610, compared to a net loss of $9,897 during the quarter ended

June 30, 2021, a decrease of 3,287.

During the six months ended June 30, 2022, the Company incurred a net loss of $26,110, compared to

a net loss of $30,657 during the six months ended June 30, 2021, a decrease of $4,547.

The decrease in net loss in the three and six

months ended June 30, 2022 was primarily due to the decrease in operating expenses.

and Capital Resources

of March 31, 2022 and 2021, we had a cash balance of $0.

of June 30, 2022 and 2021, we had a cash balance of $0.

Due to the lack of revenue, the company’s operations are primarily funded

24 unchanged sentences

raise substantial doubt about the ability of the Company to continue as a going concern.

cash used in operating activities was $0 during the three months ended March 31, 2022 and 2021.

neither generated nor used cash in investing activities during the three months ended March 31, 2022 and 2021.

neither generated nor used cash in financing activities during the three months ended March 31, 2022 and 2021.

cash used in operating activities was $0 during the six months ended June 30, 2022 and 2021.

neither generated nor used cash in investing activities during the six months ended June 30, 2022 and 2021.

neither generated nor used cash in financing activities during the six months ended June 30, 2022 and 2021.

accompanying financial statements have been prepared assuming that the Company will continue as a going concern.

As shown in the accompanying

financial statements, we have incurred net losses of $19,500 and $20,760 for the quarters ended March 31, 2022 and 2021, respectively,

and have a working capital deficit of $72,676 as of March 31, 2022, in addition to a stockholder deficit of $72,676, which raise substantial

doubt about the Company’s ability to continue as a going concern.

financial statements, we have incurred net losses of $26,110 and $30,657 for the six months ended June 30, 2022 and 2021, respectively,

and have a working capital deficit of $79,286 as of June 30, 2022, in addition to a stockholders’ deficit of $79,286, which raise

substantial doubt about the Company’s ability to continue as a going concern.

believes the Company will continue to incur losses and negative cash flows from operating activities for the foreseeable future and will

22 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements