What changed in this filing

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Item 1. Financial Statements

2022-12-19 compared with 2022-12-19 · 95 added, 110 removed, 369 unchanged (36% of the section changed)

9 unchanged sentences

Convertible notes payable

Notes payable

Total Liabilities

10 unchanged sentences

For the Three Months Ended

For the Six Months Ended

Operating expenses:

General and administrative (including fees paid to related party of $22,848 and $0, and $27,578 and $0, for the three and six months ended March 31, 2021 and 2020, respectively)

General and administrative (including fees paid to related party of $4,730 and $0)

Total operating expenses

Operating loss

Other expenses (income):

Other expenses:

Interest expense

Gain on forgiveness of debt

Total other expenses, net

Total other expenses

Per share information:

4 unchanged sentences

CONSOLIDATED STATEMENT OF STOCKHOLDERS DEFICIT

THE THREE AND SIX MONTHS ENDED MARCH 31, 2021 AND 2020

THE THREE MONTHS ENDED DECEMBER 31, 2020 AND 2019

Additional Paid

2 unchanged sentences

Balance, December 31, 2019

Balance, March 31, 2020

$ (5,102,007 )

2 unchanged sentences

Balance, December 31, 2020

Balance, March 31, 2021

$ (5,120,852 )

2 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS

THE SIX MONTHS ENDED MARCH 31, 2021 AND 2020

THE THREE MONTHS ENDED DECEMBER 31, 2020 AND 2019

Cash flows from operating activities:

Adjustment to reconcile net loss to net cash used in operating activities:

Gain on forgiveness of debt

Change in operating assets and liabilities:

Accounts payable

20 unchanged sentences

Company is currently a shell company (as such term is defined in Rule 12b-2 under the Exchange Act).

this report, the terms our, we, us, and the Company refer to Peak Pharmaceuticals,

this report, the terms our, we, us, and the Company refer to Peak Pharmaceuticals, Inc.

and its wholly-owned subsidiary, Peak BioPharma Corp.

26 unchanged sentences

by including common stock equivalents outstanding for the period in the denominator.

For the three and six months ended March 31, 2021

and 2020, any equivalents would have been anti-dilutive as we had net losses for the periods then ended.

of March 31, 2021 and September 30, 2020, the Company had two convertible notes with principal and accrued interest balances totaling

For the three months ended December 31, 2020 and

2019, any equivalents would have been anti-dilutive as we had net losses for the periods then ended.

of December 31, 2020 and September 30, 2020, the Company had two convertible notes with principal and accrued interest balances totaling

and $30,122 and $29,366, respectively.

3 unchanged sentences

These common stock equivalents of approximately 453,644

and 2,470,003 shares as of March 31, 2021 and 2020, respectively, are not included in the calculation of diluted

EPS as their effect would be anti-dilutive.

of March 31, 2021 and September 30, 2020, the Company had 3,291,000 in stock options outstanding which are exercisable at the holders

and 2,529,261 shares as of December 31, 2020 and 2019, respectively, are not included in the calculation of diluted EPS as

their effect would be anti-dilutive.

of December 31, 2020 and September 30, 2020, the Company had 3,291,000 in stock options outstanding which are exercisable at the holders

option, with an exercise price of $0.0067, which are not included in the calculation of diluted EPS as their effect would be anti-dilutive.

51 unchanged sentences

or modified disclosures upon issuance of ASU 2018-13.

The Company adopted ASI 2018-13 on October 1, 2020 and has determined that the

The Company adopted ASU 2018-13 on October 1, 2020 and has determined that the

adoption of this guidance had no impact on its consolidated financial statements.

5 unchanged sentences

A lease liability is a lessees obligation to make lease payments arising

from a lease, measured on a discounted basis and a right-of-use asset represents the lessees right to use, or control use of,

a specified asset for the lease term.

from a lease, measured on a discounted basis and a right-of-use asset represents the lessees right to use, or control use of, a

specified asset for the lease term.

The amendments in this ASU simplify the accounting for sale and leaseback transactions primarily

4 unchanged sentences

2016-02 is effective for reporting periods beginning after December

The Company adopted ASI 2016-02 on October 1, 2019 and has determined that the adoption of this guidance had no

impact on its consolidated financial statements.

The Company adopted ASU 2016-02 on October 1, 2019 and has determined that the adoption of this guidance had no impact on its

consolidated financial statements.

GOING CONCERN AND MANAGEMENTS LIQUIDITY PLANS

of March 31, 2021, the Company had an accumulated deficit of $5,163,564 and a working capital deficiency of $300,162.

During the six

months ended March 31, 2021, the Company incurred a net loss of $50,066 and used cash in operating activities of $60.

As of March 31,

of December 31, 2020, the Company had an accumulated deficit of $5,120,852 and a working capital deficiency of $257,450.

During the three

months ended December 31, 2020, the Company incurred a net loss of $7,354 and used cash in operating activities of $30.

As of December

31, 2020, the Company had cash of $378.

21 unchanged sentences

related parties are amounts payable to current and former officers and directors for services provided to the Company

totaling $122,376 and $88,020, as of March 31, 2021 and September 30, 2020, respectively.

These amounts include accounts payable to an

entity controlled by our sole officer and director for financial services such entity is incurring on behalf of the Company totaling

$47,499 and $13,143 as of March 31, 2021 and September 30, 2020, respectively.

totaling $91,228 and $88,020, as of December 31, 2020 and September 30, 2020, respectively.

These amounts include accounts payable to

an entity controlled by our sole officer and director for financial services such entity is incurring on behalf of the Company totaling

$16,351 and $13,143 as of December 31, 2020 and September 30, 2020, respectively.

Total expense incurred related to this entity was $4,730

and $0 for the three months ended March 31, 2021 and 2020, and $27,578 and $0 for the six months ended March 31, 2021 and 2020, respectively,

with no other related party expenses incurred.

and $0 for the three months ended December 31, 2020 and 2019, respectively, with no other related party expenses incurred.

CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE

2 unchanged sentences

March 17, 2017, the Company entered into an agreement with Trius Holdings Limited (Trius).

Pursuant to the terms of the

agreement, Trius acquired a 12% convertible note with an aggregate face value of $10,000.

Pursuant to the terms of the agreement,

Trius acquired a 12% convertible note with an aggregate face value of $10,000.

The note matures in one year and is unsecured.

Trius is entitled, at its option, to convert all or a part of the principal outstanding at the date into shares of the of common stock

in the Company at a price equal to a 20% discount to the closing price of the common stock on the date of the lenders notice of

conversion, subject to a floor of $0.01.

On May 11, 2018, the agreement had been amended to extend the maturing date of the note from

March 21, 2018 to March 21, 2019.

As of March 31, 2021 and September 30, 2020, the total accrued interest owing under this note was $5,453

and $4,705, respectively.

As of the date of this report, that date has not been extended, and the Company is accruing interest at the

default interest rate of 15%.

entitled, at its option, to convert all or a part of the principal outstanding at the date into shares of the of common stock in the

Company at a price equal to a 20% discount to the closing price of the common stock on the date of the lenders notice of conversion,

subject to a floor of $0.01.

On May 11, 2018, the agreement had been amended to extend the maturing date of the note from March 21, 2018

to March 21, 2019.

As of December 31, 2020 and September 30, 2020, the total accrued interest owing under this note was $5,084 and $4,705,

respectively.

As of the date of this report, that date has not been extended, and the Company is accruing interest at the default interest

with Individual

8 unchanged sentences

On May 11, 2018, the agreement had been amended to extend the maturing date of the note from March 30, 2018 to March

As of March 31, 2021 and September 30, 2020, the total accrued interest owing under this note was $5,408 and $4,660 respectively.

Subsequent to the six months ended March 31, 2021, on December 3, 2021, the Company repaid this loan and accrued interest in full.

As of December 31, 2020 and September 30, 2020, the total accrued interest owing under this note was $5,038 and $4,660 respectively.

Subsequent to the three months ended December 31, 2020, on December 3, 2021, the Company repaid this loan and accrued interest in full.

with Mediapark Investments Limited

January 10, 2018, the Company entered into an agreement with Mediapark Investments Limited (Mediapark.) Pursuant to the

terms of the agreement, Mediapark acquired a 12% promissory note with an aggregate face value of $23,000.

The note matures in 180 days

on July 10, 2018 and is unsecured.

January 10, 2018, the Company entered into an agreement with Mediapark Investments Limited (Mediapark.) Pursuant to the terms

of the agreement, Mediapark acquired a 12% promissory note with an aggregate face value of $23,000.

The note matures in 180 days on July

10, 2018 and is unsecured.

As of July 9, 2018, the loan was extended to July 10, 2019.

As of March 31, 2021 and September 30,

As of December 31, 2020 and September 30, 2020,

the total accrued interest owing under this note was $9,233 and $8,363, respectively.

As of the date of this report, that date

has not been extended, and the Company is accruing interest at the default interest rate of 15%.

As of the date of this report, that date has not

been extended, and the Company is accruing interest at the default interest rate of 15%.

with Individual

4 unchanged sentences

of 12% per annum.

As of the March 31, 2021 and September 30, 2020, the total accrued interest owing under this note was $8,379 and $6,883,

As of the December 31, 2020 and September 30, 2020, the total accrued interest owing under this note was $7,639 and

$6,883, respectively.

Subsequent to the six months ended March 31, 2021, on December 3, 2021, the Company repaid this loan and accrued interest

stock options were granted during the six months ended March 31, 2021 and 2020.

following is a summary of outstanding stock options issued to employees and directors as of March 31, 2021 and September 30, 2020:

March 31, 2021 and September 30, 2020

following is a summary of outstanding stock options issued to non-employees, excluding directors, as of March 31, 2021 and September

March 31, 2021 and September 30, 2020

was no equity-based compensation for the six months ended March 31, 2021 and 2020.

Subsequent to the three months ended December 31, 2020, on December 3, 2021, the Company repaid this loan and accrued

interest in full.

stock options were granted during the three months ended December 31, 2020 and 2019.

following is a summary of outstanding stock options issued to employees and directors as of December 31, 2020 and September 30, 2020:

Exercise Price per

Outstanding December 31, 2020 and September 30, 2020

Exercisable, December 31, 2020 and September 30, 2020

following is a summary of outstanding stock options issued to non-employees, excluding directors, as of December 31, 2020 and September

Exercise Price per

Outstanding December 31, 2020 and September 30, 2020

Exercisable, December 31, 2020 and September 30, 2020

was no equity-based compensation for the three months ended December 31, 2020 and 2019.

SUBSEQUENT EVENTS

of Loans Payable

to March 31, 2021, the Company received an aggregate of $275,000 related to the issuance of 14 notes payable to various noteholders,

to December 31, 2020, the Company received an aggregate of $275,000 related to the issuance of 14 notes payable to various noteholders,

including an aggregate of $35,000 as a result of two notes payable issued to the Companys Chief Executive Officer, a related party.

20 unchanged sentences

to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking

These risks may cause the Companys or its industrys actual results, levels of activity or performance to be

materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements.

These risks may cause the Companys or its industrys actual results, levels of activity or performance to be materially

different from any future results, levels of activity or performance expressed or implied by these forward-looking statements.

the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results,

84 unchanged sentences

of Operations

of the Three Months Ended March 31, 2021 to the Three Months Ended March 31, 2020

revenue or cost of sales were generated for the three months ended March 31, 2021 or March 31, 2020.

Companys expenses for the three months ended March 31, 2021 and 2020, are summarized as follows:

Months Ended March 31,

and administrative (including $22,848 and $0 of fees paid to related party)

operating expenses

increase in general and administrative expenses for the three months ended March 31, 2021 compared to the three months ended March 31,

2020 of $42,072 is due primarily to an increase in accounting and audit fees.

Expenses (Income)

Months Ended March 31,

on forgiveness of debt

other expenses, net

expense increased for the six months ended March 31, 2021 from the comparative period of 2020 of $142 is due to accrued interest on the

four notes payable issued during the years ended September 30, 2018 and 2017.

The gain on forgiveness of debt of $3,029 was a result

of a decrease of accounts payable as a result of vendor adjustments.

of the Six Months Ended March 31, 2021 to the Six Months Ended March 31, 2020

revenue or cost of sales were generated for the six months ended March 31, 2021 or March 31, 2020.

Companys expenses for the six months ended March 31, 2021 and 2020, are summarized as follows:

Months Ended March 31,

and administrative (including $27,578 and $0 of fees paid to related party)

operating expenses

increase in general and administrative expenses for the six months ended March 31, 2021 compared to the six months ended March 31, 2020

of $45,906 is due primarily to an increase in accounting and audit fees.

Months Ended March 31,

on forgiveness of debt

other expenses

expense increased for the six months ended March 31, 2021 from the comparative period of 2020 of $142 is due to accrued interest due

to the increase in interest rate to 15% on the Companys notes payable due to the default rate provisions.

The gain on forgiveness

of debt of $3,029 was a result of a decrease of accounts payable as a result of vendor adjustments.

of the Three Months Ended December 31, 2020 to the Three Months Ended December 31, 2019

revenue or cost of sales were generated for the three months ended December 31, 2020 or December 31, 2019.

Companys expenses for the three months ended December 31, 2020 and 2019, are summarized as follows:

Three Months Ended December 31,

General and administrative

(including $4,730 and $0 of fees paid to related party)

Total operating expenses

increase in general and administrative expenses for the three months ended December 31, 2020 compared to the three months ended December

31, 2019 of $3,834 is due primarily to an increase in filing fees.

Three Months Ended December 31,

Interest Expense

Total other expenses

expense was unchanged for the three months ended December 31, 2020 from the comparative period of 2019 representing accrued interest

on the Companys notes payable.

and Capital Resources

following table sets forth a summary of changes in working capital as of ended March 31, 2021 and September 30, 2020:

decrease in current assets of $60 is mainly due to a decrease in cash from the payment of outstanding bills during the six months ended

March 31, 2021.

following table sets forth a summary of changes in working capital as of ended December 31, 2020 and September 30, 2020:

December 31, 2020

September 30, 2020

Current Assets

Current Liabilities

Working capital

decrease in current assets of $30 is mainly due to a decrease in cash from the payment of outstanding bills during the three months ended

December 31, 2020.

The increase in current liabilities of $7,324 is primarily due to an increase in accounts payable and accrued liabilities

during the six months ended March 31, 2021.

following table sets forth a summary of changes in cash flows for the six months ended March 31, 2021 and 2020:

months Ended March 31,

cash used in operating activities

of March 31, 2021, our cash balance was $348.

The Company does not expect its current cash and operating income to be sufficient to meet

its financial needs for continuing operations over the next twelve months.

cash used in operations for the six months ended March 31, 2021 of $60 was mainly due to the net loss that was incurred during the period.

during the three months ended December 31, 2020.

following table sets forth a summary of changes in cash flows for the three months ended December 31, 2020 and 2019:

Three Months Ended December 31,

Net cash used in operating activities

Change in cash

of December 31, 2020, our cash balance was $378.

The Company does not expect its current cash and operating income to be sufficient to

meet its financial needs for continuing operations over the next twelve months.

cash used in operations for the three months ended December 31, 2020 of $30 was mainly due to the net loss that was incurred during the

may need to evaluate raising additional capital through the sale of equity securities, through an offering of debt securities or through

37 unchanged sentences

discussion of Recently Issued Accounting Pronouncements ,

see Note 1 to the unaudited condensed financial statements, Nature of Operations, Basis of Presentation and Summary of

Significant Accounting Policies in Part I, Item 1, of this Quarterly Report on Form 10-Q.

see Note 1 to the unaudited condensed financial statements, Nature of Operations, Basis of Presentation and Summary of Significant

Accounting Policies in Part I, Item 1, of this Quarterly Report on Form 10-Q.

Quantitative and Qualitative Disclosures about Market Risk

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