x
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ANNUAL REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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o
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TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF
1934
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Nevada
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N/A
|
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(State
of other jurisdiction of
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(IRS
Employer Identification
|
|
incorporation
or organization)
|
Number)
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Large
Accelerated Filer
|
o
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Accelerated
Filer
|
o
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|||
Non-Accelerated
Filer
|
o
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Smaller
Reporting Company
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x
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ITEM
1: BUSINESS
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4
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ITEM
1A: RISK FACTORS
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5
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ITEM
1B: UNRESOLVED STAFF COMMENTS
|
10
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ITEM
2: PROPERTIES
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10
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ITEM
3: LEGAL PROCEEDINGS
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10
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ITEM
4: SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
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10
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ITEM
5: MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND
ISSUER PURCHASES OF EQUITY SECURITIES
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11
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ITEM
6: SELECTED FINANCIAL DATA
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11
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ITEM
7: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
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12
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ITEM
7A: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK
|
13
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|
ITEM
8: FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
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13
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ITEM
9: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
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13
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ITEM
9A: CONTROLS AND PROCEDURES
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14
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ITEM
9B: OTHER INFORMATION
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15
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ITEM
10: DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
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16
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ITEM
11: EXECUTIVE COMPENSATION
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18
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ITEM
12: SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
RELATED STOCKHOLDER MATTERS
|
19
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|
ITEM
13: CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR
INDEPENDENCE
|
21
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|
ITEM
14: PRINCIPAL ACCOUNTING FEES AND SERVICES
|
21
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|
ITEM
15: EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
|
22
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SIGNATURES
|
|
23
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ITEM 1:
|
BUSINESS
|
ITEM
1A:
|
RISK
FACTORS
|
·
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Our ability to execute our
business plan and significantly grow our
business;
|
·
|
Our ability to generate brand
loyalty among target consumer segment car
buyers;
|
·
|
Increased competition from
competitors who offer competing services;
and
|
·
|
Our financial condition and
results of operations.
|
ITEM
1B:
|
UNRESOLVED
STAFF COMMENTS
|
ITEM 2:
|
PROPERTIES
|
ITEM 3:
|
LEGAL
PROCEEDINGS
|
ITEM 4:
|
SUBMISSION OF MATTERS TO A VOTE
OF SECURITY HOLDERS
|
ITEM 5:
|
MARKET FOR REGISTRANT’S COMMON
EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY
SECURITIES
|
ITEM
6:
|
SELECTED
FINANCIAL DATA
|
ITEM 7:
|
MANAGEMENT'S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
|
ITEM
7A:
|
QUANITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK
|
ITEM 8:
|
FINANCIAL
STATEMENTS AND SUPPLEMENTARY DATA
|
ITEM 9:
|
CHANGES IN AND DISAGREEMENTS
WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|
ITEM
9A:
|
CONTROLS
AND PROCEDURES
|
ITEM
9B:
|
OTHER
INFORMATION
|
ITEM
10:
|
DIRECTORS,
EXECUTIVE OFFICERS, PROMOTERS AND CORPORATE
GOVERNANCE
|
Name
|
Age
|
Position
|
||
Tang
Xu
|
46
|
President,
Chief Executive Officer, Treasurer, Secretary and
Director
|
Name
|
Number of
Late Reports
|
Transactions
Not Timely Reported
|
Known Failures to
File a Required
Form
|
|||||||||
Shawn
Sim
|
1
|
1
|
1
|
|||||||||
Huaiqian
Zhang
|
1
|
1
|
1
|
ITEM
11:
|
EXECUTIVE
COMPENSATION
|
Name
and Principal
Position
|
Year(1)
|
Salary
($)
|
Bonus
($)
|
Stock
Awards
($)
|
Option
Awards
($)
|
Non-
Equity
Incentive
Plan
Compensa-
tion
($)
|
Change in
Pension
Value and
Nonqualified
Deferred
Compensation
Earnings
($)
|
All
Other
Compensa-
tion
($)
|
Total
($)
|
|||||||||||||||||||||||||
Shawn
Sim (2)
|
2009
|
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||
President,
Chief Executive Officer, Secretary and Treasurer
|
||||||||||||||||||||||||||||||||||
Huaiqian
Zhang (3)
Former
President, Chief
|
2009
|
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||
Executive
Officer,
|
2008
|
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||
Secretary
and
|
||||||||||||||||||||||||||||||||||
Treasurer
|
||||||||||||||||||||||||||||||||||
Wei
Xue Feng (4)
|
||||||||||||||||||||||||||||||||||
Former
President,
|
2009
|
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||
Chief
Executive
|
2008
|
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||
Officer,
|
||||||||||||||||||||||||||||||||||
Secretary
and
|
||||||||||||||||||||||||||||||||||
Treasurer
|
||||||||||||||||||||||||||||||||||
Angeni
Singh (5)
|
||||||||||||||||||||||||||||||||||
Former
President,
|
2008
|
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||
Secretary
and
|
||||||||||||||||||||||||||||||||||
Treasurer
|
|
(1)
|
The
Company’s fiscal year ends on September 30th.
|
|
(2)
|
Shawn
Sim served as an officer and director of the Company from June 25, 2009 to
December 22, 2009.
|
|
(3)
|
Huaiqian
Zhang was appointed as an officer and director on January 26,
2009.
|
|
(4)
|
Wei
Xue Feng was appointed as an officer and director on May 2, 2008 and
resigned on January 26, 2009.
|
|
(5)
|
Angeni
Singh resigned as an officer and director of the Company on May 1,
2008.
|
ITEM 12:
|
SECURITY OWNERSHIP OF CERTAIN
BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|
Name and Address of Beneficial
Owner
|
Shares
|
Options/
Warrants (1)
|
Total (1)
|
Percentage of
Shares
Outstanding (1)
|
||||||||||||
Five
Percent Stockholders
|
||||||||||||||||
Angeni
Singh (1)
|
20,000,000 | 0 | 20,000,000 | 65.4 | % | |||||||||||
Executive
Officers and Directors
|
||||||||||||||||
Tang
Xu, Chief Executive Officer, President, Treasurer, Secretary and Director
(1)
|
0 | 0 | 0 | 0 | % | |||||||||||
All
officers and directors as group (1 person)
|
0 | 0 | 0 | 0 | % |
ITEM
13:
|
CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR
INDEPENDENCE
|
ITEM 14:
|
PRINCIPAL ACCOUNTANT FEES AND
SERVICES
|
Exhibit No.
|
Description of Exhibits
|
|
Exhibit
3.1
|
Articles
of Incorporation of the Company, incorporated by reference to Exhibit 3.5
to the Company’s Registration Statement on Form SB-2, filed with the
Securities and Exchange Commission on October 25, 2005.
|
|
Exhibit
3.2
|
Bylaws
of the Company, incorporated by reference to Exhibit 3.7 to the Company’s
Registration Statement on Form SB-2, filed with the Securities and
Exchange Commission on October 25, 2005.
|
|
Exhibit
14.1
|
Code
of Ethics, incorporated by reference to Exhibit 14.1 to the Company’s
Report on Form 10-K, filed with the Securities and Exchange Commission on
February 13, 2009.
|
|
Exhibit
21
|
List
of Subsidiaries.
|
|
Exhibit
31.1
|
Certification
of Principal Executive Officer and Principal Financial Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
Exhibit
32.1
|
Certification
of the Principal Executive Officer and Principal Financial Officer
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of
2002.
|
BREEZER
VENTURES INC.
|
|||
By:
|
/s/ Tang Xu
|
||
Name:
|
Tang
Xu
|
||
Title:
|
Principal
Executive Officer
|
||
Principal
Financial Officer and
|
|||
Principal
Accounting Officer
|
/s/ Tang Xu
|
|
Name: Tang
Xu
|
|
Title: Director
|
|
Dated: January
19, 2010
|
Report
of Independent Registered Public Accounting Firm
|
F-2
|
|
Balance
Sheets for the fiscal years ended September 30, 2009 and
2008
|
F-4
|
|
Statements
of Operations for the fiscal year ended September 30, 2009 and 2008 and
the period from May 18, 2005 (inception) through September 30,
2009
|
F-5
|
|
Statements
of Cash Flows for the fiscal year ended September 30, 2009 and 2008 and
the period from May 18, 2005 (inception) through September 30,
2009
|
F-6
|
|
Statements
of Stockholder's Equity (Deficit) for the period from May 18, 2005
(inception) through September 30, 2009
|
F-7
|
|
Notes
to Financial Statements
|
|
F-8
|
Breezer
Ventures Inc.
|
(A
Development Stage Company)
|
Balance
Sheet
|
(Expressed
in U.S. Dollars)
|
September
30, 2009
|
September
30, 2008
|
|||||||
ASSETS
|
||||||||
Current
Assets
|
||||||||
Cash
and Cash Equivalents
|
103 | |||||||
Receivable
due from officer
|
4,392 | |||||||
Total
Current Assets
|
4,392 | |||||||
Property
Plant and Equipment
|
||||||||
Furniture
and Equipment
|
17,500 | 17,500 | ||||||
Accumulated
Depreciation
|
(12,552 | ) | (10,800 | ) | ||||
4,948 | 6,700 | |||||||
TOTAL
ASSETS
|
5,051 | $ | 11,092 | |||||
LIABILITIES
AND STOCKHOLDERS' DEFICIT
|
||||||||
Current
Liabilities
|
||||||||
Accounts
Payable and Accured Liabilities
|
33,051 | $ | 36,666 | |||||
Advances
from related party
|
38,750 | 28,950 | ||||||
TOAL
CURRENT LIABILITIES
|
71,801 | 65,616 | ||||||
Stockholder's
Deficit
|
||||||||
Preferred
Stock, $0.001 par value, 50,000,000 shares authorized, None issued and
outstanding
|
||||||||
Common
Stock, $0.001 par value, shares
authorized 30,600,000 and 7,650,000 issued and outstanding, respectively
|
30,600 | 7,650 | ||||||
Additional
Paid-In Capital
|
54,258 | 52,820 | ||||||
(Deficit)
accumulated during the development stage
|
(151,608 | ) | (114,994 | ) | ||||
Total
Stockholders' Deficit
|
(66,750 | ) | (54,524 | ) | ||||
TOTAL
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
5,051 | $ | 11,092 |
Approved
on Behalf of the Board
|
|||||
"Tang
Xu"
|
,
Director and Chief Executive
Officer
|
Breezer
Ventures Inc.
|
(A
Development Stage Company)
|
Statements
of Operation
|
(Expressed
in U.S.
Dollars)
|
From
May 18, 2005
|
||||||||||||
Year
Ended
|
Year
Ended
|
(Inception)
to
|
||||||||||
September
30, 2009
|
September
30, 2008
|
September
30, 2009
|
||||||||||
General
and Administration Expenses
|
||||||||||||
Consulting
and Professional fees
|
$ | 4,180 | $ | 13,315 | $ | 52,865 | ||||||
Training
Costs
|
- | 5,000 | ||||||||||
Management
Fees
|
- | 6,000 | ||||||||||
Rent
|
6,000 | 12,000 | 44,000 | |||||||||
Depreciation
|
1,752 | 3,504 | 12,552 | |||||||||
Other
|
294 | 1,915 | 3,833 | |||||||||
Interest
|
1,438 | 434 | 4,408 | |||||||||
13,664 | 31,168 | 128,658 | ||||||||||
Net
Loss for the period
|
(13,664 | ) | (31,168 | ) | $ | (128,658 | ) | |||||
Net
Loss per Common Share
|
(0.00 | ) | (0.00 | ) | ||||||||
Basic
and diluted
|
||||||||||||
Per
Share Information
|
||||||||||||
Weighted
Average Number of Common Shares Outstanding
|
||||||||||||
Basic
and diluted
|
8,606,250 | 7,650,000 | ||||||||||
Breezer
Ventures Inc.
|
(A
Development Stage Company)
|
Statements
of Cash Flow
|
(Expressed
in U.S.
Dollars)
|
From
May 18, 2005
|
||||||||||||
Year
Ended
|
Year
Ended
|
(Inception)
to
|
||||||||||
September
30, 2009
|
September
30, 2008
|
September
30, 2009
|
||||||||||
Cash
Flows from Operating Activities
|
||||||||||||
Net
Loss for the Period
|
$ | (13,664 | ) | (31,168 | ) | $ | (128,658 | ) | ||||
Adjustments
to reconcile net loss to cash used in operating activities
|
||||||||||||
Depreciation
|
1,752 | 3,504 | 12,552 | |||||||||
Imputed
Interest on shareholder advances
|
1,438 | 1,915 | 4,408 | |||||||||
Changes
in:
|
||||||||||||
Due
from Shareholder
|
4,392 | (4,392 | ) | |||||||||
Accounts
Payable and Accured Liabilities
|
(3,615 | ) | 20,416 | 33,051 | ||||||||
Net
Cash Flows Used in Operating Activities
|
(9,697 | ) | (9,725 | ) | (78,647 | ) | ||||||
Cash
Flows from Investing Activities
|
||||||||||||
Purchase
of assets
|
- | (17,500 | ) | |||||||||
Net
Cash Flows Used in Investing Activities
|
- | (17,500 | ) | |||||||||
Cash
Flows from Financing Activities
|
||||||||||||
Additional
Paid in Capital
|
- | |||||||||||
Advances
from Shareholders
|
9,800 | 9,700 | 38,750 | |||||||||
Issuance
of Common Stock
|
57,500 | |||||||||||
Net
Cash Flows Provided from Financing Activities
|
9,800 | 9,700 | 96,250 | |||||||||
Net
Increase (Decrease) in Cash
|
103 | (25 | ) | 103 | ||||||||
Cash
and Cash Equivalents, Beginning of Period
|
- | 25 | - | |||||||||
Cash
and Cash Equivalents, End of Period
|
103 | - | 103 | |||||||||
Supplementary
Information
|
||||||||||||
Taxes
Paid
|
- | - | - | |||||||||
Interest
Paid
|
- | - | - | |||||||||
Breezer
Ventures Inc.
|
(A
Development Stage Company)
|
Statements
of Stockholders' Equity (Deficit)
|
From
May 18, 2005 (Inception) to September 30,
2009
|
Common
Stock
|
Common
Stock
|
Additional
|
Deficit
Accumulated During the
|
Total
Stockholder's
|
||||||||||||||||
Shares
|
Amount
|
Paid
In Capital
|
Development
Stage
|
Equity
(Deficit)
|
||||||||||||||||
Balances
- May 18, 2005
|
- | $ | - | $ | - | $ | - | $ | - | |||||||||||
Founder's
shares issued
|
5,000,000 | 5,000 | - | - | 5,000 | |||||||||||||||
Shares
issued for cash
|
2,650,000 | 2,650 | 49,850 | - | 52,500 | |||||||||||||||
Net
Loss
|
- | - | - | -36,871 | -36,871 | |||||||||||||||
Balance,
September 30, 2005
|
7,650,000 | 7,650 | 49,850 | -36,871 | 20,629 | |||||||||||||||
Net
Loss
|
- | - | - | -23,688 | -23,688 | |||||||||||||||
Balances
- September 30, 2006
|
7,650,000 | $ | 7,650 | $ | 49,850 | $ | (60,559 | ) | $ | (3,059 | ) | |||||||||
Imputed
interest on shareholder loan
|
1,055 | 1,055 | ||||||||||||||||||
Net
Loss
|
- | - | - | -23,267 | -23,267 | |||||||||||||||
Balances
- September 30, 2007
|
7,650,000 | $ | 7,650 | $ | 50,905 | $ | (83,826 | ) | $ | (25,271 | ) | |||||||||
Imputed
interest on shareholder loan
|
1,915 | 1,915 | ||||||||||||||||||
Net
Loss
|
- | - | - | -31,168 | -31,168 | |||||||||||||||
Balances
- September 30, 2008
|
7,650,000 | $ | 7,650 | $ | 52,820 | $ | (114,994 | ) | $ | (54,524 | ) | |||||||||
Issuance
of stock divident
|
22,950,000 | $ | 22,950 | -22,950 | ||||||||||||||||
Imputed
interest on shareholder loan
|
1,438 | 1,438 | ||||||||||||||||||
Net
Loss
|
- | - | - | -13,664 | -13,664 | |||||||||||||||
Balances
- September 30, 2009
|
30,600,000 | $ | 30,600 | $ | 54,258 | $ | (151,608 | ) | $ | (66,750 | ) |
Note
1
|
Incorporation
and Operating Activities
|
Note
2
|
Summary
of Significant Accounting Policies
|
Note
3
|
Going
Concern
|
Note 4
|
Due from
Shareholder
|
Note
5
|
Property,
Plant and Equipment
|
|
September 30,
2009
|
September 30,
2008
|
||||||
$
|
$
|
|||||||
Cost
|
17,500
|
17,500
|
||||||
Accumulated
Depreciation
|
(12,552
|
)
|
(10,800
|
)
|
||||
Net,
Property, Plant and Equipment
|
4,948
|
6,700
|
Note
6
|
Income
Taxes
|
2009
|
2008
|
|||||||
Deferred
Tax Asset arising from Net Operating Loss Carry-forwards
|
$
|
45,032
|
$
|
40,248
|
||||
Valuation
allowance
|
(45,032
|
)
|
(40,248
|
)
|
||||
Net
deferred tax asset
|
$
|
-
|
$
|
-
|
Note
7
|
Related
Party Transaction
|
Note
8
|
Subsequent
Events
|