Form 10-Q for MICROELECTRONICS TECHNOLOGY CO

Posted by on May 29, 2012 in Cloud Technology | 0 comments

Form 10-Q for MICROELECTRONICS TECHNOLOGY CO

Quarterly Report

 

Item 2. 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, statementsrelating 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.

Overview

We are a start-up, developmental stage corporation and have not yet generated any revenues from our

business activities. We were incorporated in the State of Nevada on May 18, 2005. We have four mineral

claims located near Wawa in northern Ontario, Canada that we someday plan to explore for precious

metals. Our plans to explore these claims, however, have been put on hold as result of our recent

acquisition of Cloud Data on August 26, 2011. Through the acquisition of Cloud Data, we are moving into

the Internet incubator space in order to capitalize upon the technology opportunities available today and in

the immediate future within the cloud computing market place.

Results of Operations for the Nine Month Ended March 31, 2012 and Period from April 11, 2011

(Inception of the Development Stage) until March 31, 2012.

We generated no revenue for the period from April 11, 2011 until March 31, 2012. We are a

development stage company and intend to pursue the line of business of internet marking though the

acquisition of Cloud Data.

Our Operating Expenses for the nine months ended March 31, 2012were $147,690. Our Operating

Expenses from April 11, 2011 (Inception of the Development Stage) to March 31, 2012 were $177,290.

For each period our Operating Expenses consist primarily of advertising, management fees and professional fees.

We, therefore, recorded a net loss of $147,690 for the nine months ended March 31, 2012 and a net loss of

$177,290 for the period from April 11, 2011 until December 31, 2011.

We anticipate our operating expenses will increase as we undertake the business of internet marking though

the acquisition of Cloud Data.

Liquidity and Capital Resources

As of March 31, 2012, we had $2,555 in current assets and $486,277 in current liabilities. Thus, we had

a working capital deficit of $483,722 as of March 31,2012.

Cash flow from Operating activities was $306,319 for the nine months ended March 31, 2012. Our net cash

used in investing activity was $(129,274). We had $505 cash used in financing activities for the

period from April 11, 2011 until March 31, 2012.

As March 31, 2012 we have insufficient cash to operate our business at the current level for the next

twelve months and insufficient cash to achieve our business goals. The success of our business plan beyond

the next 12 months is contingent upon us obtaining additional financing. We intend to fund operations

through debt and/or equity financing arrangements, which may be insufficient to fund our capital

expenditures, working capital, or other cash requirements. We do not have any formal commitments or

arrangements for the sales of stock or the advancement or loan of funds at this time. There can be no

assurance that such additional financing will be available to us on acceptable terms, or at all.

Going Concern

 

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We are in the development stage and have not generated any revenues and have incurred losses of

$177,290 since April 11, 2011. At March 31, 2011, we had $0 in cash and $487,277 in current

liabilities. Further, we incurred a loss of $147,690 for the nine months ended March 31, 2012. In view of

these conditions, our ability to continue as a going concern is in substantial doubt and dependent upon

achieving a profitable level of operations and on our ability to obtain necessary financing to fund ongoing

operations.

To meet these objectives, we continue to seek other sources of financing in order to support existing

operations and expand the range and scope of our business. However, there are no assurances that any such

financing can be obtained on acceptable terms, if at all. The accompanying financial statements do not give

effect to any adjustments which would be necessary should we be unable to continue as a going concern.

Off Balance Sheet Arrangements

As of March 31, 2011, there were no off balance sheet arrangements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

A smaller reporting company is not required to provide the information required by this Item