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CTLE > SEC Filings for CTLE > Form 10-Q on 9-Nov-2012All Recent SEC Filings

Show all filings for NANO LABS CORP. | Request a Trial to NEW EDGAR Online Pro

Form 10-Q for NANO LABS CORP.


9-Nov-2012

Quarterly Report


Item 2. Management's Discussion and Analysis of Financial Condition and Plan of Operation

The Company was formed in Colorado on March 27, 1995 primarily to sell and install stone, tile and marble products used in residential and commercial buildings.

The Company's business plan involved opening additional stores in Colorado. However, the Company was unable to raise the additional capital required to open additional stores due to the recent decline in residential and commercial construction.

As a result, in spring of 2012, the Company reorganized by:

1) transferring all of its assets to CCT, Inc., a wholly-owned subsidiary of the Company;

2) selling CCT, Inc. to Sandie Venezia, a former officer and director of the Company, for $500;

3) changing the name of the Company to Nano Labs Corp.;

4) changing the authorized capital of the Company to 500,0000,000 shares of common stock and 10,000,000 shares of preferred stock; and

5) 1 forward splitting the Company's common stock on a 25 for 1 basis.

As part of this reorganization, Sandie Venezia and Mark Rodenbeck appointed Bernardo Camacho Chavarria and Jose Manuel Flores Hernandez directors of the Company and then resigned as officers and directors.

Prior to the forward stock split, Ms. Venezia and Mr. Rodenbeck, sold a total of 4,000,000 shares of the Company's common stock to Mr. Chavarria and Mr. Hernandez for $105,768 in cash.

After the forward stock split, Mr. Chavarria and Mr. Hernandez sold 100,000,000 shares of the Company's common stock back to the Company for a nominal amount of cash.

In July 2012 the Company acquired "nanotechnology" from Respect Innovations, Inc. in exchange for 100,000,000 shares of the Company's common stock.

Nanotechnology involves mixing microscopic particles into paints, coatings and films that can be applied to most surfaces to provide temperature resistance and increased structural integrity.

On October 2, 2012 the Company terminated its agreement with Respect relating to the acquisition of Respect's nanotechnology. The 100,000,000 shares of the Company's common stock originally issued to Respect in exchange for the assignment of the nanotechnology were returned to the Company. In connection with the termination of its agreement with Respect, the Company sold all of its shares in its wholly owned subsidiary, Respect American Glass, Inc., to one of Respect's officers for a nominal price.


On October 10, 2012:

? the Company acquired new nanotechnology from Dr. Victor Castaņo in exchange for 101,000,000 shares of the Company's common stock.

? the Company appointed Dr. Castaņo as a Director and as its Chief Technological and Scientific Officer.

? Jose Manual Flores Hernandez resigned as an Officer and Director.

The technology acquired from Dr. Castaņo uses nanotechonology to produce a coating that can be applied to almost any surface, has low thermal conductivity and protects surfaces from water leaks, corrosions and rust.

The Company expects its Nano coating will retail for approximately $20.00 to $30.00 per gallon.

The Company is pursuing opportunities for global market leadership in the field of nanotechnology, a sector with the prospect of $2.6 trillion in global revenues - representing 15 per cent of all projected global manufacturing - by 2014.

The Company's activities in nanotechnology comprise the art and science of modifying matter at molecular and atomic scales to create what the Company believes are remarkable products and materials for industrial and consumer product applications.

The Company's Chief Research and Innovation Officer, Professor Victor Castano, brings with him an innovative portfolio of more than 500 peer-reviewed and published papers, products, and prototypes representing some 30 years of his work in in the field.

The Company's business model is to offer a range of next generation products covering many sectors of the economy, including energy and fuel, health and medicine, food and agriculture, plus nano products and materials with the potential for broad-based industrial and consumer applications. The Company's plan of operation is as follows:

                                                               Projected
       Activity                                             Completion Date

       Completion of patent work                             November 2012
       Manufacture coatings using third party contractors    January 2013
       Marketing                                              March 2013

The Company has never earned a profit and expects to incur losses during the foreseeable future and may never be profitable. The Company will need to earn a profit or obtain additional financing until it is able to earn a profit. The Company does not know what the terms of any future financing may be, but any future sale of equity securities would dilute the ownership of existing stockholders. The failure to obtain the capital the Company requires will result in a slower implementation of its business plan. There can be no assurance that the Company will be able to obtain any capital which is needed. The Company does not have any commitments from any person to provide it with any additional capital.


As of November 6, 2012 the Company employed one person on a part time basis and one person on a full time basis.

The Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on financial condition, changes in financial condition, results of operations, liquidity or capital resources.

The Company does not know of any trends, demands, commitments, events or uncertainties that will result in, or that reasonably likely to result in, liquidity increasing or decreasing in any material way.

The Company does not know of any significant changes in its expected sources and uses of cash.

Results of Operation

Since the Company abandoned its old business plan in February 2012 and began its new business in May 2012, a comparison of the results of operation for the three months ended September 30, 2012 with the prior period would not be meaningful.

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