UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

x   QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended  December 31, 2012
 
o   TRANSITION REPORT UNDER    SECTION 13 OR 15(d) OF THE EXCHANGE ACT
 
For the transition period from ______________ to ______________
 
Golden Oasis New Energy Group, Inc.
(Name of small registrant as specified in its charter)
 
Nevada
 
5065
 
27-2563052
(State or other jurisdiction of
incorporation or organization)
 
(Primary Standard Industrial
Classification Code Number)
 
IRS I.D.
 
1000 East Armstrong Street
Morris, IL
 
60450
(Address of principal executive offices)
 
(Zip Code)
 
SEC File No.  333-175482
 
Issuer’s telephone number:   815-941-9888
 
N/A
(Former name, former address and former three months, if changed since last report)
 
Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  x     No  o
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes   o  No  o
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer
o
Accelerated filer
o
Non-accelerated filer
o
Smaller Reporting Company
x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  x    No  o
 
As of February 19, 2013 there were 6,493,090 shares issued and outstanding of the registrant’s common stock.
 
 
 
 
 
TABLE OF CONTENTS
 
PART I — FINANCIAL INFORMATION
     
       
Item 1.
Financial Statements
    3  
           
Item 2.  
Management’s Discussion and Analysis or Plan of Operation.
    4  
           
Item 3.  
Quantitative and Qualitative Disclosure about Market Risk.
    10  
           
Item 4.  
Controls and Procedures.
    10  
           
PART II — OTHER INFORMATION
       
         
Item 1.  
Legal Proceedings.
    11  
           
Item 2.  
Unregistered Sales of Equity Securities and Use of Proceeds.
    11  
           
Item 3.  
Defaults Upon Senior Securities.
    11  
           
Item 4.
Mine Safety Disclosures.
    11  
           
Item 5.  
Other Information.
    11  
           
Item 6.  
Exhibits.
    12  
 
 
2
 
 
PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
 



Golden Oasis New Energy Group, Inc.
 
 
Financial Statement (Unaudited)
 
 
Three Months Ended December 31, 2012 and 2011
 
 
3
 
 
Contents
 
Balance Sheet 
    F-2  
         
Statement of Loss  
    F-3  
         
Shareholders Equity 
    F-4  
         
Cash Flows 
    F-5  
         
Notes to Financial Statements 
    F-5  
         
Exhibit A
    F-17  

 
F-1
 
 
Golden Oasis New Energy Group, Inc.
(A Development Stage Enterprise)
BALANCE SHEET
 
   
December 31
   
June 30
 
   
2012
   
2012
 
ASSETS
           
Current assets:
           
Cash and cash equivalents
  $ 21,384     $ 28,924  
Inventory
    19,030       13,831  
Prepaid Rent
    -       -  
Total Current Assets
  $ 40,414     $ 42,755  
                 
TOTAL ASSETS
  $ 40,414     $ 42,755  
                 
LIABILITIES & EQUITY
               
Current liabilities:
               
Account payable
  $ 24,500     $ -  
Total current liabilities
  $ 24,500     $ -  
                 
Other current liabilities:
               
Loan from shareholders
  $ 39,317     $ 24,213  
Sales Tax Payable
    94       94  
Total other current liabilities
  $ 39,411     $ 24,307  
                 
Total liabilities
  $ 63,911     $ 24,307  
                 
Stockholders' Equity:
               
Common stock, $0.001 par value;
               
500,000,000 shares authorized;
               
6,493,090 shares issued and outstanding.
  $ 6,494     $ 6,494  
Paid-in capital
    112,780       112,780  
Deficit accumulated during the development stage
    (142,771 )     (100,826 )
Accumulated other comprehensive income (loss)
    -       -  
                 
Total stockholders' equity
  $ (23,497 )   $ 18,448  
TOTAL LIABILITIES & EQUITY
  $ 40,414     $ 42,755  

 
F-2
 
 
Golden Oasis New Energy Group, Inc.
(A Development Stage Enterprise)
STATEMENT OF LOSS
 
   
Six
Month Ended
December 31
   
Six
Month Ended
December 31
   
Three
Month Ended
December 31
   
Three
Month Ended
December 31
   
Cumulative from
May 10, 2010 (Date
of Inception) Through
December 31,
 
   
2012
   
2011
   
2012
   
2011
   
 2012
 
   
(Unaudited)
   
(Unaudited)
   
(Unaudited)
   
(Unaudited)
   
(Unaudited)
 
                                         
Revenues
  $ 7,093     $ -     $ -     $ -     $ 14,059  
Cost of Goods Sold
  $ 4,423     $ -     $ -     $ -     $ 10,131  
Gross Profit
  $ 2,670     $ -     $ -     $ -     $ 3,928  
Operating expenses:
                                       
Research and development
  $ -     $ -     $ -     $ -     $ -  
                                         
Selling, general and administrative expenses
  $ 44,615     $ 24,958     $ 23,212     $ 3,224     $ 146,781  
                                         
Depreciation and amortization expenses
  $ -     $ -     $ -     $ -     $ -  
                                         
Total Operating Expenses
  $ 44,615     $ 24,958     $ 23,212     $ 3,224     $ 146,781  
                                         
Operating Loss
  $ (41,945 )   $ (24,958 )   $ (23,212 )   $ (3,224 )   $ (142,853 )
                                         
Investment income, net
  $ -     $ 6     $ -     $ 4     $ 82  
Interest Expense, net
  $ -     $ -     $ -     $ -     $ -  
Loss before income taxes
  $ (41,945 )   $ (24,952 )   $ (23,212 )   $ (3,220 )   $ (142,771 )
Loss tax expense
  $ -     $ -     $ -     $ -     $ -  
Net loss
  $ (41,945 )   $ (24,952 )   $ (23,212 )   $ (3,220 )   $ (142,771 )
                                         
Net loss per common share- Basics
  $ (0.01 )   $ (0.00 )   $ (0.00 )   $ (0.00 )   $ (0.02 )
Net loss per common share- Diluted
  $ (0.00 )   $ (0.00 )   $ (0.00 )   $ (0.00 )   $ (0.00 )
                                         
Other comprehensive loss, net of tax:
  $ -     $ -     $ -     $ -     $ -  
Comprehensive income (loss)
  $ (41,945 )   $ (24,952 )   $ (23,212 )   $ (3,220 )   $ (142,771 )

 
F-3
 
 
Golden Oasis New Energy Group, Inc.
(A Development Stage Enterprise)
STATEMENT OF STOCKHOLDERS EQUITY
The Period May 10, 2010 ( Date of Inception)
through December 31, 2012
 
                     
Deficit
             
                     
Accumulated
   
Accumulated
       
               
Additional
   
During the
   
Other
   
Total
 
   
Common Stock
   
Paid-in
   
Development
   
Comprehensive
   
Stockholders'
 
   
Shares
   
Amount
   
Capital
   
Stage
   
Income (Loss)
   
Equity
 
                                     
Issuance of common stocks
                                   
 to shareholders @0.005 per
                                   
  share on May 28 2010
    5,000,000     $ 5,000     $ 20,000                 $ 25,000  
                                             
Net loss for the period
                                           
   ended June 30, 2010
                          $ (2,195 )         $ (2,195 )
                                                 
Balance June 30, 2010
    5,000,000     $ 5,000     $ 20,000     $ (2,195 )   $ -     $ 22,805  
                                                 
Issuance of common stocks
                                               
 to shareholders @0.01 per
                                               
  share on December 23, 2010
    611,500     $ 612     $ 5,503                     $ 6,115  
                                                 
Issuance of common stocks
                                               
 to Michael Williams @0.10 per
                                         
  share on March 31, 2011
    100,000     $ 100     $ 9,900                     $ 10,000  
                                                 
Net loss for the period
                                               
   ended June 30, 2011
                          $ (32,041 )           $ (32,041 )
                                                 
Balance June 30, 2011
    5,711,500     $ 5,712     $ 35,403     $ (34,236 )     -       6,879  
                                                 
Issuance of common stocks
                                               
 to shareholders @0.10 per
                                               
  share on September 08, 2011
    60,000     $ 60     $ 5,940                     $ 6,000  
                                                 
Issuance of common stocks
                                               
 to Pivo Associates @0.10 per
                                               
  share on June 13, 2012
    50,000     $ 50     $ 4,950                     $ 5,000  
                                                 
Issuance of common stocks
                                               
 to Keming Li @0.10 per
                                               
  share on June 13, 2012
    671,590     $ 672     $ 66,487                     $ 67,159  
                                                 
Net loss for the period
                                               
   ended June 30, 2012
                          $ (66,590 )           $ (66,590 )
                                                 
Balance June 30, 2012
    6,493,090     $ 6,494     $ 112,780     $ (100,826 )   $ -     $ 18,448  
                                                 
Net loss for the period
                                               
   ended December 31, 2012
                          $ (41,945 )           $ (41,945 )
                                                 
Balance December 31, 2012
    6,493,090     $ 6,494     $ 112,780     $ (142,771 )   $ -     $ (23,497 )

 
F-4
 
 
Golden Oasis New Energy Group, Inc.
(A Development Stage Enterprise)
STATEMENT OF CASH FLOWS
 
   
Six
Month Ended
December 31
   
Six
Month Ended
December 31
   
Three
Month Ended
December 31
   
Three
Month Ended
December 31
   
Cumulative from
May 10, 2010 (Date
of Inception) Through
December 31,
 
   
2012
   
2011
   
2012
   
2011
   
2012
 
   
(Unaudited)
   
(Unaudited)
   
(Unaudited)
   
(Unaudited)
   
(Unaudited)
 
Operating Activities:
                             
Net loss
  $ (41,945 )   $ (24,952 )   $ (23,212 )   $ (3,220 )   $ (142,771 )
                                         
Adjustments to reconcile net income to net cash provided by
                                 
Operating activities:
                                       
Non-cash portion of share based legal fee expense
    -       -       -       -       15,000  
Inventory Asset
    (5,199 )             -               (19,030 )
Account Payable
    24,500               16,500               24,500  
Prepaid Rent
    -       580       -       -       -  
Sales Tax Payable
    -       -       -       -       94  
Net cash provided by operating activities
  $ (22,644 )   $ (24,372 )   $ (6,712 )   $ (3,220 )   $ (122,207 )
                                         
Investing Activities:
                                       
Net cash provided by investing activities
  $ -     $ -     $ -     $ -     $ -  
                                         
Financing Activities:
                                       
Loan from shareholders
  $ 15,105     $ 46,291     $ 1,740     $ -     $ 39,317  
Proceeds from issuance of common stock
    -       6,000       -       -       104,274  
Net cash provided by financing activities
  $ 15,105     $ 52,291     $ 1,740     $ -     $ 143,591  
                                         
Net increase (decrease) in cash and cash equivalents
  $ (7,539 )   $ 27,919     $ (4,972 )   $ (3,220 )   $ 21,384  
Cash and cash equivalents at beginning of the period
  $ 28,924     $ 6,299     $ 26,357     $ 37,438     $ -  
Cash and cash equivalents at end of the period
  $ 21,384     $ 34,217     $ 21,384     $ 34,217     $ 21,384  

 
F-5
 
 
GOLDEN OASIS NEW ENERGY GROUP, INC.

NOTES TO FINANCIAL STATEMENTS

NOTE A- BUSINESS DESCRIPTION

Golden Oasis New Energy Group, Inc. (the “Company”), incorporated under the laws of Nevada on May 10, 2010 with registered address at 1955 Baring Blvd, Sparks, NV 89434. Golden Oasis New Energy Group, Inc. wholly owned branch located in the State of Illinois and its principal office is at 1000 E. Armstrong Street, Morris, IL 60445.

The Company was previously engaged in selling the lithium-ion batteries and related power supplies that mainly are used in mobile and consumer electronics products, such as readers, DVD players, digital cameras and digital video recorders, communications products, electric-power bikes and mopeds, miner's lamps, electric-power tools, electric-power sources for instruments and meters and other similar electrical equipment that can run on batteries.

On February 6, 2013, pursuant to an Agreement between Mr. Keming Li, CEO/President and Director of Golden Oasis New Energy Group Inc., a Nevada corporation (the “Issuer”), Ms. Guoling Jin, Treasury and Director of Golden Oasis New Energy Group Inc, and Ms. Madison Li (the stockholder), of Golden Oasis New Energy Group Inc, and Mr. Jian Li (the “Purchaser”), Mr. Jian Li became the principal stockholder, Chief Executive and Financial Officer and Tzongshyan George Sheu the Vice-president and Secretary of the Company.

In connection with this change of control, we discontinued our current business.  It is anticipated we will acquire First America Metal Corporation, a privately held scrap metail wholesaler, a business owned primarily by Mr. Jian Li, in the next few months depending upon completion of audit and preparation of required filing on Form 8-K.

Going Concern and Plan of Operation

The Company's financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company is in the development stage and has not earned any profit from operations to date. These conditions raise substantial doubt about its ability to continue as a going concern.   These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

 
F-6
 
 
GOLDEN OASIS NEW ENERGY GROUP, INC.

NOTES TO FINANCIAL STATEMENTS

NOTE B – SIGNIFICANT ACCOUNTING POLICIES

Development Stage Company

The Company is considered to be in the development stage as defined FASB ASC Topic 915, “ Development Stage Entities ”. The Company has devoted substantially all of its efforts to the corporate formation, the raising of capital and attempting to raise sales.

Basis of accounting

The financial statements reflect the assets, revenues and expenditures of the Company on the accrual basis of accounting.

The Company’s fiscal year end is June 30.
 
Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect certain amounts reported in the financial statements and disclosures.  Accordingly, actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all highly-liquid investments with an original maturity of three months or less when purchased to be cash equivalents. As of December 31, 2012, cash and cash equivalents are $21,384.

Property, Plant, and Equipment Depreciation

Property, plant, and equipment are stated at cost.  Depreciation is being provided principally by straight line methods over the estimated useful lives of the assets.  As of December 31, 2012 there were no fixed assets in the Company’s balance sheets.

Comprehensive Income

The company’s comprehensive income is comprised of net income, unrealized gains and losses on marketable securities classified foreign currency translation adjustments, and unrealized gains and losses on derivative financial instruments related to foreign currency hedging.

 
F-7
 
 
GOLDEN OASIS NEW ENERGY GROUP, INC.

NOTES TO FINANCIAL STATEMENTS

NOTE B - SIGNIFICANT ACCOUNTING POLICIES (Continued)

Stock-Based Compensation

The Company accounts for stock issued for services using the fair value method.  In accordance with FASB ASC Topic 718, “Compensation - Stock Compensation”, the measurement date of shares issued for services is the date at which the counterparty’s performance is complete.
 
On March 31, 2011, 100,000 shares were issued to Michael Williams for legal services of $10,000 at $0.10 per share.

On June 13, 2012, 50,000 shares were issued to Pivo Associates for services of $5,000 at $0.10 per share.

Basic and Diluted Net Loss per Common Share

The Company computes per share amounts in accordance with FASB ASC Topic 260, “Earnings per Share”. ASC 260 requires presentation of basic and diluted EPS.

Basic EPS is computed by dividing the income (loss) available to Common Shareholders by the weighted-average number of common shares outstanding for the period.  Diluted EPS is based on the weighted-average number of shares of common stock and common stock equivalents outstanding during the periods.

As of December 31, 2012, the Company only issued one type of shares, i.e., common shares only. There are no other type of securities were issued. Accordingly, the diluted and basic net loss per common share is the same.

Inventory

As of December 31, 2012, the Company had 221 pieces of Lithium battery at a cost of  $19,030.

Revenue Recognition

I n accordance with the FASB Accounting Standards Codification (ASC) 605-15-25 “Revenue Recognition for Sales of Product”, the Company recognizes revenue when it is realized or realizable and earned. The revenue from the product sales transaction shall be recognized at time of sale if the following conditions are met:

 
F-8
 

GOLDEN OASIS NEW ENERGY GROUP, INC.

NOTES TO FINANCIAL STATEMENTS

NOTE B - SIGNIFICANT ACCOUNTING POLICIES (Continued)

Revenue Recognition (Continued)
 
·  
The seller's price to the buyer is substantially fixed or determinable at the date of sale.
 
·  
The buyer has paid the seller, or the buyer is obligated to pay the seller and the obligation is not contingent on resale of the product.
 
·  
The buyer's obligation to the seller would not be changed in the event of theft or physical destruction or damage of the product.
 
·  
The buyer acquiring the product for resale has economic substance apart from that provided by the seller.
 
·  
The seller does not have significant obligations for future performance to directly bring about resale of the product by the buyer.
 
·  
The amount of future returns can be reasonably estimated.
 
In accordance with paragraph 4-14 of FASB ASC 605-45, "Reporting Revenues Gross as a Principal versus Net as an Agent", the Company will recognize revenues on a gross basis. ASC 605-45, paragraph 4-14 discusses whether revenues and cost of goods sold to arrive at gross profit and their corresponding assets and liabilities should be recorded at gross or net.  The following indicators of gross revenue recognition will be applicable in the Company:

·  
Acts as principal in the transaction, Entity Is the Primary Obligor in the Arrangement.  The Company will purchase the products from supplier(s) and will responsible for the acceptability of the products, store the products in our warehouse as inventory.  The current leased property is a warehouse with office suite.  For whole purchase and selling cycle, the Company acts as principal and primary obligator throughout the whole purchase to selling transaction.

·  
Has risk and rewards of ownership, such as general inventory risk, risk of loss for collection, delivery and returns.  Based on the signed distribution agreement, the supplier ship the products FOB at shipping point, after shipping, the Company will take care of the products loss, and after receiving the products the Company will store all products in leased warehouse and incur risk of loss inventory.  After selling to customers, the Company is also responsible for risk of loss for delivery, return, and collection of receivable.

 
F-9
 

GOLDEN OASIS NEW ENERGY GROUP, INC.

NOTES TO FINANCIAL STATEMENTS

NOTE B - SIGNIFICANT ACCOUNTING POLICIES (Continued)

Revenue Recognition (Continued)

·  
Takes title to the products.  The Company will take title to the products before customers order them.  The Company will retail its purchased products to general public through e-commerce or online selling.  All customer orders and its shipments to customers will be responsible of the Company, not supplier(s).

·  
Flexibility in pricing.  The retail price to customers will be responsible of the Company according to the market competitions.

·  
Assumes credit risk.  The Company will assume collection and receivable risks.
 
All the indicators of net revenue reporting (ASC 605-45, paragraph 16-23) will not be applicable in the Company.

Revenues are recognized from product sales upon shipment, which is the point in time when risk of loss is transferred to the customer, net of estimated returns and allowances.

The Company had zero revenue for the fiscal quarter ended at December 31, 2012.
 
 
F-10
 
 
GOLDEN OASIS NEW ENERGY GROUP, INC.

NOTES TO FINANCIAL STATEMENTS

NOTE B - SIGNIFICANT ACCOUNTING POLICIES (Continued)

Cost of Goods Sold
 
The Company’s purchase cost is primarily from supplier, ZHEJIANG UNITED POWER ENERGY CO., LTD.
 
Cost of Goods Sold included the purchase cost of the product sold, freight and shipping expense, custom fees, and merchant account fees.
 
For the fiscal quarter ended December 31, 2012, zero Cost of Goods Sold was recorded.

Operating Leases
  
The Company entered into a new lease for its corporate offices in under terms of non-cancelable operating leases on July 27, 2012. The lease term is from September 1, 2012 through August 31, 2013 and requires a $600 monthly lease payment, and this office is located at 2106 Stonington Ave, Hoffman Estates, IL 60169.

Operating Expense

Operating expense consist of selling, general and administrative expenses.

For the quarter ended December 31, 2012 and 2011, the Company incurred $23,212 and $3,224 operating expenses respectively, and $146,781 of operation expenses incurred for the period of May 10, 2010 date of inception to December 31, 2012.
 
Detail as showed at Exhibit A at the end of the financial notes.

Professional Fees

Professional fees consist of accounting and auditing fees, legal fees, SEC filling fees, and other professional fees.

For the fiscal quarter ended December 31, 2012 and 2011, the Company incurred $21,000 and $520 respectively, and $117,085 of professional fees expense incurred for the period of May 10, 2010 date of inception to December 31, 2012.

 
F-11
 
 
GOLDEN OASIS NEW ENERGY GROUP, INC.

NOTES TO FINANCIAL STATEMENTS

NOTE B - SIGNIFICANT ACCOUNTING POLICIES (Continued)

Professional Fees (Continued)

Detail was shown below:

   
Three
Month Ended
December 31,
   
Three
Month Ended
December 31,
   
Cumulative from
May 10, 2010 (Date
of Inception) Through
December 31,
 
   
2012
   
2011
   
2012
 
Professional Fees
                 
Accounting & Auditing Fees
  $ 15,000     $ -     $ 35,000  
Legal expenses
  $ 6,000     $ -     $ 56,499  
SEC filling fees
  $ -     $ 520     $ 5,569  
Professional Fees - Other
  $ -     $ -     $ 20,017  
Total Professional Fees
  $ 21,000     $ 520     $ 117,085  
 
Income Tax

Income taxes are provided for tax effects of transactions reported in the financial statements and consist of taxes currently due plus deferred taxes. Deferred taxes are recognized for differences between the basis of assets and liabilities for financial statement and income tax purposes. The differences in asset and liability basis relate primarily to organization and start-up costs (use of different methods and periods to calculate deduction). Deferred taxes are also recognized for operating losses and tax credits that are available to offset future income taxes. The deferred tax assets and/or liabilities represent the future tax return consequences of those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. The components of the deferred tax asset and liability are classified as current and concurrent based on their characteristics. Valuation allowances are provided for deferred tax assets based on management’s projection of the sufficiency of future taxable income to realize the assets.

Recent Accounting Pronouncements

The following pronouncements have become effective during the period covered by these financial statements or will become effective after the end of the period covered by these financial statements:
 
 
F-12
 
 
GOLDEN OASIS NEW ENERGY GROUP, INC.

NOTES TO FINANCIAL STATEMENTS
 
Pronouncement
 
Issued
 
Title
         
ASC 855
 
May 2009
 
Subsequent Events
ASC 105
 
June 2009
 
The   FASB Accounting Standards Codification   and the Hierarchy of Generally Accepted Accounting Principles—a replacement of FASB Statement No. 162
ASC 820
 
August 2009
 
Fair Value Measurements and Disclosures – Measuring Liabilities at Fair Value
ASC 260
 
September 2009
 
Earnings per Share – Amendments to Section 260-10-S99
ASC 820
 
September 2009
 
Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent)
ASC 605
 
October 2009
 
Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements – a consensus of the FASB Emerging Issues Task Force
ASC 470
 
October 2009
 
Accounting for Own-Share Lending Arrangements in Contemplation of Convertible Debt Issuance or Other Financing – a consensus of the FASB Emerging Issues Task Force
ASC 860
 
December 2009
 
Transfers and Servicing (Topic 860): Accounting for Transfers of Financial Assets
ASC 505
 
January 2010
 
Accounting for Distributions to Shareholders with Components of Stock and Cash – a consensus of the FASB Emerging Issues Task Force
ASC 810
 
January 2010
 
Consolidation (Topic 810): Accounting and Reporting for Decreases in Ownership of a Subsidiary – a Scope Clarification
ASC 718
 
January 2010
 
Compensation – Stock Compensation (Topic 718): Escrowed Share Arrangements and the Presumption of Compensation
ASC 820
 
January 2010
 
Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements
ASC 810
 
February 2010
 
Consolidation (Topic 810): Amendments for Certain Investment Funds
ASC 815
 
March 2010
 
Derivatives and Hedging (Topic 815): Scope Exception Related to Embedded Credit Derivatives
ASC 310
Receivables (Topic 310): Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses
 
July 2010
 
For public entities, the disclosures as of the end of a reporting period are effective for interim and annual reporting periods ending on or after December 15, 2010. The disclosures about activity that occurs during a reporting period are effective for interim and annual reporting periods beginning on or after December 15, 2010.
 
For nonpublic entities, the disclosures are effective for annual reporting periods ending on or after December 15, 2011.

Management does not anticipate that the new accounting pronouncements listed above will have a material impact on our financial statements.

 
F-13
 
 
GOLDEN OASIS NEW ENERGY GROUP, INC.

NOTES TO FINANCIAL STATEMENTS

NOTE C – RELATED PARTY TRANSACTIONS

Loans to Officer/Shareholder

As of June 30, 2010, there was an amount of $9,350 loans from Officer for setting up the company. And the same amount has been returned to the Officer in March 2011.

From the period of July 1, 2011 to March 2012, the company’s officer Keming Li additional loan $67,159 to Golden Oasis New Energy Group Inc without interest without written agreement. The payment term is on demand.

From the period of April 1, 2012 to June 30, 2012, the company’s officer Keming Li additional loan $24,213 to Golden Oasis New Energy Group Inc without interest without written agreement. The payment term is on demand.

On June 13, 2012, the Company exchanged $67,159 in debt owed to Keming Li for 671,590 shares of common stock at fair market value of $0.10 per share.

From the period of July 1, 2012 to December 31, 2012, the company’s officer Keming Li additional loan $15,104 to Golden Oasis New Energy Group Inc without interest without written agreement. The payment term is on demand.

As of December, 2012, the balance for loans from shareholder is $39,317.

Common Shares Issued to Executive and Non-Executive Officers and Directors

As of December 31, 2012 total 4,671,590 shares were issued to officers and directors.  Please see the Table below for details:

Name
Title
Share QTY
Amount
Date
% of Common Share
Keming LI
President
2,671,590
$77,159.00
5/10/2010 & 6/13/2012
41.15%
GUOLING JIN
Secretary
2,000,000
$10,000.00
5/10/2010
30.80%
Total
 
4,671,590
$87,159.00
 
71.95%

*The percentage of common shares was based on the total outstanding shares of 6,493,090 as of December 31, 2012.
 
 
F-14
 

GOLDEN OASIS NEW ENERGY GROUP, INC.

NOTES TO FINANCIAL STATEMENTS

NOTE D – SHAREHOLDERS’ EQUITY

Common Stock

Under the Company’s Articles of Incorporation dated May 10, 2010, the Company is authorized to issue 500,000,000 shares of capital stock with a par value of $0.001.

On May 10, 2010, the Company was incorporated in the State of Nevada.

On May 10, 2010, three founders of the Company, Keming Li, Guoling Jin, and Madison Li purchased 5,000,000 shares at $0.005 per share. The proceeds of $25,000 were received.

On December 23, 2010, additional 611,500 common shares were issued at $0.01 per share to 31 shareholders. The proceeds of $6,115.00 were received.

On March 31, 2011, 100,000 shares were issued to Michael Williams for legal services at 0.10 per share.
 
On September 8, 2011, 60,000 common shares were issued at $0.10 per share to six non-affiliated shareholders. The proceeds of $6,000.00 were received.

On June 13, 2012, the Company exchanged $67,159 in debt owed to Keming Li for 671,590 shares of common stock at fair market value of $0.10 per share.

On June 13, 2012, 50,000 shares were issued to Pivo Associates for services at 0.10 per share.

Therefore, as of December 31, 2012, the total 6,493,090 shares were issued and outstanding.
 
NOTE E– GOING CONCERN

The Company is currently in the development stage and their activities consist solely of corporate formation, raising capital, and attempting to sell products to generate revenues.

There is no guarantee that the Company will be able to raise enough capital or generate revenues to sustain its operations and carry out its business plan. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.
 
 
F-15
 

GOLDEN OASIS NEW ENERGY GROUP, INC.

NOTES TO FINANCIAL STATEMENTS

NOTE E – GOING CONCERN (Continued)
 
The financial statements do not include any adjustments relating to the carrying amounts of recorded assets or the carrying amounts and classification of recorded liabilities that may be required should the Company be unable to continue as a going concern.
 
As of December 31, 2012 the cash and cash equivalent balance was $21,384 and there is cumulative loss of $142,771 for the cumulative period from May 10, 2010 (Date of Inception) to December 31, 2012.
 
The Company’s lack of operating history and financial resources raise substantial doubt about its ability to continue as a going concern. The financial statements do not include adjustments that might result from the outcome of this uncertainty and if the Company is unable to generate significant revenue or secure financing, then the Company may be required to cease or curtail its operations.

NOTE F- SUBSEQUENT EVENT

Changes in Control of Registrant.
 
On February 6, 2013, pursuant to an Agreement between Mr. Keming Li, CEO/President and Director of Golden Oasis New Energy Group Inc a Nevada corporation (the “Issuer”), Ms. Guoling Jin, Treasury and Director of Golden Oasis New Energy Group Inc, and Ms. Madison Li (the stockholder), of Golden Oasis New Energy Group Inc, and Mr. Jian Li (the “Purchaser”), Mr. Jian Li became the principal stockholder, Chief Executive and Financial Officer and Tzongshyan George Sheu the Vice-president and Secretary of the Company.
 
As a result, a change of control of the Company has taken place, February 6, 2013, whereby said shareholder Mr. Jian Li now owns 5,388,010 of the Company's common stock out of a total of 6,493,090 total common stock outstanding.

Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.

(a)           On February 6, 2013 Mr. Keming Li and Ms. GUOLING JIN, presented to the Board of the Company a letter of resignation whereby they resigned from their positions as officers and directors with the Company, effective at 11:59 A.M. on February 6, 2013.  Their resignation was not the result of any disagreements with the Company on any matters relating to the Company’s operations, policies or practices.
 
 
F-16
 
 
GOLDEN OASIS NEW ENERGY GROUP, INC.

NOTES TO FINANCIAL STATEMENTS

NOTE F- SUBSEQUENT EVENT (CONTINUED)

Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers. (Continued)

(b)           On February 6, 2013, the stockholders of the Company holding a majority in interest of the Company’s voting equity, approved by written consent and the members of the board of directors (the “Board”) of the Company approved by unanimous written consent, (i) the acceptance of resignation of Mr. Keming Li and Ms. GUOLING JIN from their positions as officers and directors of the Company, and (ii) the appointment of Mr. Jain Li as Chief Executive Officer and Director and Mr. Tzongshyan George  Sheu as Secretary and Director of the Company.
 
Exhibit A Operating Expense Details
                             
     
Six
Month Ended
December 31
   
Six
Month Ended
December 31
   
Three
Month Ended
December 31
   
Three
Month Ended
December 31
   
Cumulative from
May 10, 2010 (Date
of Inception) Through
December 31,
 
     
2012
   
2011
   
2012
   
2011
   
2012
 
Expense
                             
 
Advertising and Promotion
  $ -     $ -     $ -     $ -     $ 100  
 
Automobile expense
  $ -     $ -     $ -     $ -     $ 7  
 
Bank Service Charges
  $ 245     $ 80     $ 105     $ -     $ 599  
 
Business Licenses and Permits
  $ 307     $ -     $ 307     $ -     $ 881  
 
Computer and Internet Expense
  $ -     $ 217     $ -     $ 135     $ 971  
 
Garbage Expense
  $ 115     $ 396     $ -     $ 172     $ 1,044  
 
Postage and Delivery
  $ 251     $ -     $ -     $ -     $ 466  
 
Professional Fees
  $ 39,738     $ 18,794     $ 21,000     $ 520     $ 117,085  
 
Rent Expenses
  $ 3,794     $ 4,763     $ 1,800     $ 2,091     $ 20,284  
 
Sales Tax Expenses
  $ -     $ -     $ -     $ -     $ 94  
 
Utilities
  $ 165     $ 708     $ -     $ 306     $ 3,500  
 
Website Expense
  $ -     $ -     $ -     $ -     $ 1,750  
Total Expense
  $ 44,615     $ 24,958     $ 23,212     $ 3,224     $ 146,781  
 
 
F-17
 
 
Item 2.   Management’s Discussion and Analysis or Plan of Operation.
 
The following discussion of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes, and other financial information included in this Form 10-Q.
 
Our Management’s Discussion and Analysis contains not only statements that are historical facts, but also statements that are forward-looking. Forward-looking statements are, by their very nature, uncertain and risky. These risks and uncertainties include international, national, and local general economic and market conditions; our ability to sustain, manage, or forecast growth; our ability to successfully make and integrate acquisitions; new product development and introduction; existing government regulations and changes in, or the failure to comply with, government regulations; adverse publicity; competition; the loss of significant customers or suppliers; fluctuations and difficulty in forecasting operating results; change in business strategy or development plans; business disruptions; the ability to attract and retain qualified personnel; the ability to protect technology; the risk of foreign currency exchange rate; and other risks that might be detailed from time to time in our filings with the Securities and Exchange Commission.
 
Although the forward-looking statements in this Report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by them.  Consequently, and because forward-looking statements are inherently subject to risks and uncertainties, the actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements.  You are urged to carefully review and consider the various disclosures made by us in this report as we attempt to advise interested parties of the risks and factors that may affect our business, financial condition, and results of operations and prospects.
 
Overview

We were previously engaged in selling the lithium-ion batteries and related power supplies that mainly are used in mobile and consumer electronics products, such as readers, DVD players, digital cameras and digital video recorders, communications products, electric-power bikes and mopeds, miner's lamps, electric-power tools, electric-power sources for instruments and meters and other similar electrical equipment that can run on batteries.

On February 6, 2013, pursuant to an Agreement between Mr. Keming Li, CEO/President and Director of Golden Oasis New Energy Group Inc., a Nevada corporation (the “Issuer”), Ms. Guoling Jin, Treasury and Director of Golden Oasis New Energy Group Inc, and Ms. Madison Li (the stockholder), of Golden Oasis New Energy Group Inc, and Mr. Jian Li (the “Purchaser”), Mr. Jian Li became the principal stockholder, Chief Executive and Financial Officer and Tzongshyan George Sheu the Vice-president and  Secretary of the Company.

In connection with this change of control, we discontinued our current business.  It is anticipated we will acquire First America Metal Corporation, a privately held scrap metail wholesaler, a business owned primarily by Mr. Jian Li, in the next few months depending upon completion of audit and preparation of required filing on Form 8-K.

The following discussion relates to the operation of our battery business during the relevant periods.
 
Results of Operations

For the three month period from October 1, 2012 to December 31, 2012:
 
Revenue
 
The Company had zero revenue for the fiscal quarter ended at December 31, 2012.
 
 
4
 
 
Cost of Revenue
 
For the fiscal quarter ended December 31, 2012, zero Cost of Goods Sold was recorded .
 
Expense
 
Our expenses consist of selling, general and administrative expenses as follows:
 
For the three months ended December 31, 2012 and 2011, there were total of $23,212, and $3,224 operating expenses.
 
For the cumulative period from May 10, 2010 to December 31, 2012, there were total of $146,781 operating expenses. Detail is shown in the below table:
 
   
Three
Month Ended
December 31
2012
   
Three
Month Ended
December 31
2011
   
Cumulative from
May 10, 2010 (Date
of Inception) Through
December 31,
2012
 
Expense
                 
Advertising and Promotion
  $ -     $ -     $ 100  
Automobile expense
  $ -     $ -     $ 7  
Bank Service Charges
  $ 105     $ -     $ 599  
Business Licenses and Permits
  $ 307     $ -     $ 881  
Computer and Internet Expense
  $ -     $ 135     $ 971  
Garbage Expense
  $ -     $ 172     $ 1,044  
Postage and Delivery
  $ -     $ -     $ 466  
Professional Fees
  $ 21,000     $ 520     $ 117,085  
Rent Expenses
  $ 1,800     $ 2,091     $ 20,284  
Sales Tax Expenses
  $ -     $ -     $ 94  
Utilities
  $ -     $ 306     $ 3,500  
Website Expense
  $ -     $ -     $ 1,750  
Total Expense
  $ 23,212     $ 3,224     $ 146,781  
 
We expect selling, general, and administrative expenses to increase in future periods as we initiate a number of marketing and promotional activities.
 
 
5
 
 
Income & Operation Taxes
 
We are subject to income taxes in the U.S.

We paid no income taxes in USA for the three months period ended December 31, 2012 and 2011 respectively due to the net operation loss in USA.
 
Net Loss
 
We incurred net losses of $23,212 and $3,220 for the three months period ended December 31, 2012 and 2011, and $142,771 for the cumulative period of May 10, 2010 to December 31, 2012.

For the six month period from July 1, 2012 to December 31, 2012:
 
Revenue
 
The Company had total revenue of $7,093  and $0.00 for the six month period ended at December 31, 2012 and six month period ended at December 31, 2011.
 
Cost of Revenue
 
For the six month period ended December 31, 2012 and December 31, 2011, a total of $4,423 and $0.00 Cost of Goods Sold was recorded respectively .
 
Expense
 
Our expenses consist of selling, general and administrative expenses as follows:
 
For the six months ended December 31, 2012 and 2011, there were total of $44,615 and $24,958 operating expenses.
 
 
6
 
 
For the cumulative period from May 10, 2010 to December 31, 2012, there were total of $146,781 operating expenses. Detail is shown in the below table:
 
   
Six
Month Ended
December 31
2012
   
Six
Month Ended
December 31
2011
   
Cumulative from
May 10, 2010 (Date
of Inception) Through
December 31,
2012
 
Expense                  
Advertising and Promotion
  $ -     $ -     $ 100  
Automobile expense
  $ -     $ -     $ 7  
Bank Service Charges
  $ 245     $ 80     $ 599  
Business Licenses and Permits
  $ 307     $ -     $ 881  
Computer and Internet Expense
  $ -     $ 217     $ 971  
Garbage Expense
  $ 115     $ 396     $ 1,044  
Postage and Delivery
  $ 251     $ -     $ 466  
Professional Fees
  $ 39,738     $ 18,794     $ 117,085  
Rent Expenses
  $ 3,794     $ 4,763     $ 20,284  
Sales Tax Expenses
  $ -     $ -     $ 94  
Utilities
  $ 165     $ 708     $ 3,500  
Website Expense
  $ -     $ -     $ 1,750  
Total Expense
  $ 44,615     $ 24,958     $ 146,781  
 
We expect selling, general, and administrative expenses to increase in future periods as we initiate a number of marketing and promotional activities.
 
Income & Operation Taxes
 
We are subject to income taxes in the U.S.

We paid no income taxes in USA for the six months period ended December 31, 2012 and 2011 respectively due to the net operation loss in USA.
 
 
7
 
 
Net Loss
 
We incurred net losses of $41,945 and $24,952 for the six months period ended December 31, 2012 and 2011, and $142,771 for the cumulative period of May 10, 2010 to December 31, 2012.

Foreign Currency Translation
 
The Company has determined the United States dollars to be its functional currency for Golden Oasis New Energy Group, Inc.  There were no foreign currency translation effects on our financial presentation.
 
Liquidity and Capital Resources
 
   
At December 31
   
At June 30
 
   
2012
   
2012
 
             
Current Ratio
    0.63       1.76  
Cash
  $ 21,384     $ 28,924  
Working Capital
  $ (23,497 )   $ 18,448  
Total Assets
  $ 40,414     $ 42,755  
Total Liabilities
  $ 63,911     $ 24,307  
                 
Total Equity
  $ (23,497 )   $ 18,448  
                 
Total Debt/Equity
    1.31       1.32  
 
Current Ration = Current Asset / Current Liabilities
Working Capital = Current asset - Current Liabilities
Total Debt / Equity = Total Liabilities / Total Shareholders’ Equity.
 
 
8
 
 
The Company had cash and cash equivalents of $21,384 at December 31, 2012 and negative working capital of $23,497. There were total liabilities of $63,911 at December 31, 2012.
 
Until we generate operating revenues or receive other financing, all our costs, which we will incur irrespective of our business development activities, including bank service fees and those costs associated with SEC requirements associated with staying public, will be funded by Jian Li, our president and Director, as described below.  These costs are estimated to be less than $75,000 annually.  If we fail to meet these requirements, we will be unable to secure a qualification for quotation of our securities on the over the counter bulletin board, or if we have secured a qualification, may lose the qualification and our securities would no longer trade on the over the counter bulletin board. Further, if we fail to meet these obligations and as a consequence we fail to satisfy our SEC reporting obligations, investors will now own stock in a company that does not provide the disclosure available in quarterly and annual reports filed with the SEC and investors may have increased difficulty in selling their stock as we will be non-reporting.
  
In addition, we will need to secure a minimum of $60,000 in funds to finance our business in the next 12 months, in addition to the funds which will be used to go and stay public, which funds will be used for business development and sales and marketing. These funds will also be provided under the Funding Agreement described below if not secured from operations or any other source.  However in order to become profitable we may still need to secure additional debt or equity funding. We hope to be able to raise additional funds from an offering of our stock in the future. However, this offering may not occur, or if it occurs, may not raise the required funding. We do not have any plans or specific agreements for new sources of funding, except for the anticipated loans from management as described above, or any planned material acquisitions.
 
Our lack of revenues and cash raise substantial doubt about our ability to continue as a going concern.  The financial statements do not include adjustments that might result from the outcome of this uncertainty and if we are unable to generate significant revenue or secure financing we may be required to cease or curtail our operations. 

The Company’s lack of operating history and financial resources raise substantial doubt about its ability to continue as a going concern.
 
 
9
 
 
Item 3.  Quantitative and Qualitative Disclosure about Market Risk
 
Not applicable.
 
Item 4.  Controls and Procedures.
 
Evaluation of Disclosure Controls and Procedures

The Company has established disclosure controls and procedures to ensure that information required to be disclosed in this quarterly report on Form 10-Q was properly recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.  The Company’s controls and procedures are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Act is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers to allow timely decisions regarding required disclosure.

We carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) at December 31, 2012 based on the evaluation of these controls and procedures required by paragraph (b) of Rule 13a-15 or Rule 15d-15 under the Exchange Act.  This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer/Chief Financial Officer. Based upon that evaluation, our Chief Executive Officer/Chief Financial Officer concluded that, at December 31, 2012, our disclosure controls and procedures are not effective.

Changes in Internal Control over Financial Reporting

There have been no changes in the Company's internal control over financial reporting that occurred during the Company's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

 
10
 
 
PART II — OTHER INFORMATION
 
Item 1.  Legal Proceedings.
 
None.
 
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds.
 
None

(a)        Unregistered Sales of Equity Securities.

The Registrant did not sell any unregistered securities during the three months ended December 31, 2012.
 
(b)        Use of Proceeds.
 
The Registrant did not sell any unregistered securities during the three months ended December 31, 2012.
 
Item 3.  Defaults Upon Senior Securities
 
None.
 
Item 4.  Mine Safety Disclosures.
 
Not applicable.
 
Item 5.  Other Information.
 
Not applicable.
 
 
11
 
  
Item 6.  Exhibits.
 
(a)  
Exhibits.
 
Exhibit No.
 
Document Description
     
31.1
 
CERTIFICATION of CEO PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002.
     
32.1 *
 
CERTIFICATION of CEO PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
Exhibit 101 
 
Interactive data files formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Cash Flows, and (iv) the Notes to the Consolidated Financial Statements.**
     
101.INS
 
XBRL Instance Document**
     
101.SCH
 
XBRL Taxonomy Extension Schema Document**
     
101.CAL
 
XBRL Taxonomy Extension Calculation Linkbase Document**
     
101.DEF
 
XBRL Taxonomy Extension Definition Linkbase Document**
     
101.LAB
 
XBRL Taxonomy Extension Label Linkbase Document**
     
101.PRE
 
XBRL Taxonomy Extension Presentation Linkbase Document**
________________
*  This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 of the Securities Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language in any filings.
 
** XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
 
 
12
 
 
  SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Golden Oasis New Energy Group, Inc., a Nevada corporation

Title
 
Name
 
Date
 
Signature
             
Principal Executive Officer  
 
Jian Li  
 
February 20, 2013
 
/s/ Jian Li
 
 
In accordance with the Exchange Act, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

SIGNATURE
 
NAME
 
TITLE
 
DATE
             
/s/ Jian Li
 
Jian Li
 
Principal Executive Officer, Principal Financial Officer and
Principal Accounting Officer and Director
 
February 20, 2013

 
13
 
 
EXHIBIT INDEX
 
Exhibit No.
 
Document Description
     
31.1
 
CERTIFICATION of CEO PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002.
     
32.1 *
 
CERTIFICATION of CEO PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
Exhibit 101 
 
Interactive data files formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Cash Flows, and (iv) the Notes to the Consolidated Financial Statements.**
     
101.INS
 
XBRL Instance Document**
     
101.SCH
 
XBRL Taxonomy Extension Schema Document**
     
101.CAL
 
XBRL Taxonomy Extension Calculation Linkbase Document**
     
101.DEF
 
XBRL Taxonomy Extension Definition Linkbase Document**
     
101.LAB
 
XBRL Taxonomy Extension Label Linkbase Document**
     
101.PRE
 
XBRL Taxonomy Extension Presentation Linkbase Document**
________________
*  This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 of the Securities Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language in any filings.
 
** XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
 
 
14
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First America Resources (PK) (USOTC:FSTJ)
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