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		December 31,				June 30,
ASSETS		2014				2014
		(Unaudited)
Current Assets
Cash		$	-			$	84
Total Current Assets			-				84
Total Assets		$	-			$	84
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities
Accounts Payable		$	1,680			$	750
Accounts Payable - Related party			113,877				108,747
Total Current Liabilities			115,557				109,497
Total Non - Current Liabilities			-				-
Total Liabilities			115,557				109,497
Stockholders' Deficit
Preferred Stock, $.001 par value, 5,000,000 shares
authorized, 0 shares issued and outstanding			-				-
Common Stock, $.001 par value, 3,500,000,000 shares
authorized, 16,643,057 and 16,643,057 shares issued and
outstanding at December 31, 2013 and June 30, 2013, respectively			16,635				16,635
Additional paid-in capital			4,052,836				4,052,836
Accumulated deficit prior to development stage			(4,040,470	)			(4,040,470	)
Accumulated deficit during the development stage			(144,558	)			(138,414	)
Total Stockholders' Deficit			(115,557	)			(109,413	)

 

(A Development Stage Company)

 

NOTES TO FINANCIAL STATEMENTS
SIX MONTHS ENDED DECEMBER 31, 2014

(A Development Stage Company)

(Unaudited)

NOTE 1 – BASIS OF PRESENTATION

 

The accompanying financial statements of Veracity Management Global, Inc (the "Company", "VCMG") at December 31, 2014 have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in conformity with generally accepted accounting principles have been omitted or condensed pursuant to such rules and regulations. These statements should be read in conjunction with VCMG's audited financial statements and notes thereto included in VCMG's Form 10-K. In management's opinion, these unaudited interim financial statements reflect all adjustments (consisting of normal and recurring adjustments) necessary for a fair presentation of the financial position and results of operations for each of the periods presented. The accompanying unaudited interim financial statements for the six months ended December 31, 2014 are not necessarily indicative of the results which can be expected for the entire year.

 

NOTES TO FINANCIAL STATEMENTS
SIX MONTHS ENDED DECEMBER 31, 2014

(A Development Stage Company)

(Unaudited)

 

 

NOTE 3 – ACCOUNTS PAYABLE – RELATED PARTY

The officers and directors of the Company have advanced funds to pay for the filing and other necessary costs of the Company. The following are the advances from the officers and directors:

		December 31, 2014				June 30, 2014
Donald W Prosser (Director)		$	107,877			$	102,747
Gregory Paige (CEO & Director)			6,000				6,000
Total		$	113,877			$	108,747

 

 

NOTE 4 – SUBSEQUENT EVENTS

The Company has received a letter of intent dated August 31, 2015 and an Exchange Agreement dated November 20, 2015 to merge an operating business before December 31, 2015.

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General

The Registrant acquired its operating subsidiaries Veracity Management Group, a Florida corporation ("VMG") and Secured Financial Data Inc., a Florida corporation ("SFD") effective on July 1, 2006. Prior to the acquisition of its operating subsidiaries, during the period from May 2002 until the acquisition of its operating subsidiaries on July 1, 2006, the Registrant had only limited business operations. The Registrant operated the above named subsidiaries until July 1, 2008 until the when the Registrant rescinded the merger and the Registrant has no business operations and is in the business of acquiring a target company or business seeking the perceived advantages of being a publicly held corporation. Our principal business objective for the next 12 months and beyond such time will be to achieve long-term growth potential through a combination with a business rather than immediate, short-term earnings. The Registrant will not restrict our potential candidate target companies to any specific business, industry or geographical location and, thus, may acquire any type of business.

The results of operations comparative information has no meaning as the operations were removed as part of the rescinding of the mergers of the operating businesses.

Results of Operations For the Three Months and the Six Months Ended December 31, 2014 Compared to Three Months and the Six Months Ended December 31, 2013

The results of the recession agreement made the Company a shell company as defined in Rule 12b-2 of the Exchange Act.

Revenue: The Company recorded revenue of $0 and $0 for the six months ended December 31, 2014 and 2013, respectively. The Company recorded revenue of $0 and $0 for the three months ended December 31, 2014 and 2013, respectively.

Cost of Service: The Company recorded cost of services of $0 and $0 for the six months ended December 31, 2014 and 2013, respectively. The Company recorded cost of services of $0 and $0 for the three months ended December 31, 2014 and 2013, respectively.

Administrative Expenses: Our administrative expenses totaled $4,000 for the six-months ended December 31, 2014 as compared to $4,000 administrative expenses for the same period ended December 31, 2013. Our administrative expenses totaled $1,000 for the three-months ended December 31, 2014 as compared to $1,000 administrative expenses for the same period ended December 31, 2013.

General Expenses General expenses were $2,144 during the six-months ended December 31, 2014. There were $2,115 general expenses for the six months period ended December 31, 2013. There were general expenses of $2,099 during the three-months ended December 31, 2014. There was $795 in general expenses for the three months period ended December 31, 2013.

 

 

 

 

Net Loss: We incurred a net loss of $6,144 during the six-month period ended December 31, 2014, compared to a net loss of $6,115 during the six-month period ended December 30, 2013. We incurred a net loss of $3,099 during the three-month period ended December 31, 2014, compared to a net loss of $1,735 during the three-month period ended December 31, 2013.

Liquidity and Capital Resources

At December 31, 2014, we had no current assets compared to $84 current assets at June 30, 2014. At December 31, 2014 and June 30, 2014, we had no total assets and $84, respectively. We had total current liabilities of $115,577 at December 31, 2014 compared to $109,497 at June 30, 2014. We had long-term liabilities of $0 as of December 31, 2014 compared to $0 at June 30, 2014.

We had a working capital deficit of $(115,557) at December 31, 2014. Net cash used in operations during the six-month period ended December 31, 2014 was $(5,214). For the six-month period ended December 31, 2013 the net cash used in operations was $(6,865).

During the six-month period ended December 31, 2014, financing activities provided $5,130 compared to $7,025 during the same six-month period in the prior year.

There are no limitations in the Company's articles of incorporation on the Company's ability to borrow funds or raise funds through the issuance of restricted common stock.

Plan of Current and Future for the fiscal year 2015

The Company has no business operations and is in the business of acquiring a target company or business seeking the perceived advantages of being a publicly held corporation. Our principal business objective for the next 12 months and beyond such time will be to achieve long-term growth potential through a combination with a business rather than immediate, short-term earnings. The Company will not restrict our potential candidate target companies to any specific business, industry or geographical location and, thus, may acquire any type of business.

 

ITEM 3. QUANTITATIVE and QAULITATIVE DISCUSSION ABOUT MARKET RISK

The Company is defined by Rule 229.10 (f)(1) as a "Smaller Reporting Company" and is not required to provide or disclose the information required by this item.

 

ITEM 4. CONTROLS AND PROCEDURES

As of December 31, 2014, our Chief Executive Officer and Chief Financial Officer (the "Certifying Officers") conducted evaluations of our disclosure controls and procedures. As defined under Sections 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 Act, as amended (the "Exchange Act") the term "disclosure controls and procedures" means controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's management, including the Certifying Officers, to allow timely decisions regarding required disclosure. Based on this evaluation, the Certifying Officers have concluded that our disclosure controls and procedures were not effective to ensure that material information is recorded, processed, summarized and reported by our management on a timely basis in order to comply with our disclosure obligations under the Exchange Act, and the rules and regulations promulgated there under. The Certifying Officers' conclusion that the Company's disclosure controls and procedures were not effective was based upon a determination that a deficiency relating to measuring and recording the elements of a merger relating to the Company's accounting for the non-cash compensation in the transaction, as discussed below.

As of December 31, 2014, there were no other changes in our internal control over financial reporting during the subject fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

There have been no material changes to the risk factors set forth in our Annual Report on Form 10-K for the year ended June 30, 2014, as filed with the SEC on October 14, 2014. The risk factors in our Annual Report on Form 10-K for the year ended June 30, 2014, in addition to the other information set forth in this quarterly report, could materially affect our business, financial condition or results of operations. Additional risks and uncertainties not currently known to us or that we deem to be immaterial could also materially adversely affect our business, financial condition or results of operations.