UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
10-Q
|
x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE
ACT OF 1934
|
For the quarterly period
ended:
June 30,
2008
|
¨
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For the
transition period from________________ to ________________
Commission
File Number:
000-51932
|
SYNTEC
BIOFUEL INC.
|
|
(Exact
name of registrant as specified in its
charter)
|
|
Washington
|
|
91-2031335
|
|
(State
or other jurisdiction of incorporation or organization)
|
|
(IRS
Employer Identification No.)
|
|
Suite
206 - 388 Drake Street
Vancouver,
British Columbia, Canada
|
|
V6B
6A8
|
|
(Address
of principal executive offices)
|
|
(Zip
Code)
|
|
Registrant’s
telephone number
(including
area code)
|
|
(604)
648-2090
|
|
|
|
(Former
name, former address and former fiscal year, if changed since last
report)
|
Indicate
by check mark 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.
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
|
|
¨
|
|
Accelerated
Filer
|
|
¨
|
|
Non
Accelerated Filer
|
|
¨
(Do not check if
smaller reporting company)
|
|
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
¨
No
x
APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS
DURING THE PRECEDING FIVE YEARS
Indicate
by check mark whether the registrant filed all documents and reports required to
filed by Section 12, 13, or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by court.
Yes
¨
No
¨
Not
applicable
APPLICABLE
ONLY TO CORPORATE ISSUERS
The
number of shares of common stock outstanding as of August 8, 2008 was
33,194,079.
SYNTEC BIOFUEL INC.
(A
Development Stage Company)
FORM
10-Q
|
|
4
|
|
|
|
|
|
4
|
|
|
|
|
|
16
|
|
|
|
|
|
18
|
|
|
|
|
|
18
|
|
|
|
|
|
|
|
|
18
|
|
|
|
|
|
18
|
|
|
|
|
|
18
|
|
|
|
|
|
18
|
|
|
|
|
|
19
|
|
|
|
|
|
19
|
|
|
|
|
|
19
|
PART I – FINANCIALS INFORMATION
Item 1.
FINANCIAL
STATEMENTS
SYNTEC
BIOFUEL INC.
(A
Development Stage Company)
INTERIM
FINANCIAL STATEMENTS
June 30,
2008
Unaudited
SYNTEC
BIOFUEL INC.
(A
Development Stage Company)
CONSOLIDATED
BALANCE SHEETS
|
ASSETS
|
|
June 30
|
|
|
December 31
|
|
|
|
|
2008
|
|
|
2007
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
$
|
193,046
|
|
|
$
|
509,504
|
|
|
Receivables
|
|
|
10,149
|
|
|
|
6,250
|
|
|
Prepaid
|
|
|
3,675
|
|
|
|
31,092
|
|
|
|
|
|
206,870
|
|
|
|
546,846
|
|
|
|
|
|
|
|
|
|
|
|
|
Equipment
(Note 4)
|
|
|
234,579
|
|
|
|
226,484
|
|
|
Intellectual
property (Note 3)
|
|
|
5,100,000
|
|
|
|
5,100,000
|
|
|
Intangible
assets (Note 3)
|
|
|
20,000
|
|
|
|
20,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,561,449
|
|
|
$
|
5,893,330
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
|
|
|
Accounts
payable and accrued liabilities
|
|
$
|
74,561
|
|
|
$
|
24,314
|
|
|
Due
to related party (Note 5)
|
|
|
325,096
|
|
|
|
24,438
|
|
|
Notes
payable (Note 6)
|
|
|
408,351
|
|
|
|
315,012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
808,008
|
|
|
|
363,764
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments
and Contingencies (Notes 2, 3 and 6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock:
|
|
|
|
|
|
|
|
|
|
Authorized:
20,000,000 with a par value of $0.0001
|
|
|
|
|
|
|
|
|
|
Issued
and outstanding: None
|
|
|
-
|
|
|
|
-
|
|
|
Common
stock: (Note 7)
|
|
|
|
|
|
|
|
|
|
Authorized:
100,000,000 with a par value of $0.0001
|
|
|
|
|
|
|
|
|
|
Issued
and outstanding: 33,194,079 ( December 31, 2007:
32,972,629)
|
|
|
3,319
|
|
|
|
3,297
|
|
|
Additional
paid-in capital
|
|
|
6,334,328
|
|
|
|
6,277,410
|
|
|
Accumulated
other comprehensive income (loss)
|
|
|
(4,849
|
)
|
|
|
2,059
|
|
|
Deficit
accumulated during the development stage
|
|
|
(1,579,357
|
)
|
|
|
(753,200
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,753,441
|
|
|
|
5,529,566
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,561,449
|
|
|
$
|
5,893,330
|
|
SEE
ACCOMPANYING NOTES
SYNTEC
BIOFUEL INC.
(A
Development Stage Company)
CONSOLIDATED
STATEMENTS OF OPERATIONS
Unaudited
|
|
|
Three
months ended
|
|
|
Six
months ended
|
|
|
March
15, 2000
(Date
of Inception)
to
|
|
|
|
|
June
30,
|
|
|
June
30,
|
|
|
June
30,
|
|
|
|
|
2008
|
|
|
2007
|
|
|
2008
|
|
|
2007
|
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consulting
fees (Note 5)
|
|
$
|
3,341
|
|
|
$
|
7,950
|
|
|
$
|
35,290
|
|
|
$
|
15,900
|
|
|
$
|
242,332
|
|
|
Depreciation
|
|
|
12,374
|
|
|
|
180
|
|
|
|
24,772
|
|
|
|
360
|
|
|
|
37,533
|
|
|
Development
fees (Note 3)
|
|
|
99,217
|
|
|
|
-
|
|
|
|
237,664
|
|
|
|
-
|
|
|
|
328,900
|
|
|
Filing
fees
|
|
|
5,643
|
|
|
|
2,144
|
|
|
|
7,792
|
|
|
|
3,191
|
|
|
|
38,937
|
|
|
Financing
charge (Note 6)
|
|
|
58,490
|
|
|
|
-
|
|
|
|
61,196
|
|
|
|
-
|
|
|
|
71,820
|
|
|
Interest
expenses
|
|
|
7,154
|
|
|
|
2,959
|
|
|
|
15,382
|
|
|
|
5,029
|
|
|
|
48,847
|
|
|
Management
fees (Note 5)
|
|
|
144,845
|
|
|
|
18,728
|
|
|
|
255,198
|
|
|
|
37,328
|
|
|
|
382,111
|
|
|
Marketing
|
|
|
7,441
|
|
|
|
1,505
|
|
|
|
11,989
|
|
|
|
1,505
|
|
|
|
51,135
|
|
|
Office
and miscellaneous
|
|
|
67,203
|
|
|
|
787
|
|
|
|
105,838
|
|
|
|
862
|
|
|
|
166,895
|
|
|
Professional
fees
|
|
|
54,451
|
|
|
|
3,688
|
|
|
|
66,364
|
|
|
|
16,038
|
|
|
|
179,121
|
|
|
Rights
and licenses costs
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
25,015
|
|
|
Wages
|
|
|
6,361
|
|
|
|
-
|
|
|
|
10,621
|
|
|
|
-
|
|
|
|
10,621
|
|
|
Write-down
of website
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
5,000
|
|
|
|
|
|
(466,520
|
)
|
|
|
(37,941
|
)
|
|
|
(832,106
|
)
|
|
|
(80,213
|
)
|
|
|
(1,588,267
|
)
|
|
Other
income
|
|
|
135
|
|
|
|
-
|
|
|
|
5,949
|
|
|
|
-
|
|
|
|
8,910
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
$
|
(466,385
|
)
|
|
$
|
(37,941
|
)
|
|
$
|
(826,157
|
)
|
|
$
|
(80,213
|
)
|
|
$
|
(1,579,357
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted loss per share
|
|
$
|
(0.01
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding – basic and diluted
|
|
|
33,112,381
|
|
|
|
17,102,500
|
|
|
|
33,042,505
|
|
|
|
17,102,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
$
|
(466,385
|
)
|
|
$
|
(37,941
|
)
|
|
$
|
(826,157
|
)
|
|
$
|
(80,213
|
)
|
|
$
|
(1,579,357
|
)
|
|
Foreign
currency translation adjustment
|
|
|
(6,908
|
)
|
|
|
-
|
|
|
|
(6,908
|
)
|
|
|
-
|
|
|
|
(4,849
|
)
|
|
Total
comprehensive loss
|
|
$
|
(473,293
|
)
|
|
$
|
(37,941
|
)
|
|
$
|
(833,065
|
)
|
|
$
|
(80,213
|
)
|
|
$
|
(1,584,206
|
)
|
SEE
ACCOMPANYING NOTES
SYNTEC
BIOFUEL INC.
(A
Development Stage Company)
CONSOLIDATED
STATEMENTS OF CASH FLOWS
Unaudited
|
|
|
Six
months ended
|
|
|
March
15, 2000
(Inception)
to
|
|
|
|
|
June
30,
|
|
|
June
30,
|
|
|
|
|
2008
|
|
|
2007
|
|
|
2008
|
|
|
Cash
flows from operating activities
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
$
|
(826,157
|
)
|
|
$
|
(80,213
|
)
|
|
$
|
(1,579,357
|
)
|
|
Adjustments
to reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
24,772
|
|
|
|
360
|
|
|
|
37,533
|
|
|
Finance
charges
|
|
|
30,646
|
|
|
|
-
|
|
|
|
41,270
|
|
|
Accrued
interest on notes payable
|
|
|
15,382
|
|
|
|
5,030
|
|
|
|
49,622
|
|
|
Legal
and organizational expenses
|
|
|
-
|
|
|
|
-
|
|
|
|
8,000
|
|
|
Rights
and licenses costs
|
|
|
-
|
|
|
|
-
|
|
|
|
24,751
|
|
|
Share
subscriptions receivable
|
|
|
-
|
|
|
|
-
|
|
|
|
575
|
|
|
Write-down
of website
|
|
|
-
|
|
|
|
-
|
|
|
|
5,000
|
|
|
Changes
in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables
|
|
|
(3,899
|
)
|
|
|
(7,950
|
)
|
|
|
(10,149
|
)
|
|
Prepaids
|
|
|
27,417
|
|
|
|
10,829
|
|
|
|
(3,675
|
)
|
|
Accounts
payable and accrued liabilities
|
|
|
50,247
|
|
|
|
-
|
|
|
|
74,559
|
|
|
Amounts
due to related parties
|
|
|
174
|
|
|
|
(10,693
|
)
|
|
|
24,612
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash used in operating activities
|
|
|
(681,418
|
)
|
|
|
(82,637
|
)
|
|
|
(1,327,259
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
in equipment
|
|
|
(32,867
|
)
|
|
|
-
|
|
|
|
(37,112
|
)
|
|
Repayment
of debt assumed
|
|
|
-
|
|
|
|
-
|
|
|
|
(350,000
|
)
|
|
Rights
and licenses
|
|
|
-
|
|
|
|
-
|
|
|
|
(1
|
)
|
|
Website
cost
|
|
|
-
|
|
|
|
-
|
|
|
|
(5,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash used in investing activities
|
|
|
(32,867
|
)
|
|
|
-
|
|
|
|
(392,113
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock issued for cash
|
|
|
51,155
|
|
|
|
-
|
|
|
|
1,277,767
|
|
|
Proceeds
from notes payable
|
|
|
54,000
|
|
|
|
70,000
|
|
|
|
339,920
|
|
|
Proceeds
from related party loan
|
|
|
299,580
|
|
|
|
-
|
|
|
|
299,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash provided by financing activities
|
|
|
404,735
|
|
|
|
70,000
|
|
|
|
1,917,267
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect
of exchange rates on cash
|
|
|
(6,908
|
)
|
|
|
308
|
|
|
|
(4,849
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
in cash and cash equivalents
|
|
|
(316,458
|
)
|
|
|
(12,329
|
)
|
|
|
193,046
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents, beginning
|
|
|
509,504
|
|
|
|
15,356
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents, ending
|
|
$
|
193,046
|
|
|
$
|
3,027
|
|
|
$
|
193,046
|
|
|
Supplemental
cash flow information (Note 8)
|
SEE
ACCOMPANYING NOTES
SYNTEC
BIOFUEL INC.
(A
Development Stage Company)
CONSOLIDATED
STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIENCY )
Unaudited
|
|
|
|
|
|
|
|
|
Additional
|
|
|
Accumulated
Other
|
|
|
Deficit
Accumulated
During
the
|
|
|
|
|
|
|
|
Common
Stock
|
|
|
Paid-in
|
|
|
Comprehensive
|
|
|
Development
|
|
|
|
|
|
|
|
Number
|
|
|
Par Value
|
|
|
Capital
|
|
|
Income (Loss)
|
|
|
Stage
|
|
|
Total
|
|
|
Balance,
March 15, 2000
|
|
|
–
|
|
|
$
|
–
|
|
|
$
|
–
|
|
|
$
|
–
|
|
|
$
|
–
|
|
|
$
|
–
|
|
|
Stock
issued for legal and organizational expenses at a fair market
value of $0.005 per share
|
|
|
1,600,000
|
|
|
|
160
|
|
|
|
7,840
|
|
|
|
–
|
|
|
|
–
|
|
|
|
8,000
|
|
|
Stock
issued for acquisition of a license at a fair market value of $0.005 per
share
|
|
|
7,000,000
|
|
|
|
700
|
|
|
|
34,300
|
|
|
|
–
|
|
|
|
–
|
|
|
|
35,000
|
|
|
Dividend
deemed paid
|
|
|
–
|
|
|
|
–
|
|
|
|
(10,250
|
)
|
|
|
–
|
|
|
|
–
|
|
|
|
(10,250
|
)
|
|
Net
loss for the period
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
(32,750
|
)
|
|
|
(32,750
|
)
|
|
Balance,
December 31, 2000
|
|
|
8,600,000
|
|
|
|
860
|
|
|
|
31,890
|
|
|
|
–
|
|
|
|
(32,750
|
)
|
|
|
–
|
|
|
Net
loss for the year
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
(500
|
)
|
|
|
(500
|
)
|
|
Balance,
December 31, 2001
|
|
|
8,600,000
|
|
|
|
860
|
|
|
|
31,890
|
|
|
|
–
|
|
|
|
(33,250
|
)
|
|
|
(500
|
)
|
|
Net
loss for the year
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
(1,857
|
)
|
|
|
(1,857
|
)
|
|
Balance,
December 31, 2002
|
|
|
8,600,000
|
|
|
|
860
|
|
|
|
31,890
|
|
|
|
–
|
|
|
|
(35,107
|
)
|
|
|
(2,357
|
)
|
|
Net
loss for the year
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
(6,529
|
)
|
|
|
(6,529
|
)
|
|
Balance,
December 31, 2003
|
|
|
8,600,000
|
|
|
|
860
|
|
|
|
31,890
|
|
|
|
–
|
|
|
|
(41,636
|
)
|
|
|
(8,886
|
)
|
|
Stock
issued as a private placement at a fair market value of $0.0125 per
share
|
|
|
8,474,000
|
|
|
|
848
|
|
|
|
105,077
|
|
|
|
–
|
|
|
|
–
|
|
|
|
105,925
|
|
|
Net
loss for the year
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
(20,074
|
)
|
|
|
(20,074
|
)
|
|
Balance,
December 31, 2004
|
|
|
17,074,000
|
|
|
|
1,708
|
|
|
|
136,967
|
|
|
|
–
|
|
|
|
(61,710
|
)
|
|
|
76,965
|
|
|
Stock
issued as a private placement for a fair market value of $0.0125 per
share
|
|
|
26,000
|
|
|
|
2
|
|
|
|
323
|
|
|
|
–
|
|
|
|
–
|
|
|
|
325
|
|
|
Stock
issuance cost
|
|
|
–
|
|
|
|
–
|
|
|
|
(5,313
|
)
|
|
|
–
|
|
|
|
–
|
|
|
|
(5,313
|
)
|
|
Foreign
currency translation adjustment
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
610
|
|
|
|
–
|
|
|
|
610
|
|
|
Net
loss for the year
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
(51,014
|
)
|
|
|
(51,014
|
)
|
|
Balance,
December 31, 2005
|
|
|
17,100,000
|
|
|
|
1,710
|
|
|
|
131,977
|
|
|
|
610
|
|
|
|
(112,724
|
)
|
|
|
21,573
|
|
|
Stock
issued as a private placement at a fair value of $0.50 per
share
|
|
|
2,500
|
|
|
|
–
|
|
|
|
1,250
|
|
|
|
–
|
|
|
|
–
|
|
|
|
1,250
|
|
|
Foreign
currency translation adjustment
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
(539
|
)
|
|
|
–
|
|
|
|
(539
|
)
|
|
Net
loss for the year
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
(191,081
|
)
|
|
|
(191,081
|
)
|
|
Balance,
December 31, 2006
|
|
|
17,102,500
|
|
|
|
1,710
|
|
|
|
133,227
|
|
|
|
71
|
|
|
|
(303,805
|
)
|
|
|
(168,797
|
)
|
|
Foreign
currency translation adjustment
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
1,988
|
|
|
|
–
|
|
|
|
1,988
|
|
|
Discount
on notes payable
|
|
|
–
|
|
|
|
–
|
|
|
|
15,770
|
|
|
|
–
|
|
|
|
–
|
|
|
|
15,770
|
|
|
Stock
issued for assumption of assets at fair market value of $0.4550 per
share
|
|
|
11,000,000
|
|
|
|
1,100
|
|
|
|
5,003,900
|
|
|
|
–
|
|
|
|
–
|
|
|
|
5,005,000
|
|
|
Stock
issued as a private placement at a fair value of $0.231 per
share
|
|
|
4,870,129
|
|
|
|
487
|
|
|
|
1,124,513
|
|
|
|
–
|
|
|
|
–
|
|
|
|
1,125,000
|
|
|
Net
loss for the year
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
(449,395
|
)
|
|
|
(449,395
|
)
|
SYNTEC
BIOFUEL INC.
(A
Development Stage Company)
CONSOLIDATED
STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIENCY)
Unaudited -
cont’d
|
|
|
|
|
|
|
|
|
Additional
|
|
|
Accumulated
Other
|
|
|
Deficit
Accumulated
During
the
|
|
|
|
|
|
|
|
Common
Stock
|
|
|
Paid-in
|
|
|
Comprehensive
|
|
|
Development
|
|
|
|
|
|
|
|
Number
|
|
|
Par Value
|
|
|
Capital
|
|
|
Income (Loss)
|
|
|
Stage
|
|
|
Total
|
|
|
Balance,
December 31, 2007
|
|
|
32,972,629
|
|
|
|
3,297
|
|
|
|
6,277,410
|
|
|
|
2,059
|
|
|
|
(753,200
|
)
|
|
|
5,529,566
|
|
|
Foreign
currency translation adjustment
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
(6,908
|
)
|
|
|
–
|
|
|
|
(6,908
|
)
|
|
Stock
issued as a private placement at a fair value of $0.231 per
share
|
|
|
221,450
|
|
|
|
22
|
|
|
|
51,133
|
|
|
|
–
|
|
|
|
–
|
|
|
|
51,155
|
|
|
Discount
on notes payable
|
|
|
–
|
|
|
|
–
|
|
|
|
5,785
|
|
|
|
–
|
|
|
|
–
|
|
|
|
5,785
|
|
|
Net
loss for the period
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
(826,157
|
)
|
|
|
(826,157
|
)
|
|
Balance,
June 30, 2008
|
|
|
33,194,079
|
|
|
$
|
3,319
|
|
|
$
|
6,334,328
|
|
|
$
|
(4,849
|
)
|
|
$
|
(1,579,357
|
)
|
|
$
|
4,753,441
|
|
SYNTEC
BIOFUEL INC.
(A
Development Stage Company)
NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS
June 30,
2008
Unaudited
|
Note
1
|
Basis of
Presentation
|
The
foregoing unaudited interim consolidated financial statements have been prepared
in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Regulation S-B
as promulgated by the Securities and Exchange Commission ("SEC"). Accordingly,
these financial statements do not include all of the disclosures required by
generally accepted accounting principles for complete financial statements. The
accompanying unaudited financial statements and related notes should be read in
conjunction with the audited financial statements and the Form 10-KSB of the
Company for the year ended December 31, 2007. In the opinion of management, the
unaudited interim financial statements furnished herein include all adjustments,
all of which are of a normal recurring nature, necessary for a fair statement of
the results for the interim period presented.
The
results of operations for such periods are not necessarily indicative of the
results expected for a full year or for any future period.
|
Note
2
|
Nature and Continuance
of Operations
|
Syntec
Biofuel Inc. (the “Company”) was incorporated in the State of Washington on
March 15, 2000.
On April
7, 2006, the Company entered into a purchase and assignment agreement (the
“Purchase Agreement”) with Syntec Biofuel Inc. ("Syntec Canada"), a Canadian
company located in Burnaby, British Columbia, Canada, to acquire all of its
assets including the intellectual property relating to the development of a
catalyst that would convert biomass waste material into ethanol. The Purchase
Agreement was subject to the Company raising a minimum of $500,000 prior to
September 12, 2006 or the ownership of assets would be assigned back to Syntec
Canada. At the Annual General Meeting on July 13, 2006, the shareholders of the
Company ratified the Purchase Agreement and the decision to change the Company’s
name to Syntec Biofuel Inc. from NetCo Investments Inc. effective July 27, 2006.
On September 12, 2006, the Company was unable to raise the required minimum
amount of capital and the pending transaction with Syntec Canada was
terminated.
On
September 28, 2007, the Company entered into an asset purchase agreement (the
“Asset Purchase Agreement”) with Montilla Capital Inc. (“Montilla”), a private
company that acquired the assets of Syntec Canada, in order to continue the
original business plan. The intellectual property relates to the development of
a method of producing catalysts and processes that converts biomass waste
material into ethanol. The agreement closed on October 24, 2007. See Note
3.
SYNTEC
BIOFUEL INC.
(A
Development Stage Company)
NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS
June 30,
2008
Unaudited
|
Note
3
|
Acquisition
of assets
|
Pursuant
to the Asset Purchase Agreement, the Company issued 11,000,000 common shares to
Montilla at a fair value of $0.455 per share, for total consideration of
$5,005,000, in exchange for certain intellectual property, acquisition of the
assets and assumption of the liabilities of Montilla, of $350,000.
This sale
was subject to the Company raising a minimum of $500,000 by December 31, 2007
which was completed in fiscal 2007.
|
Consideration
|
|
|
|
|
|
11,000,000
common shares at a fair value of $0.455
|
|
$
|
5,005,000
|
|
|
Debt
assumed
|
|
|
350,000
|
|
|
|
|
|
|
|
|
|
|
$
|
5,355,000
|
|
|
|
|
|
|
|
|
Assets
Acquired
|
|
|
|
|
|
Office
equipment
|
|
$
|
15,000
|
|
|
Laboratory
equipment
|
|
|
220,000
|
|
|
Intangible
assets
|
|
|
20,000
|
|
|
Intellectual
property
|
|
|
5,100,000
|
|
|
|
|
|
|
|
|
|
|
$
|
5,355,000
|
|
Intangible
assets include the business name of “SyntecBiofuel” and the URL of
www.syntecbiofuel.com which the Company acquired from Montilla under the Asset
Purchase Agreement.
Concurrent
with the Asset Purchase Agreement, the Company entered into a development
service agreement (the “Service Agreement”) on September 28, 2007 with Syntec
Biofuel Research Inc. (“Syntec Biofuel Research”), a company located in British
Columbia, Canada. Syntec Biofuel Research will provide certain services related
to the ongoing research and development of the catalysts acquired under the
Asset Purchase Agreement. In exchange, the Company will pay Syntec Biofuel
Research on a cost plus 5% basis. Syntec Biofuel Research will also apply for a
Scientific Research and Experimental Development Credit, which is a refundable
tax credit based on annual rates prescribed by the Canadian Income Tax
Act.
The
Service Agreement will be for an initial term of two years commencing September
28, 2007 and automatically renew for one additional year unless terminated in
writing at least 60 days prior to the end of the term. As at June 30, 2008, the
Company paid Syntec Biofuel Research $237,664 (June 30, 2007 - $nil) for
development fees which have been recorded on the statements of operations
pursuant to SFAS No. 2, “Accounting for Research and Development
Costs.”
SYNTEC
BIOFUEL INC.
(A
Development Stage Company)
NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS
June 30,
2008
Unaudited
|
|
|
Cost
|
|
|
Accumulated
Amortization
|
|
|
June
30, 2008 Net
|
|
|
December
31, 2007 Net
|
|
|
Computer
equipment
|
|
$
|
7,457
|
|
|
$
|
1,735
|
|
|
$
|
5,722
|
|
|
$
|
3,234
|
|
|
Office
equipment
|
|
|
15,506
|
|
|
|
2,320
|
|
|
|
13,186
|
|
|
|
14,250
|
|
|
Laboratory
equipment
|
|
|
249,154
|
|
|
|
33,483
|
|
|
|
215,671
|
|
|
|
209,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
272,117
|
|
|
$
|
37,538
|
|
|
$
|
234,579
|
|
|
$
|
226,484
|
|
|
Note
5
|
Related Party
Transactions
|
The
Company incurred the following expenses charged by related companies and the
directors of the Company:
|
|
|
Six
Month ended
|
|
|
March
15, 2000
(Inception)
to
|
|
|
|
|
June
30,
|
|
|
June
30,
|
|
|
|
|
2008
|
|
|
2007
|
|
|
2008
|
|
|
Consulting
fees
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
135,997
|
|
|
Management
fees
|
|
|
255,198
|
|
|
|
37,328
|
|
|
|
492,463
|
|
|
Share
issuance cost
|
|
|
-
|
|
|
|
-
|
|
|
|
5,313
|
|
|
Website
cost
|
|
|
-
|
|
|
|
-
|
|
|
|
5,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
255,198
|
|
|
$
|
37,328
|
|
|
$
|
638,773
|
|
As at
June 30, 2008, an amount of $24,612 (December 31, 2007 – $24,438) is owing to an
officer of the Company. The amount owed to an officer of the Company at June 30,
2008 is unsecured, non-interest bearing and have no set terms of
repayment.
On June
20, 2008, the Company received $299,580 from Impulse Advertising Ltd., a company
controlled by the spouse of an officer of the Company. Under the terms of the
loan agreement, the Company paid $30,550 in finance fees; this fee has been paid
during the six months ended June 30, 2008. The promissory note is unsecured and
bears interest at 10% per annum. Repayment of the principal, accrued interest
and loan fee is payable by the Company on December 20, 2008. Included in the
balance at June 30, 2008 is accrued interest of $904.
On August
31, 2006, the Company entered into an assignment agreement with Iris
International Holdings Limited ("Iris") whereby the Company assigned to Iris
$94,461 of its promissory notes and $14,039 of loans made to Syntec Canada in
exchange to reduce the debt due by the Company to Iris from $250,000 to
$141,500. Promissory notes owed to Iris were as follows:
SYNTEC
BIOFUEL INC.
(A
Development Stage Company)
NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS
June 30,
2008
Unaudited
|
Note
6
|
Notes payable
(cont’d)
|
|
|
a)
|
On
May 25, 2006, the Company received a loan of $100,000 from Iris. The
promissory note was unsecured and bearing interest at 5% per annum. On
August 31, 2006, the assignment agreement reduced this loan to
$nil.
|
|
|
b)
|
On
July 26, 2006, the Company received a loan of $65,000 from Iris. On August
31, 2006, the assignment agreement reduced this loan to $56,500. The
promissory note is unsecured and bears interest at 5% per annum. Repayment
of the principal and accrued interest is extended and payable by the
Company on June 30, 2008.
|
|
|
c)
|
On
September 28, 2006, the Company received a loan of $85,000 from Iris. The
promissory note is unsecured, bears interest at 5% per annum. Repayment of
the principal and accrued interest is extended payable by the Company on
June 30, 2008.
|
During
the six months ended June 30, 2008, Iris extended the due date of the loans to
December 31, 2008 with extension fees of 10% of the capital debt. In the event
the Company is unable to repay the outstanding principal balances on these loans
upon maturity, Iris has the option to demand payment in common shares of the
Company at the market price.
Included
in the notes payable balance at June 30, 2008 is accrued interest and extension
fees of $42,624 (December 31, 2007 - $24,946) relating to loans owing to
Iris.
As of
June 30, 2008, the Company had received loans totaling $144,000 (December 31,
2007 - $144,000) from Hokley Limited (“Hokley”) as follows:
|
|
a)
|
On
August 4, 2004, the Company received $4,000 from Hokley. The promissory
note is unsecured, bears interest at 8% per annum and carries a loan fee
equal to 10% of the principal balance. Repayment of the principal, accrued
interest and loan fee is payable by the Company on December 31,
2008.
|
|
|
b)
|
On
September 24, 2004, the Company received $5,000 from Hokley. The
promissory note is unsecured, bears interest at 10% per annum and carries
a loan fee equal to 10% of the principal balance. Repayment of the
principal, accrued interest and loan fee is payable by the Company on
December 31, 2008.
|
|
|
c)
|
On
December 23, 2004, the Company received $5,000 from Hokley. The promissory
note is unsecured, bears interest at 10% per annum and carries a loan fee
of 10%. Repayment of the principal, accrued interest and loan fee is
payable by the Company on December 31,
2008.
|
|
|
d)
|
On
February 26, 2007, the Company received $40,000 from Hokley. The
promissory note is unsecured and bears interest at 5% per annum. Repayment
of the principal and accrued interest is payable by the Company on August
31, 2008.
|
|
|
e)
|
On
May 28, 2007, the Company received $30,000 from Hokley. The promissory
note is unsecured and bears interest at 5% per annum. Repayment of the
principal and accrued interest is payable by the Company on December 31,
2008.
|
SYNTEC
BIOFUEL INC.
(A
Development Stage Company)
NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS
June 30,
2008
Unaudited
|
Note
6
|
Notes payable
(cont’d)
|
|
|
f)
|
On
July 18, 2007, the Company received $30,000 from Hokley. The promissory
note is unsecured and bears interest at 5% per annum. Repayment of the
principal, accrued interest and loan fee is payable by the Company on
December 31, 2008.
|
|
|
g)
|
On
September 26, 2007, the Company received $30,000 from Hokley. The
promissory note is unsecured and bears interest at 10% per annum.
Repayment of the principal, accrued interest and loan fee is payable by
the Company on September 26, 2008.
|
Included
in the notes payable balance at June 30, 2008 is accrued interest and loan fees
of $24,559 (December 31, 2007 - $9,712).
Pursuant
to SFAS No. 157, Fair Value Measurements, management has recognized that the
interest rate on the notes payable from Hokley (“Notes”) is below fair market
value, and has recorded a discount on the funds received from Hokley during
fiscal 2007 of $15,770. This value was recorded as additional paid-in capital
and is being deferred and amortized over the term of the notes. During the six
months ended June 30, 2008, $5,146 (June 30, 2007 - $nil) was accreted to Notes
and expensed as finance charges. The carrying value of the Notes at June 30,
2008 of $ 144,000 (December 31, 2007 – $138,854) has been accreted to its face
value over the original term of the Notes.
On May
21, 2008, the Company received a loan $54,000 from Montilla Capital Corp.
(“Montilla”). The loan is unsecured and bears interest at 10% per annum.
Repayment of the principal and accrued interest is payable by the Company on
September 21, 2008. Management has recognized that the interest rate on the
notes payable from Montilla is below fair market value, and has recorded a
discount on the funds received from Montilla during the six months ended June
30, 2008 of $5,785. This value was recorded as additional paid-in capital and is
being deferred and amortized over the term of the notes. During the six months
ended June 30, 2008, $1,446 was accreted to the loan and expensed as finance
charges.
The
carrying value of the loan from Montilla is $49,661. Included in the notes
payable balance at June 30, 2008 is accrued interest and extension fees of
$6,007.
Pursuant
to the Asset Purchase Agreement with Montilla (Note 3), the Company entered into
a common shares subscription agreement on October 1, 2007 to offer up to a
maximum of 13,000,000 and a minimum total of 2,174,000 common shares at $0.231
per share. During the six months ended June 30, 2008, the Company issued 221,450
common shares at $0.231 for total proceeds of $51,155.
SYNTEC
BIOFUEL INC.
(A
Development Stage Company)
NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS
June 30,
2008
Unaudited
|
Note
8
|
Supplemental cash flow
information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
15, 2000
|
|
|
|
|
|
|
|
|
|
|
(Date
of
|
|
|
|
|
Six
month ended
|
|
|
Inception)
|
|
|
|
|
June
30,
|
|
|
June
30,
|
|
|
|
|
2008
|
|
|
2007
|
|
|
2008
|
|
|
Cash
paid for:
|
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash
investing activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A
total of 11,00,000 common shares were issued to Montilla at a fair value
of $0.455 per share, for total consideration of $5,005,000, pursuant to
the Asset Purchase Agreement (Note 3)
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
5,005,000
|
|
|
Non-cash
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A
total of 1,600,000 common shares were issued to a company controlled by a
director at a fair value of $0.005 per share for legal and organizational
expenses paid
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
8,000
|
|
|
A
total of 7,000,000 common shares were issued at fair value of $0.005 per
share for the acquisition of a license from a company controlled by a
director.
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
35,000
|
|
Item 2. MANAGEMENTS’
DISCUSSION AND ANLAYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
In
preparing the management’s discussion and analysis, the registrant presumes that
you have read or have access to the discussion and analysis for the proceeding
fiscal year.
SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
document includes "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 (the "Reform
Act"). All statements other than statements of historical fact
are “forward-looking statements” for purposes of federal and state securities
laws, including, but not limited to, any projections of earning, revenue or
other financial items; any statements of the plans, strategies and objectives of
management for future operations; any statements concerning proposed new
services or developments; any statements regarding future economic conditions of
performance; and statements of belief; and any statements of assumptions
underlying any of the foregoing. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of Syntec Biofuel Inc. to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors include,
among others, the following: our ability to raise capital and the terms thereof;
technical obstacles during the commercialization of the process; lack of
improvement in the performance of the catalyst; competitive technology may drive
ethanol prices down; adverse changes in the biofuels market due to changes in
government regulations or polices; and other factors referenced in the Form
10-Q.
The use
in this Form 10-Q of such words as "believes", "plans", "anticipates",
"expects", "intends", and similar expressions are intended to identify
forward-looking statements, but are not the exclusive means of identifying such
statements. These forward-looking statements present the Company’s estimates and
assumptions only as of the date of this report. Except for the
Company’s ongoing obligation to disclose material information as required by the
federal securities laws, the Company does not intend, and undertakes no
obligation, to update any forward-looking statements.
Although
the Company believes that the expectations reflected in any of the
forward-looking statements are reasonable, actual results could differ
materially from those projected or assumed or any of the Company’s
forward-looking statements. The Company’s future financial condition
and results of operations, as well as any forward-looking statements, are
subject to change and inherent risks and uncertainties.
PLAN
OF OPERATIONS
We are
now consistently achieving yields in excess of 110 gpt, making the Syntec
Catalysts an economically viable method of producing ethanol and methanol from
waste cellulosic biomass. A plant processing 300 tpd of biomass with a yield of
110 gpt will generate revenue of approximately $27 million per year with an
EBITDA of $17 million (ex carbon credit).
We are
proposing to set up a 30 tpd demonstration facility in southeast USA that will
produce 2.5 MM gallons of fuel alcohol which we expect to be operational within
6 months from time of funding. Syntec is currently raising up
to $8,000,000 to pursue our current business plan.
The first
licensed or corporate Joint Venture plant will likely be built in the Pacific
Northwest to take advantage of readily available low-cost organic waste, an
abundant source of wood and the generous State Government funding programs that
are available. This would give Syntec a demonstrable competitive advantage over
other cellulose-to-ethanol technologies (e.g., Iogen) that cannot use softwood
as a feedstock source at present and needs different enzymes for different
feedstock species.
We have
not currently generated any revenue from operations and do not expect to report
any significant revenue from operations until research and development efforts
mature and we have completed the demonstration plant. Even after the completion
of a demonstration plant, there can be no assurance that we will generate
positive cash flow and there can be no assurances as to the level of revenues,
if any, that we may actually achieve from the Syntec technology.
Since
inception, we have funded operations through common stock issuances, related and
non-related party loans in order to meet our strategic
objectives. However, there can be no assurance that we will be able
to obtain further funds to continue with our efforts to establish a new
business.
We expect
to continue to incur substantial losses in our efforts to establish a new
business. We are a development stage company. In a development stage company,
management devotes most of its activities to establishing a new business. As of
June 30, 2008, we had a working capital deficit of $601,138. We are in immediate
need of further working capital and are considering options with respect to
financing in the form of debt, equity or a combination thereof.
RESULTS
OF OPERATIONS
The
following discussion of the financial condition and results of operation of the
Company should be read in conjunction with the Financial Statements and the
related Notes included elsewhere in this report.
SIX
MONTHS ENDING JUNE 30, 2008
The
Company had no revenue for the six months ended June 30, 2008 and 2007. The
total expenses increased significantly from $80,213 in 2007 as compared to
$832,106 in 2008. In 2008, the Company incurred consultant and management fees
of $290,488 as compared to $53,228 in 2007 as additional consultants hired for
the new development. The development fees increased from $nil in 2007 to
$237,664 in 2008 because of higher research and development expenses. The
increase of office and miscellaneous expenses from $862 in 2007 to $105,838 in
2008 is mainly due to higher traveling, conferences and trade show expenses and
regulatory filings. Our net loss per share is at $0.03 in 2008 and nil in
2007.
FINANCIAL
CONDITION AND LIQUIDITY
Our cash
position was $193,046 at June 30, 2008 and was $509,504 at December 31,
2007.
Our
working capital deficit at June 30, 2008 was $601,138 as compared to working
capital surplus of $183,082 at December 31, 2007.
The
Company's ability to continue as a going concern and fund operations through the
remainder of 2008 is contingent upon its ability to raise funds through equity
or debt financing.
The
Company has arranged loans of $299,580 from Impulse Advertising Ltd in order to
fund the ongoing operations of the business. This loan has been secured by way
of a Promissory Note.
CRITICAL
ACCOUNTING POLICIES AND ESTIMATES
We have
adopted various accounting policies that govern the application of accounting
principles generally accepted in the United States of America in the preparation
of our financial statements which requires us to make estimates and assumptions
that affect the amounts reported in the financial statements and accompanying
notes.
Although
these estimates are based on our knowledge of current events and actions we may
undertake in the future, they may ultimately differ from actual results. Certain
accounting policies involve significant judgments and assumptions by us, which
have a material impact on our financial condition and
results. Management believes its critical accounting policies reflect
its most significant estimates and assumptions used in the presentation of our
financial statements. Our critical accounting policies include debt
management and accounting for stock-based compensation. We do not
have off-balance sheet arrangements, financings, or other relationships with
unconsolidated entities or other persons, also known as "special purpose
entities".
Item 3. QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK
We are a
smaller reporting company as defined by Rule 12b-2 of the Securities Exchange
Act of 1934 and are not required to provide the information under this
item.
Item 4
.
CONTROLS AND
PROCEDURES
Disclosure Controls and
Procedures
There are
controls and procedures that are designed to ensure that information required to
be disclosed by Syntec Biofuel Inc. in the reports it files or submits under the
Securities Exchange Act of 1934 (the “Exchange Act”) is recorded, processed,
summarized, and reported within the time periods specified by the Commission’s
rules and forms. Disclosure controls and procedures include, without limitation,
controls and procedures designed to provide reasonable assurance that
information required to be disclosed by Syntec Biofuel Inc. in the reports it
files or submits under the Exchange Act is accumulated and communicated to
management, including the Chief Executive Officer and Chief Financial Officer,
as appropriate, to allow timely decisions regarding required
disclosure.
Under the
supervision and with the participation of management, including the Chief
Executive Officer and Chief Financial Officer, Syntec Biofuel, Inc. has
evaluated the effectiveness of its disclosure controls and procedures (as such
term is defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of
June 30, 2008, and, based upon this evaluation, the Chief Executive Officer and
Chief Financial Officer have concluded that these controls and procedures are
effective in providing reasonable assurance of compliance.
Changes in Internal Control
over Financial Reporting
During
the six months ended June 30, 2008, management took steps to improve the
internal controls over financial reporting by (1) searching for outside
directors to establish an effective audit committee, (2) utilizing existing
office staff in order to remedy the segregation of duties deficiencies, (3)
writing accounting and financial reporting procedures to comply with the
requirements of US GAAP and SEC disclosures, and (4) following the newly written
accounting and financial reporting procedures in (3) which tightens the control
over the period ends.
Management
and directors will continue to monitor
and evaluate the effectiveness of
our internal controls and procedures and our internal controls over
financial reporting on an ongoing basis and
are committed to
taking further action and implementing
additional enhancements or improvements, as necessary and as funds
allow.
PART II –
OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
None.
Item
1A. RISK FACTORS
We are a
smaller reporting company as defined by Rule 12b-2 of the Securities Exchange
Act of 1934 and are not required to provide the information under this
item.
Item 2. UNREGISTERED
SALES OF EQUITY SECURITIES AND USE OF
PROCEEDS
None
Item 3. DEFAULTS
UPON SENIOR SECURITIES
None.
Item 4. SUBMISSION
OF MATTERS TO A VOTE OF SECURITY
HOLDERS
None.
Item 5. OTHER
INFORMATION
None.
Item 6. EXHIBITS
|
Exhibit
Number
|
|
Description
|
|
2.1*
|
|
Resolution
of the Board of Directors filed on 8K on May 22, 2008
|
|
10.1*
|
|
General
Security Agreement filed on 8K on June 26, 2008
|
|
|
|
Rule
13a-14(a)/15d-14(a) Certification of Chief Executive
Officer
|
|
|
|
Rule
13a-14(a)/15d-14(a) Certification of Chief Financial
Officer
|
|
|
|
Certificate
of Chief Executive Officer and Chief Financial Officer pursuant to 18
U.S.C. Section 1350
|
* previously
filed with SEC
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
SYNTEC
BIOFUEL INC.
(Registrant)
|
/s/
George Kosanovich
|
|
Date:
August 14, 2008
|
|
George
Kosanovich
|
|
|
|
Director,
CEO
|
|
|
|
|
|
|
|
|
|
/s/
Janet Cheng
|
|
Date:
August 14, 2008
|
|
Janet
Cheng
|
|
|
|
Director,
CFO
|
|
|
Grafico Azioni Syntec Biofuel (GM) (USOTC:SYBF)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Syntec Biofuel (GM) (USOTC:SYBF)
Storico
Da Giu 2023 a Giu 2024
