CLEV 10-Q Quarterly Report Oct. 31, 2013

CONCRETE LEVELING SYSTEMS INC

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10-Q 1 g7186.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2013 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from __________ to __________ Commission file number 000-53048 Concrete Leveling Systems, Inc. (Exact name of small business issuer as specified in its charter) Nevada 26-0851977 (State or other jurisdiction (IRS Employer of incorporation or organization) Identification No.) 5046 E. Boulevard, NW, Canton, OH 44718 (Address of principal executive offices) (330) 966-8120 (Issuer's telephone number) (Former name, former address and former fiscal year, if changed since last report) Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 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 [ ] 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 (ss. 232.405 of this chapter) during the preceding 12 month (or for such shorter period that the registrant was required to submit and post such files). YES [X] NO [ ] Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] 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 has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes [ ] No [ ] APPLICABLE ONLY TO CORPORATE ISSUERS Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 6,395,418 PART I - FINANCIAL INFORMATION ITEM 1 - FINANCIAL STATEMENTS Concrete Leveling Systems Inc. Balance Sheets October 31, 2013 and July 31, 2013

See notes to financial statements. 2 Concrete Leveling Systems Inc. Statements of Income For the Three Months Ended October 31, 2013 and 2012

See notes to financial statements. 3 Concrete Leveling Systems, Inc. Statements of Cash Flows For the Three Months Ended October 31, 2013 and 2012

See notes to financial statements. 4 Concrete Leveling Systems, Inc. Notes to Financial Statements October 31 2013 NOTE A - BASIS OF PRESENTATION The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information, refer to the financial statements and footnotes thereto included in the Concrete Leveling Systems, Inc. Form 10-K filing for the period ended July 31, 2013. NOTE B - GOING CONCERN As shown in the financial statements, the Company incurred a net loss of $17,564 for the quarter ended October 31, 2013, and has incurred substantial net losses since its inception. At October 31, 2013, current liabilities exceed current assets by $134,796. These factors raise substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue existence. 5 ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION Concrete Leveling Systems, Inc. ("CLS" or "The Company") became an operating company in 2009. As of October 31, 2013, CLS has cash assets of $1,197, accounts receivable in the amount of $4,495 and notes receivable in the amount of $61,432. As of October 31, 2013, the Company was carrying inventory valued at $13,370. The Company's cash flow is currently not sufficient to maintain operations. However, the Company is receiving monthly payments from the self financed sale of its concrete leveling service units, which creates some cash flow for the Company. Mr. Edward A. Barth has continued to contact companies regarding the service unit, but has not receive any positive leads during the last quarter. CLS continues to have cash flow issues. As of October 31, 2013, it had total current liabilities of $188,887, which includes advances from stockholders and notes payable to stockholders in the amount of $98,050. The company continues to experience negative income figures for the quarter. However, it is hopeful that as the domestic economy continues to improve, credit will be eased and individuals who have expressed interest in purchasing a concrete leveling service unit will find necessary financing to do so. There are no off balance sheet arrangements involving CLS at this time. Liquidity Issues. Since its inception, the Company has experienced continued need for additional liquidity in order to provide for operating expenses and to purchase components for the assembly of its product. The company maintains an inventory of one partially completed service unit. In the event the Company receives an order for a concrete leveling service unit, it will seek a down payment in an amount sufficient to complete the unit, in order not to have to borrow additional funds. Capital Resources. CLS has made no material commitments for capital expenditures as of the end of its fiscal quarter ending October 31, 2013 and does not anticipate any immediate need for material capital expenditures over the next quarter. Result of Operations. During the quarter ended October 31, 2013, the Company has experienced little activity. Due to the seasonal nature of concrete leveling operations in most of the United States and Canada, prospective buyers are not looking to purchase a concrete leveling service unit for a winter delivery. Activity in sales of the units will not begin to pick up until late winter of 2014. ITEM 4 - CONTROLS AND PROCEDURES Disclosure Controls and Procedures. Pursuant to Rule 13a-15(b) of the Securities Exchange Act of 1934 ("Exchange Act"), the Company carried out an evaluation, with the participation of the Company's management, which consists of the Company's Chief Executive Officer (CEO) and Chief Financial Officer (CFO), of the effectiveness of the Company's disclosure controls and procedures (as defined under Rule 13a-15(e) of the Exchange Act) as of the end of the period covered by this report. Based upon that evaluation, the Company concluded that the Company's disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act, is recorded, processed, summarized and reported, within the time period specified by the United States Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to the Company's management, including the Company's CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure. 6 Changes in Internal Control Over Financial Reporting. There are no changes in the Company's internal controls over financial reporting that occurred during the three months ended October 31, 2013 that have materially affected, or are reasonably likely to materially affect, the internal controls over financial reporting. PART II - OTHER INFORMATION ITEM 1 - LEGAL PROCEEDINGS To the best of its knowledge, management of CLS is not aware of any legal proceedings in which CLS is currently involved. ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS There were no unregistered sales of equity securities during this quarter. ITEM 3 - DEFAULTS UPON SENIOR SECURITIES There are no defaults upon any senior securities. ITEM 4 - MINE SAFETY DISCLOSURES Not applicable. ITEM 5 - OTHER INFORMATION There are no items of information required to be disclosed pursuant to this item at this time. ITEM 6 - EXHIBITS A. The following are filed as Exhibits to this report. The numbers refer to the exhibit table of Item 601 of regulation S-K: Reference is hereby made to the exhibits contained in the registration statement (Form SB-2) filed by Concrete Leveling Systems, Inc. Exhibit 31.1 - Rule 13a-14(a)/15d-14(a) - Certification Exhibit 31.2 - Rule 13a-14(a)/15d-14(a) - Certification Exhibit 32 - Section 1350 - Certification Exhibit 101 - Interactive Data Files Pursuant to Rule 405 of Regulation S-T 7 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. CONCRETE LEVELING SYSTEMS, INC. Date: December 5, 2013 By: /s/ Edward A. Barth ------------------------------------ Edward A. Barth, Principal Executive Officer Date: December 5, 2013 By: /s/ Suzanne I. Barth ------------------------------------ Suzanne I. Barth, Principal Financial Officer 8

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CLEV 10-Q Quarter ended Oct. 31, 2013