WNHK 10-Q Quarterly Report Oct. 31, 2013 | Alphaminr
Winning Catering Group, Inc.
ALPHAMINR

WNHK 10-Q Quarter ended Oct. 31, 2013

Balance Sheet
Cash Flow
Income Statement
WINNING CATERING GROUP, INC.
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10-Q 1 hosa_10q.htm FORM 10-Q hosa_10q.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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 October 31, 2013 or

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________________to _________________________

333-170035
Commission file number

HOMEOWNUSA
(Exact name of registrant as specified in its charter)
NEVADA
27-1467607
State or other jurisdiction of incorporation or organization (I.R.S. Employer Identification No.)
112 NORTH CURRY STREET, CARSON CITY NEVADA 89703-4934
(Address of principal executive offices) (Zip Code)

775-321-8277
Registrant’s telephone number, including area code
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 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. x Yes o 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 (§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). o Yes x No
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
(Do not check if a smaller reporting company)
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). x Yes o No

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 Sections 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 o Yes o 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. As of October 31, 2013 HOMEOWNUSA had 22,790 shares of common stock issued and outstanding.
Table of Contents
PART 1—
FINANCIAL INFORMATION
3
Item 1.
Financial statements
3
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
12
Item 3.
Quantitative and Qualitative Disclosures About Market Risk.
12
Item 4.
Controls and Procedures.
13
PART II—
OTHER INFORMATION
14
Item 1.
Legal Proceedings.
14
Item 1A.
Risk Factors.
14
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds.
14
Item 3.
Defaults Upon Senior Securities.
14
Item 4.
Mine Safety Disclosures.
14
Item 5.
Other Information.
14
SIGNATURES
15
2

PART1-FINANCIAL INFORMATION

Item 1. Financial statements


HOMEOWNUSA
(A Development Stage Company)

FINANCIAL STATEMENTS
(Unaudited)
October 31, 2013

BALANCE SHEETS
4
STATEMENTS OF OPERATIONS
5
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
6
STATEMENTS OF CASH FLOWS
7
NOTES TO FINANCIAL STATEMENTS
8
3
HOMEOWNUSA
(A Development Stage Company)

BALANCE SHEETS

October 31,
2013
January 31,
2013
(Unaudited)
(Audited)
ASSETS
CURRENT ASSETS
Cash
$ 6,270 $ 985
TOTAL CURRENT ASSETS
$ 6,270 $ 985
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable and accrued liabilities
$ 18,000 $ 19,122
Due to related party (Note 4)
41,810 27,500
TOTAL CURRENT LIABILITIES
59,810 46,622
STOCKHOLDERS’ EQUITY (DEFICIT)
Capital stock (Note 3)
Authorized
75,000,000 shares of common stock, $0.001 par value,
Issued and outstanding
22,790 shares of common stock (January 31, 2013 –10,000,000)
23 10,000
Additional Paid In Capital
20,234 -
Deficit accumulated during the development stage
(73,797 ) (55,637 )
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)
(53,540 ) (45,637 )
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
$ 6,270 $ 985
Going Concern (Note 1)
The accompanying notes are an integral part of these financial statements.
4
HOMEOWNUSA
(A Development Stage Company)

STATEMENTS OF OPERATIONS
(Unaudited)

Three Months Ended
October 31
Nine Months Ended
October 31
Cumulative results of operations from inception (December 10, 2009) to October, 31
2013
2012
2013
2012
2013
REVENUES
$ - $ - $ - $ - $ -
EXPENSES
General and administration
5,969 381 9,918 849 17,005
Professional fees
2,068 3,500 8,242 7,500 56,792
TOTAL EXPENSES
$ (8,037 ) $ (3,881 ) $ (18,160 ) $ (8,349 ) $ (73,797 )
NET LOSS
$ (8,037 ) $ (3,881 ) $ (18,160 ) $ (8,349 ) $ (73,797 )
BASIC LOSS PER COMMON SHARE
$ (0.35 ) $ (0.00 ) $ (0.01 ) $ (0.00 )
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING -BASIC
22,790 10,000,000 1,924,640 10,000,000
The accompanying notes are an integral part of these financial statements.
5
HOMEOWNUSA
(A Development Stage Company)

STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
FOR THE PERIOD FROM DECEMBER 10, 2009 (INCEPTION) TO OCTOBER 31, 2013
(Unaudited)
Common Stock Additional Share
Deficit
Accumulated
During the
Number of
shares
Amount
Paid-in
Capital
Subscription
Receivable
Development
Stage
Total
Common shares issued for cash – at $0.001 per share, December 10, 2009
10,000,000 $ 10,000 $ - $ - $ - $ 10,000
Net loss for the year ended January 31, 2010
- - - - (5,510 ) (5,510 )
Balance, January 31, 2010
10,000,000 10,000 - - (5,510 ) 4,490
Net loss for the year ended January 31, 2011
- - - - (16,327 ) (16,327 )
Balance, January 31, 2011
10,000,000 10,000 - - (21,837 ) (11,837 )
Net loss for the year ended January 31, 2012
- - - - (18,289 ) (18,289 )
Balance, January 31, 2012
10,000,000 10,000 - - (40,126 ) (30,126 )
Net loss for the year ended January 31, 2013
- - - - (15,511 ) (15,511 )
Balance, January 31, 2013
10,000,000 10,000 - - (55,637 ) (45,637 )
Common shares issued for cash - at $0.50 per share, March 6, 2013
20,534 21 10,246 - - 10,267
Founder shares cancelled for cash - At $0.000001 per share, March 25, 2013
(9,997,744 ) (9,998 ) 9,988 - - (10 )
Net loss for the period ended Oct. 31, 2013
- - - - (18,160 ) (18,160 )
Balance, October 31, 2013
22,790 $ 23 $ 20,234 $ - $ (73,797 ) $ (53,540 )
The accompanying notes are an integral part of these financial statements.
6
HOMEOWNUSA
(A Development Stage Company)

STATEMENTS OF CASH FLOWS
(Unaudited)
Nine month period ended
October 31, 2013
Nine month period ended
October 31, 2012
From December 10, 2009 (date of inception) to October 31, 2013
OPERATING ACTIVITIES
Net loss for the period
$ (18,160 ) $ (8,349 ) $ (73,797 )
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in operating assets and liabilities:
Increase (decrease) in Accounts payables and accrued liabilities
(1,122 ) 1,000 18,000
NET CASH USED IN OPERATING ACTIVITIES
(19,282 ) (7,349 ) (55,797 )
CASH FLOW FROM INVESTING ACTIVITIES
- - -
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds on sale of common stock (refer note 3)
10,267 - 20,267
Payment of purchase of common stock
(10 ) (10 )
Proceeds from related parties
14,310 10,000 41,810
NET CASH PROVIDED BY FINANCING ACTIVITIES
24,567 10,000 62,067
NET INCREASE (DECREASE) IN CASH
5,285 2,651 6,270
CASH, BEGINNING
985 374 -
CASH, ENDING
$ 6,270 $ 3,025 $ 6,270
SUPPLEMENTAL CASH FLOW INFORMATION AND NONCASH FINANCING ACTIVITIES;

Cash paid during the period for:
Interest
$ - $ - $ -
Income taxes
$ - $ - $ -
The accompanying notes are an integral part of these financial statements.

7
NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION

HOMEOWNUSA was incorporated in the State of  Nevada as a for-profit Company on December 10, 2009 and established a fiscal year end of January 31. The Company is a development-stage Company organized to enter into the home equity lease/rent to own business.

Going concern
To date the Company has generated no revenues from its business operations and has incurred operating losses since inception of $73,797. As at October 31, 2013, the Company has a working capital deficit of $53,540. The Company requires additional funding to meet its ongoing obligations and to fund anticipated operating losses.  The ability of the Company to continue as a going concern is dependent on raising capital to fund its initial business plan and ultimately to attain profitable operations.  Accordingly, these factors raise substantial doubt as to the Company’s ability to continue as a going concern.  The Company intends to continue to fund its business by way of private placements and advances from related parties as may be required. As of October 31, 2013, the Company has issued 10,000,000 founders shares at $0.001 per share for net proceeds of $10,000 to the Company; and a founder shareholder returned 9,997,744 restricted shares at $0.000001 for a cost of $10 to the Company; and issued by way of private placements to 31 individuals 20,534 common shares at $0.50 per share for net proceeds of $10,267 to the Company. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The financial statements present the balance sheet, statements of operations, stockholders’ equity (deficit) and cash flows of the Company. These financial statements are presented in the United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States.

Unaudited Financial Statements

The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements.  However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the year ended January 31, 2013 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission. The unaudited financial statements should be read in conjunction with those financial statements included in the Form 10-K. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the nine months ended October 31, 2013 are not necessarily indicative of the results that may be expected for the year ending January 31, 2014.

Segmented Reporting

FSAB ASC 280, “Disclosure about Segments of an Enterprise and Related Information”, changed the way public companies report information about segments of their business in their quarterly reports issued to shareholders.  It also requires entity-wide disclosures about the products and services the entity provides, the material countries in which it holds assets and reports revenues and its major customers.

Comprehensive Loss
“Reporting Comprehensive Income,” establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As at October 31, 2013, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the financial statements.

8

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Use of Estimates and Assumptions

Preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Accordingly, actual results could differ from those estimates.

Cash and Cash Equivalents

For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents.

Financial Instruments

All significant financial assets, financial liabilities and equity instruments of the Company are either recognized or disclosed in the financial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk. Where practical the fair values of financial assets and financial liabilities have been determined and disclosed; otherwise only available information pertinent to fair value has been disclosed.

Loss per Common Share

The basic earnings (loss) per share is calculated by dividing the Company’s net income available to common shareholders by the weighted average number of common shares during the year. The diluted earnings (loss) per share is calculated by dividing the Company’s net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company.

Income Taxes

The Company follows the liability method of accounting for income taxes.  Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances and tax loss carry-forwards.  Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled.  The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment.

Stock-based Compensation

The Company follows ASC 718-10, "Stock Compensation", which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, "Accounting for Stock-Based Compensation," and supersedes Accounting Principles Board ("APB") Opinion No. 25, "Accounting for Stock Issued to Employees," and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized. The Company has not adopted a stock option plan and has not granted any stock options. As at October 31, 2013 the Company had not adopted a stock option plan nor had it granted any stock options.  Accordingly no stock-based compensation has been recorded to date.

9
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Development Stage Company

The Company is a development stage company, as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 915. The Company’s planned principal operations have not fully commenced. Organizational and offering costs are, and will be, expensed as and when they are incurred.

Management plans to seek funding from its shareholders and other qualified investors to pursue its business plan.

Recent Accounting Pronouncements

FASB ASC 105-10, Generally Accepted Accounting Principles (Prior authoritative literature: FASB SFAS No. 165, Subsequent Events (“SFAS 165”), issued May 28, 2009), which establishes general standards of accounting for, and disclosure of, events that occur after the balance sheet date but before financial statements are issued or are available to be issued.  FASB ASC 105-10 (SFAS 165) is effective for interim or annual financial periods ending after June 15, 2009.  The adoption of FASB ASC 105-10 (SFAS 165) did not have a material effect on the company’s financial position or results of operations.

FASB ASC 105-10-65, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles (Prior authoritative literature: FASB SFAS No. 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles (“SFAS 168”), issued June 2009), establishes the FASB Accounting Standards Codification (the “Codification”) as the single source of authoritative nongovernmental U.S. GAAP. The Codification is effective for interim and annual periods ending after September 15, 2009. The adoption of FASB ASC 105-10-65 (SFAS 168) did not have a material impact on the Company’s financial statements

In September 2009, the FASB issued guidance now codified as ASC 105, Generally Accepted Accounting Principles as the single source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with U.S. GAAP, aside from those issued by the SEC. ASC 105 does not change current U.S. GAAP, but is intended to simplify user access to all authoritative U.S. GAAP by providing all authoritative literature related to a particular topic in one place.  The adoption of ASC 105 did not have a material impact on the Company’s financial statements, but did eliminate all references to pre-codification standards.

On February 24, 2010, the FASB issued guidance in the "Subsequent Events" topic of the FASC to provide updates including: (1) requiring the company to evaluate subsequent events through the date in which the financial statements are issued; (2) amending the glossary of the "Subsequent Events" topic to include the definition of "SEC filer" and exclude the definition of "Public entity"; and (3) eliminating the requirement to disclose the date through which subsequent events have been evaluated. This guidance was prospectively effective upon issuance. The adoption of this guidance did not impact the Company's results of operations of financial condition.

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

NOTE 3 – CAPITAL STOCK

The Company’s capitalization is 75,000,000 common shares with a par value of $0.001 per share.  No preferred shares have been authorized or issued.

As of April 30, 2013, the Company has not granted any stock options and has not recorded any stock-based compensation.
On December 10, 2009, the Company issued 10,000,000 common shares at $0.001 per share to the sole director and President of the Company for cash proceeds of $10,000.
10
NOTE 3 – CAPITAL STOCK (continued)

On March 6, 2013 the Company issued 20,534 common shares at $0.50 per share to thirty-one individuals for cash proceeds of $10,267.

On March 25, 2013, the founding shareholder of the Company returned 9,997,774 restricted shares of common stock to treasury and the shares were subsequently cancelled by the Company.  The shares were returned to treasury for $0.000001 per share for a total consideration of $10 to the shareholder.

NOTE 4 – RELATED PARTY TRANSACTIONS

As of October 31, 2013, the Company has received $41,810. The amounts due to the related party are unsecured and non- interest-bearing with no set terms of repayment. The amount advanced was unsecured and non-interest-bearing with no set terms of repayment

NOTE 5 – INCOME TAXES

Income taxes are provided in accordance with ASC 740 Income Taxes.  A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax asset and liabilities.

Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.  Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

No provision was made for Federal Income tax.

The Company did not provide any current or deferred U.S. federal income tax provision or benefit for any of the periods presented because we have experienced operating losses since inception.  The Company provided a full valuation allowance on the net deferred tax asset, consisting of net operating loss carry forwards, because management has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax assets during the carry forward period.

11

Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations

This section of the Registration Statement includes a number of forward-looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements are often identified by words like believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our predictions.

Results of Operations

For the period from inception through October 31, 2013 we had no revenue. Expenses for the period three months ended October 31, 2013 totalled $8,037 as compared to expenses of $3,881 for the period three months ended October 31, 2012.  Expenses for the period nine months ended October 31, 2013 totalled $18,160 as compared to expenses of $8,349 for the period nine months ended October 31, 2012 resulting in total expenses from inception December 10, 2009 to October 31, 2013 of $73,797.  The operating loss for the period three months ended October 31, 2013 is a result of professional fees in the amount of $2,068 as compared to $3,500 for the period three months ended October 31, 2012 and office and general expense for the period three months ended October 31, 2013in the amount of $5,969 as compared to $381 for the period three months ended October 31, 2012. The operating loss for the period nine months ended October 31, 2013 is a result of professional fees in the amount of $8,242 as compared to $7,500 for the period nine months ended October 31, 2012 and office and general expense for the period nine months ended October 31, 2013in the amount of $9,918 as compared to $849 for the period nine months ended October 31, 2012.

Capital Resources and Liquidity

Our independent registered public accounting firm included an explanatory paragraph in their report for our annual report filed on Form 10-K emphasizing the uncertainty of our ability to remain a going concern. No substantial revenues are anticipated until we have completed the financing from this offering and implemented our plan of operations. With the exception of cash advances from our sole Officer and Director, our only source for cash at this time is investments by others in this offering. We must raise cash to implement our strategy and stay in business. The amount of the offering will likely allow us to operate for at least one year.
As of October 31, 2013, we had $6,270 in cash, totaling $6,270 assets as compared to $985 in total assets at January 31, 2013. The funds available to the Company will not be sufficient to fund the planned operations of the Company and maintain a reporting status. The Company’s sole officer and director, Mr. Meyer has indicated that he may be willing to provide a maximum of $25,000, required to fund the offering expenses and maintain the reporting status, in the form of a non-secured loan for the next twelve months as the expenses are incurred if no other proceeds are obtained by the Company. However, there is no contract or written agreement in place.

We do not anticipate researching and purchasing any real estate, nor do we foresee the purchase or sale of any significant equipment. We also do not expect any significant additions to the number of employees.

Off-balance sheet arrangements

Other than the situation described in the section titled Capital Recourses and Liquidity, the company has no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect or change on the company’s financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors. The term “off-balance sheet arrangement” generally means any transaction, agreement or other contractual arrangement to which an entity unconsolidated with the company is a party, under which the company has (i) any obligation arising under a guarantee contract, derivative instrument or variable interest; or (ii) a retained or contingent interest in assets transferred to such entity or similar arrangement that serves as credit, liquidity or market risk support for such assets

Item 3.  Quantitative and Qualitative Disclosures About Market Risk.

The Company is a smaller reporting Company as defined by Rule 12b-2 of the Securities Act of 1934 and are not required to provide the information under this item.

12
Item 4.  Controls and Procedures.

The management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting, as required by Sarbanes-Oxley (SOX) Section 404 A. The Company’s internal control over financial reporting is a process designed under the supervision of the Company’s Chief Executive Officer and Chief Financial Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company’s financial statements for external purposes in accordance with U.S. generally accepted accounting principles.

As of March 30, 2013 management assessed the effectiveness of the Company’s internal control over financial reporting based on the criteria for effective internal control over financial reporting established in SEC guidance on conducting such assessments.  Based on that evaluation, our principle executive officer, also acting as our principle financial officer concluded that, during the period covered by this report, such internal controls and procedures were not effective to detect the inappropriate application of US GAAP rules as more fully described below. This was due to deficiencies that existed in the design or operation of our internal control over financial reporting that adversely affected our internal controls and that may be considered to be material weaknesses.

The matters involving internal controls and procedures that the Company’s management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: (1) lack of a functioning audit committee and lack of a majority of outside directors on the Company's board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; (2) inadequate segregation of duties consistent with control objectives; (3) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of US GAAP and SEC disclosure requirements; and (4) ineffective controls over period end financial disclosure and reporting processes. The aforementioned material weaknesses were identified by the Company's Chief Financial Officer in connection with the review of our financial statements as of October 31, 2013 and communicated to our management.

Management believes that the material weaknesses set forth in items (2), (3) and (4) above did not have an effect on the Company's financial results. However, management believes that the lack of a functioning audit committee and lack of a majority of outside directors on the Company's board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures can result in the Company's determination to its financial statements for the future years.  We are committed to improving our financial organization. As part of this commitment, we will create a position to segregate duties consistent with control objectives and will increase our personnel resources and technical accounting expertise within the accounting function when funds are available to the Company: i) Appointing one or more outside directors to our board of directors who shall be appointed to the audit committee of the Company resulting in a fully functioning audit committee who will undertake the oversight in the establishment and monitoring of required internal controls and procedures; and ii) Preparing and implementing sufficient written policies and checklists which will set forth procedures for accounting and financial reporting with respect to the requirements and application of US GAAP and SEC disclosure requirements.

Management believes that the appointment of one or more outside directors, who shall be appointed to a fully functioning audit committee, will remedy the lack of a functioning audit committee and a lack of a majority of outside directors on the Company's Board. In addition, management believes that preparing and implementing sufficient written policies and checklists will remedy the following material weaknesses (i) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of US GAAP and SEC disclosure requirements; and (ii) ineffective controls over period end financial close and reporting processes. Further, management believes that the hiring of additional personnel who have the technical expertise and knowledge will result proper segregation of duties and provide more checks and balances within the department. Additional personnel will also provide the cross training needed to support the Company if personnel turn over issues within the department occur. This coupled with the appointment of additional outside directors will greatly decrease any control and procedure issues the company may encounter in the future.

We 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.

There have been no significant changes in our internal controls over financial reporting that occurred during the transition period ended October 31, 2013 that have materially affected or are reasonably likely to materially affect, our internal controls over financial reporting.

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

The Company is not a party to any pending legal proceedings, and no such proceedings are known to be contemplated.

No director, officer, or affiliate of the Company and no owner of record or beneficial owner of more than 5.0% of the securities of the Company, or any associate of any such director, officer or security holder is a party adverse to the Company or has a material interest adverse to the Company in reference to pending litigation.
Item 1A. Risk Factors.

We are a smaller reporting company as defined by Rule 12b-2 of the Securities 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. Mine Safety Disclosures.

None

Item 5. Other Information.

None

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Item 6. Exhibits.

The following documents are filed as a part of this report or are incorporated by reference to previous filings, if so indicated:

Exhibit No.
Description
3.1
Articles of incorporation [1]
3.2
By-laws of HOMEOWNUSA [2]
31.1
Certification of Chief Executive Officer Pursuant to Rule 13a–14(a) or 15d-14(a) of the Securities Exchange Act of 1934*
31.2
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934*
32.1
Certification of Chief Executive Officer under Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2
Certification of Chief Financial Officer under Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

[1] Incorporated by reference from the Company’s S-11 filed with the Commission on October 20, 2010

[2] Incorporated by reference from the Company’s S-11 filed with the Commission on October 20, 2010.

* Included in Exhibit 31.1
** Included in Exhibit 32.1

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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Homeownusa
Dated: November 19, 2013
By:
/s/ Pieter du Plooy
Pieter du Plooy
President and Director
Principal Executive Officer
Principal Financial Officer
Principal Accounting Officer
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