Trans-Pacific Aerospace Co Inc (OTC:TPAC)

WEB NEWS

Tuesday, February 20, 2018

Auditor trail

SAN MARINO, Calif., Feb. 20, 2018 /PRNewswire/ -- Trans-Pacific Aerospace (TPAC) (OTC: TPAC) announces the successful conclusion of negotiations aimed at deferring the due date for all convertible debt until July 2018.  No outstanding obligations of the Company are now due prior to July 2018.

Bill McKay, CEO of TPAC stated: "We are very pleased to have been able to work with our lenders in order to defer the due dates for these obligations.  We are hopeful and optimistic that TPAC will be in a position during the next few months to be able to repay these obligations through money raised in our ICO, rather than have the obligations convert into shares, thus creating a dilution of the stock.  This deferral is part of our strategy to reduce and bring the share structure under greater control through loan repayment and share repurchase."


Monday, June 20, 2016

Comments & Business Outlook

TRANS-PACIFIC AEROSPACE COMPANY, INC.

Unaudited Consolidated Statements of Operations


 

 

 

 

 

    For the Three Months Ended April 30,     For the Six Months Ended April 30,  
    2016     2015     2016     2015  
                         
Sales   $ 109,140     $     $ 109,140     $  
                                 
Cost of sales                        
                                 
Gross profit     109,140             109,140        
                                 
Operating expenses                                
Professional fees     20,240       10,745       23,115       76,510  
Consulting     1,847,000       72,000       2,067,600       99,000  
Other general and administrative     94,455       1,154,112       176,497       2,650,293  
                                 
Total operating expenses     1,961,695       1,236,857       2,267,212       2,825,803  
                                 
Operating loss from continuing operations     (1,852,555 )     (1,236,857 )     (2,158,072 )     (2,825,803 )
                                 
Interest expense, net     (46,403 )     (137,032 )     (77,453 )     (194,756 )
Change in fair value of derivative liabilities           61,762             431,298  
Derivative expenses           (142,623 )           (486,360 )
                                 
Net loss from continuing operations   $ (1,898,958 )   $ (1,454,750 )   $ (2,235,525 )   $ (3,075,621 )
                                 
Discontinued operations                                
Net gain (loss) from discontinued operations                        
                                 
Loss before income taxes     (1,898,958 )     (1,454,750 )     (2,235,525 )     (3,075,621 )
                                 
Income taxes                        
                                 
Net Loss     (1,898,958 )     (1,454,750 )     (2,235,525 )     (3,075,621 )
                                 
Less: Loss attributable to non-controlling interest   $ (29,852 )   $ (36,637 )   $ (53,602 )   $ (79,181 )
                                 
Net Loss attributable to the Company   $ (1,869,106 )   $ (1,418,113 )   $ (2,181,923 )   $ (2,996,440 )
                                 
Basic and dilutive net loss from operations per share   $ (0.00 )   $ (0.00 )   $ (0.00 )   $ (0.01 )
                                 
Weighted average number of common shares outstanding, basic and diluted     3,095,436,027       635,333,259       3,303,428,943       406,603,216

Wednesday, May 4, 2016

Comments & Business Outlook

NEWCASTLE NSW, Australia--(BUSINESS WIRE)--

Trans-Pacific Aerospace Company, Inc. (“TPAC” or “Company”) (TPAC), has announced the establishment of operations in Australia - TPAC (Aust) Pty Ltd. (“TPAC Australia”). TPAC Australia operates under a licensing and services agreement between TPAC and TPAC Australia.

In addition to capitalizing on the significant need of supplying qualified bearings to the Australian, Pacific Rim and Mid East markets, TPAC Australia plans to start manufacturing bearings locally, aligning the Company with the Turnbull Governments’ innovation initiative - a $1.1 billion (Australian Dollar) innovation plan that encourages and fosters entrepreneurial culture, supports start-ups, promotes science and computing, and drives innovative research.

TPAC Australia will be led by Mr. Tony Gardner from Newcastle NSW. Mr. Gardner has been actively involved in a number of commercial projects over a number of years mostly in the soft and hard commodity sector. Mr. Gardner wants to start manufacturing the TPAC products locally and bring outside intellectual property into Australia for local job creation and general growth within the Australian market. He has assembled a team of former Australian military, aerospace and marketing executives to support daily operations.

Mr. Gardner stated: “We are looking to promote TPAC Australia to our domestic commercial aerospace industry as well as the Australian defence and naval markets. Australia has just been awarded a 50-Billion-dollar Submarine contract to be constructed in South Australia. With such contracts being awarded to Australia it gives local companies the ability to bring off shore technology into Australia for more job creation and wealth within our country.

We see significant short and long term opportunities in these areas. Additionally, we see a tremendous opportunity in the commercial aviation sector throughout Southeast Asia, Southern Asia and the Middle East. There is a significant need for local and regional sources of supply for these products and TPAC Australia will work diligently to fill that need.” Mr Gardner added: “We look forward to working with our already established partners, including Bower Aero, to provide OEM quality certified bearings to one of the most demanding aviation markets in the world.”

 Bill McKay, CEO of TPAC, said: “This is a key step to TPAC’s strategic initiatives, one that will continue to position ourselves as a global brand with local roots. In addition to our primary touch-points - OEMs, airlines and MROs, we believe there is considerable potential in providing support to defence forces throughout the Asia-Pacific Region. By working with Tony and his Australian partners, we will be able to effectively and efficiently explore and develop this market. Tony and his team have worked diligently developing TPAC Australia and bringing us to this moment, and we are very optimistic about the opportunities they will bring to the company in the future.”

TPAC possesses proprietary technologies which enables it to manufacture aerospace approved commercial aircraft consumable component parts in China. These components, known as “plain and self-lubricating spherical bearings”, “bushings” and “rod end bearings” are used in both new and existing aircraft. The Company has passed all qualification requirements for SAE Aerospace Standard SAE-AS81820 and SAE-AS81934 from NAVAIR (U.S. Naval Air Systems Command), the agency responsible for qualifying SAE aerospace bearings, and has been placed on the QPL (Qualified Product Listing) as a supplier. Bearings produced by TPAC are approved for transfer/export by the U.S. Department of Commerce. As such, the Company is the first and only manufacturer of SAE-certified bearings in China and one of only six aerospace bearing manufacturers in the world.


Wednesday, March 16, 2016

Comments & Business Outlook

TRANS-PACIFIC AEROSPACE COMPANY, INC.

Unaudited Consolidated Statements of Operations

 

 

    For the Three Months Ended January 31  
    2016     2015  
Operating expenses                
Professional fees   $ 2,875     $ 65,765  
Consulting     220,600       27,000  
Other general and administrative     82,042       1,496,182  
                 
Total operating expenses     305,517       1,588,947  
                 
Operating loss from continuing operations     (305,517 )     (1,588,947 )
                 
Interest expense, net     (31,050 )     (57,724 )
Change in fair value of derivative liabilities           25,799  
                 
Net loss from continuing operations   $ (336,567 )   $ (1,620,872 )
                 
Discontinued operations                
Net gain (loss) from discontinued operations            
                 
Loss before income taxes     (336,567 )     (1,620,872 )
                 
Income taxes            
                 
Net Loss     (336,567 )     (1,620,872 )
                 
Less: Loss attributable to non-controlling interest   $ (23,750 )   $ (42,544 )
                 
Net Loss attributable to the Company   $ (312,817 )   $ (1,578,328 )
                 
Basic and dilutive net loss from operations per share   $ (0.00 )   $ (0.01 )
                 
Weighted average number of common shares outstanding, basic and diluted     3,506,900,273       185,331,761  

Tuesday, December 29, 2015

Comments & Business Outlook

8.01 Reduction of Common Shares of the Company


Effective December 29, 2015, the Company reduced the number of common shares of the Company outstanding by 299,981,308 common shares. These common shares are removed from the outstanding shares and the float, effective December 29, 2015.


Thursday, December 17, 2015

Comments & Business Outlook

8.01 Reduction of Common Shares of the Company


Effective December 16, 2015, the Company reduced the number of common shares of the Company outstanding by 703,200,002 common shares. These common shares are removed from the outstanding shares and the float, effective December 16, 2015.


Monday, September 21, 2015

Comments & Business Outlook

TRANS-PACIFIC AEROSPACE COMPANY, INC.

Unaudited Consolidated Statements of Operations

 

 

 

 

 

    For the Three Months ended
July 31,
    For the Nine Months ended
July 31,
 
    2015     2014     2015     2014  
                         
Operating expenses                                
Professional fees   $ 24,385     $ 7,381     $ 100,895     $ 185,500  
Consulting     74,500       77,650       173,500       704,878  
Other general and administrative     1,263,227       497,232       3,913,521       1,636,458  
                                 
Total operating expenses     1,362,112       582,263       4,187,916       2,526,836  
                                 
Operating loss from continuing operations     (1,362,112 )     (582,263 )     (4,187,916 )     (2,526,836 )
                                 
Interest expense, net     (138,704 )     (70,288 )     (333,460 )     (144,903 )
Change in fair value of derivative liabilities     (6,476 )     (91,785 )     424,822       (91,785 )
Derivative expenses                 (486,359 )      
                                 
Net loss from continuing operations   $ (1,507,292 )   $ (744,336 )   $ (4,582,913 )   $ (2,763,524 )
                                 
Discontinued operations                                
Net gain (loss) from discontinued operations                        
                                 
Loss before income taxes     (1,507,292 )     (744,336 )     (4,582,913 )     (2,763,524 )
                                 
Income taxes           (15 )           (15 )
                                 
Net Loss     (1,507,292 )     (744,351 )     (4,582,913 )     (2,763,539 )
                                 
Less: Loss attributable to non-controlling interest   $ (41,209 )   $ (52,836 )   $ (120,390 )   $ (245,279 )
                                 
Net Loss attributable to the Company   $ (1,466,083 )   $ (691,515 )   $ (4,462,523 )   $ (2,518,260 )
                                 
Basic and dilutive net loss from operations per share   $ (0.00 )   $ (0.01 )   $ (0.00 )   $ (0.02 )
                                 
Weighted average number of common shares outstanding, basic and diluted  
 
 
 
 
3,274,015,518
 
 
 
 
 
 
 
135,533,651
 
 
 
 
 
 
 
1,372,910,658
 
 
 
 
 
 
 
120,429,303
 
 

Management Discussion and Analysis

Results of Operations


Nine Months Ended July 31, 2015 and 2014

We have not commenced revenue producing operations and do not expect to until the fourth quarter of 2015, at the earliest, at which time we expect to commence the distribution of Godfrey’s line of spherical bearings. During the nine months ended July 31, 2015, we incurred $4,187,916 of operating expenses compared to $2,526,836 during the nine months ended July 31, 2014. Our operating expenses consist primarily of professional fees, consulting fees, and other general and administrative expenses. The increase in operating expenses for the nine months ended July 31, 2015 compared to the same period in fiscal 2014 was primarily resulted from issuance of options for common stock to board of directors. We expect our operating expenses will significantly increase at such time as we commence the distribution of Godfrey’s spherical bearings.

During the nine months ended July 31, 2015 and 2014, we incurred a net loss from operations of $4,582,913 and $2,763,524, respectively. The increase was primarily resulted from issuance of common stock options to board of directors.

As of July 31, 2015 and October 31, 2014, as a result of the increased ownership to 55% in Godfrey, we recorded non-controlling interest of $609,797 and $489,407, respectively. The net loss attributable to the Company was $4,462,523 and $2,518,260 for the nine months ended July 31, 2015 and 2014, respectively.


Wednesday, July 22, 2015

Deal Flow

8.01 Repayment of Convertible Note Between KBM Worldwide and the Company

On July 21, 2015 the Company repaid in cash and in full, the convertible note obligation owed by the Company to KBM Worldwide. The note was eligible for conversion on August 22, 2015. No conversion was done under the Note. KBM Worldwide accepted the payment wired by the Company to KBM Worldwide as full and complete repayment of the note, interest and penalties. No further amounts are owed thereunder.


Tuesday, July 14, 2015

Comments & Business Outlook

DONGGUAN, China--(BUSINESS WIRE)--

Trans-Pacific Aerospace Company, Inc. (“TPAC” or “Company”) (TPAC), is pleased to disclose the nature of the purchase order mentioned in a May 1, 2014 press release. The order is between TPAC and The Timken Company (TKR), one of the most respected bearing manufacturers in the world.

The Timken Company (“Timken”) has placed the order, which is still valid and open, so as to examine products produced by TPAC with the mutual goal of Timken and TPAC entering into a long-term relationship through which Timken would globally market the products produced by TPAC under the Timken brand.

Bill McKay, the CEO of TPAC stated: “We are very proud of our accomplishment regarding both our qualification work and how it has manifested itself in the order. It shows that the barriers to entry for these products are exceedingly high and is a testament to the value of our qualification approval and our hard work. While we have a lot of work ahead in both producing these parts and establishing a long term relationship with Timken, we relish the opportunity to perform at our best. Timken is an outstanding brand in the industry and therefore it is incumbent upon TPAC to produce products that are worthy to be marketed under this outstanding brand name. We are more than up to the challenge.

“This order took a long time to start because we were expecting to form a joint venture with AVIC Harbin Bearings (“Harbin”) through which we would produce these parts. Both Timken and TPAC agreed that under the circumstances it was best to produce the parts in Harbin so that they would be representative of long-term production parts. Unfortunately we could not get Harbin to make a decision regarding a joint venture so we were forced to abandon that project. We are now in a position to handle the order on our own and have already started to generate components for the order. We are very grateful for the patience and professionalism exhibited by Timken, while we attempted to reach a deal with Harbin. We are confident that we will supply excellent parts through which we can establish a long term relationship with Timken regarding airframe bearings and enhance the superior Timken brand name.”

TPAC uses its proprietary aerospace bearing technologies at its facility in China to manufacture and sell component parts for both new commercial and general aviation aircraft and for spares for the existing commercial fleet. The component parts are referred to as self-lubricating spherical bearings and they help with several flight-critical tasks, including aircraft flight controls and landing gears. TPAC is the first and only manufacturer in China to qualify under SAE-AS81820 and 81934 and currently has in excess of 1,000 approved parts.


Tuesday, June 30, 2015

Comments & Business Outlook

DONGGUAN, China--(BUSINESS WIRE)--

Trans-Pacific Aerospace Company, Inc. (�TPAC� or �Company�) (TPAC) is providing an update on the Company.

All convertible notes that were the subject of conversions through June, 2015 (�Notes�), including but not limited to all 2014 Notes in favor of Asher Enterprises/KBM Worldwide, have either been converted or repaid. It is the understanding of the Company that holders of shares relating to the Notes have sold those shares into the marketplace. The Company has one remaining outstanding convertible note due in August, 2015 and plans to pay off that note prior to conversion. The Company has the right to repay this Note.

The Company does not intend to increase the number of authorized shares of the Company and has no intention of doing a reverse split of the shares of the Company, unless such a reverse split would lead to a listing on Nasdaq. Additionally, the Company has no intention of taking on any more convertible debt at this time or in the future. Since at least 2011, neither the Company, nor any of its current directors, nor their respective spouses nor their children have ever sold unrestricted shares into the market.

The Company is in the process of remodeling its assembly facility, but is still presently ready for full scale production. Any renovation would not affect the delivery of products. Later in 2015 the Company anticipates attempting to qualify under SAE-AS81820 Type A, requiring performance for 100,000 cycles. Should the Company pass this qualification test, to the knowledge of the Company, it will be one of only three companies approved to this standard.


Monday, June 29, 2015

Share Structure

Item 8.01     Reduction of Common Shares of the Company


Effective June 22, 2015 the Company reduced the number of common shares of the Company by a total of 778,952,234 common shares. These common shares are being removed from the outstanding shares of the Company effective June 22, 2015.


Tuesday, June 23, 2015

Notable Share Transactions

DONGGUAN, China--()--Trans-Pacific Aerospace Company, Inc. (�TPAC� or �Company�) (OTCBB:TPAC), is pleased to announce that it is reducing the number of outstanding common shares by a total of 778,952,234 common shares. These common shares will be removed from the outstanding shares of the Company effective immediately.

Bill McKay, CEO of TPAC stated: �We made a commitment to shareholders to reduce the number of common shares and we are living up to our commitment. We have a long-term plan for TPAC and this is just another part of the plan. Our Business Plan, posted on our web site www.tpacbearings.com outlines our future objectives. While we may not meet all of those objectives, we will nevertheless work diligently to do so. We are grateful for the support shown by existing shareholders and hope that these shareholders and new shareholders understand our commitment to achieving our goals and enhancing shareholder value.�

TPAC uses its proprietary aerospace bearing technologies at its facility in China to manufacture and sell component parts for both new commercial and general aviation aircraft and for spares for the existing commercial fleet. The component parts are referred to as self-lubricating spherical bearings and they help with several flight-critical tasks, including aircraft flight controls and landing gears. TPAC is the first and only manufacturer in the world to manufacture self-lubricating spherical bearings in China that have been qualified by NAVAIR under SAE-AS81820 and 81934.


Sunday, June 21, 2015

Comments & Business Outlook

TRANS-PACIFIC AEROSPACE COMPANY, INC.

Unaudited Consolidated Statements of Operations

 

    For the Three Months ended     For the Six Months Ended  
    April 30,     April 30,  
    2015     2014     2015     2014  
Operating expenses                                
Professional fees   $ 10,745     $ 171,353     $ 76,510     $ 178,119  
Consulting     72,000       357,478       99,000       627,228  
Other general and administrative     1,154,112       591,523       2,650,293       1,139,226  
                                 
Total operating expenses     1,236,857       1,120,354       2,825,803       1,944,573  
                                 
Operating loss from continuing operations     (1,236,857 )     (1,120,354 )     (2,825,803 )     (1,944,573 )
                                 
Interest expense, net     (137,032 )     (48,459 )     (194,756 )     (74,615 )
Change in fair value of derivative liabilities     61,762               431,298          
Derivative expenses     (142,623 )           (486,360 )      
                                 
Loss before income taxes   $ (1,454,750 )   $ (1,168,813 )   $ (3,075,621 )   $ (2,019,188 )
                                 
Income taxes                        
                                 
Net Loss     (1,454,750 )     (1,168,813 )     (3,075,621 )     (2,019,188 )
                                 
Less: Loss attributable to non-controlling interest   $ (36,637 )   $ (129,443 )   $ (79,181 )   $ (192,443 )
                                 
Net Loss attributable to the Company   $ (1,418,113 )   $ (1,039,370 )   $ (2,996,440 )   $ (1,826,745 )
                                 
Basic and dilutive net loss from operations per share   $ (0.00 )   $ (0.01 )   $ (0.01 )   $ (0.02 )
                                 
Weighted average number of common shares outstanding, basic and diluted     635,333,259       121,377,676       406,603,216       112,751,955  

Management Discussion and Analysis

We have not commenced revenue producing operations and do not expect to until the fourth quarter of 2015, at the earliest, at which time we expect to commence the distribution of Godfrey’s line of spherical bearings. During the six months ended April 30, 2015, we incurred $2,825,803 of operating expenses compared to $1,944,573 during the six months ended April 30, 2014. Our operating expenses consist primarily of professional fees, consulting fees, and other general and administrative expenses. The increase in operating expenses for the six months ended April 30, 2015 compared to the same period in fiscal 2014 was primarily resulted from issuance of options for common stock to board of directors. We expect our operating expenses will significantly increase at such time as we commence the distribution of Godfrey’s spherical bearings.

During the six months ended April 30, 2015 and 2014, we incurred a net loss from operations of $3,075,621 and $2,019,188, respectively. The increase was primarily resulted from issuance of common stock options to board of directors.

For the six months ended April 30, 2015 and October 31, 2014, as a result of the increased ownership to 55% in Godfrey, we recorded non-controlling interest of $568,588 and $489,407, respectively. The net loss attributable to the Company was $2,996,440 and $1,826,745 for the six months ended April 30, 2015 and 2014, respectively.


Monday, March 16, 2015

Comments & Business Outlook

TRANS-PACIFIC AEROSPACE COMPANY, INC.

Unaudited Consolidated Statements of Operations

 

    For the Three Months Ended  
    January 31,  
    2015     2014  
Operating expenses                
Professional fees   $ 65,765     $ 6,766  
Consulting     27,000        
Other general and administrative     1,496,182       817,052  
                 
Total operating expenses     1,588,947       823,818  
                 
Operating loss from continuing operations     (1,588,947 )     (823,818 )
                 
Interest expense, net     (57,724 )     (26,556 )
Derivative expenses     25,799        
                 
Loss before income taxes   $ (1,620,872 )   $ (850,374 )
                 
Income taxes            
                 
Net Loss     (1,620,872 )     (850,374 )
                 
Less: Loss attributable to non-controlling interest   $ (42,544 )   $ (63,000 )
                 
Net Loss attributable to the Company   $ (1,578,328 )   $ (787,374 )
                 
Basic and dilutive net loss from operations per share   $ (0.01 )   $ (0.01 )
                 
Weighted average number of common shares outstanding, basic and diluted     185,331,761       104,407,507  

Management Discussion and Analysis

We have not commenced revenue producing operations and do not expect to until the fourth quarter of 2015, at the earliest, at which time we expect to commence the distribution of Godfrey’s line of spherical bearings. During the three months ended January 31, 2015, we incurred $1,588,947 of operating expenses compared to $823,818 during the three months ended January 31, 2014. Our operating expenses consist primarily of professional fees, consulting fees, and other general and administrative expenses. The increase in operating expenses for the three months ended January 31, 2015 compared to the same period in fiscal 2014 was primarily resulted from issuance of options for common stock to board of directors. We expect our operating expenses will significantly increase at such time as we commence the distribution of Godfrey’s spherical bearings.

During the three months ended January 31, 2015 and 2014, we incurred a net loss from operations of $1,620,872 and $850,374, respectively. The increase was primarily resulted from issuance of common stock options to board of directors.

For the three months ended January 31, 2015 and October 31, 2014, as a result of the increased ownership to 55% in Godfrey, we recorded non-controlling interest of $531,951 and $489,407, respectively. The net loss attributable to the Company was $1,578,328 and $787,374 for the three months ended January 31, 2015 and 2014, respectively.


Friday, February 13, 2015

Comments & Business Outlook

TRANS-PACIFIC AEROSPACE COMPANY, INC.

Consolidated Statements of Operations

 

    For the Years Ended
October 31,
 
    2014     2013  
             
Operating expenses                
Professional fees   $ 211,700     $ 94,316  
Consulting     721,078        
Other general and administrative     2,401,615       1,687,649  
                 
Total operating expenses     3,334,393       1,781,965  
                 
Operating loss from continuing operations     (3,334,393 )     (1,781,965 )
                 
Impairment of acquisition           (528,101 )
Interest expense, net     (189,707 )     (26,450 )
Derivative expenses     (152,891 )      
                 
Net loss from continuing operations   $ (3,676,991 )   $ (2,336,516 )
                 
Discontinued operations                
Net gain (loss) from discontinued operations            
                 
Loss before income taxes     (3,676,991 )     (2,336,516 )
                 
Income taxes     (909 )     (907 )
                 
Net Loss     (3,677,900 )     (2,337,423 )
                 
Less: Loss attributable to non-controlling interest   $ (372,854 )   $ (45,779 )
                 
Net Loss attributable to the Company   $ (3,305,046 )   $ (2,291,644 )
                 
Basic and dilutive net loss from operations per share   $ (0.03 )   $ (0.03 )
                 
Weighted average number of common shares outstanding, basic and diluted     131,965,747       86,867,166  

Management Discussion and Analysis

We have not commenced revenue producing operations and do not expect to until the fourth quarter of 2015, at the earliest, at which time we expect to commence the distribution of Godfrey’s line of spherical bearings. During the 2014 fiscal year, we incurred $3,334,393 of expenses compared to $1,781,965 during fiscal 2013. Our operating expenses consist primarily of general and administrative expenses and the increase in operating expenses from fiscal 2013 to fiscal 2014 was attributable primarily to increase in stock based compensation, professional fees, and consulting fees. We expect our operating expenses will significantly increase at such time as we commence the distribution of Godfrey’s spherical bearings.

During the 2014 fiscal year, we incurred a net loss before income taxes from continuing operations of $3,676,991 compared to a net loss from continuing operations of $2,336,516 during fiscal 2013. The increase in our net loss in 2014 was attributable primarily to increased general and administrative expenses described above.

For the year ended October 31, 2014 and 2013, as a result of the increased ownership to 55% in Godfrey, we recorded non-controlling interest of $489,407 and $116,553, respectively. The net loss attributable to the Company was$3,305,046 and $2,291,644 for the years ended October 31, 2014 and 2013, respectively.


Friday, September 19, 2014

Comments & Business Outlook

TRANS-PACIFIC AEROSPACE COMPANY, INC.

 

Consolidated Statements of Operations - Unaudited

 

    For the Three Months ended
July 31,
    For the Nine Months ended
July 31,
 
    2014     2013     2014     2013  
Operating expenses                                
Professional fees   $ 7,381     $ 15,785     $ 185,500     $ 66,581  
Consulting     77,650             704,878        
Other general and administrative     497,232       359,316       1,636,458       1,360,616  
                                 
Total operating expenses     582,263       375,101       2,526,836       1,427,197  
                                 
Operating loss from continuing operations     (582,263 )     (375,101 )     (2,526,836 )     (1,427,197 )
                                 
Impairment of acquisition           (528,101 )           (528,101 )
Interest expense, net     (70,288 )     (4,550 )     (144,903 )     (13,650 )
Change in fair value of derivative     (91,785 )             (91,785 )        
                                 
Net loss from continuing operations   $ (744,336 )   $ (907,752 )   $ (2,763,524 )   $ (1,968,948 )
                                 
Income taxes     (15 )           (15 )      
                                 
Net Loss     (744,351 )     (907,752 )     (2,763,539 )     (1,968,948 )
                                 
Less: Loss attributable to non-controlling interest   $ (52,836 )   $ (9,945 )   $ (245,279 )   $ (9,945 )
                                 
Net Loss attributable to the Company   $ (691,515 )   $ (897,807 )   $ (2,518,260 )   $ (1,959,003 )
                                 
Basic and dilutive net loss from operations per share   $ (0.01 )   $ (0.01 )   $ (0.02 )   $ (0.02 )
                                 
Weighted average number of common shares outstanding, basic and diluted     135,533,651       93,295,007       120,429,303       83,191,484

Management Discussion and Analysis

Nine Months Ended July 31, 2014 and 2013


During the nine months ended July 31, 2014, we incurred $2,526,836 of operating expenses compared to $1,427,197 during the nine months ended July 31, 2013. Our operating expenses consist primarily of professional fees, consulting fees, and other general and administrative expenses. The increase in operating expenses for the nine months ended July 31, 2014 compared to the same period in fiscal 2013 was primarily resulted from issuance of common stock to board of directors and consultants. We expect our operating expenses will significantly increase at such time as we commence the distribution of Godfrey’s spherical bearings.

During the nine months ended July 31, 2014 and 2013, we incurred a net loss from operations of $2,763,539 and $1,968,948, respectively. The increase was primarily resulted from issuance of common stock to board of directors and consultants.


Monday, June 23, 2014

Comments & Business Outlook

TRANS-PACIFIC AEROSPACE COMPANY, INC.

(A Development Stage Company)

Consolidated Statements of Operations - Unaudited

 

 

    For the Three Months ended
April 30,
    For the Six Months ended
April 30,
    Cumulative from Inception (June 5, 2007) to April 30,  
    2014     2013     2014     2013     2014  
                               
Operating expenses                                        
Professional fees   $ 171,353     $ 24,394     $ 178,119     $ 50,796     $ 1,025,293  
Consulting     357,478             627,228             917,478  
Other general and administrative     591,523       674,775       1,139,226       1,001,300       9,089,598  
                                         
Total operating expenses     1,120,354       699,169       1,944,573       1,052,096       11,032,369  
                                         
Operating loss from continuing operations     (1,120,354 )     (699,169 )     (1,944,573 )     (1,052,096 )     (11,032,369 )
                                         
Impairment of goodwill                             (2,469,404 )
Impairment of acquisition                             (528,101 )
Loss on induced debt conversion                             (55,000 )
Bad debt expense                             (35,733 )
Interest expense, net     (48,459 )     (4,550 )     (74,615 )     (9,100 )     (481,773 )
                                         
Net loss from continuing operations   $ (1,168,813 )   $ (703,719 )   $ (2,019,188 )   $ (1,061,196 )   $ (14,602,380 )
                                         
Discontinued operations                                        
Net gain (loss) from discontinued operations                             (213,194 )
                                         
Loss before income taxes     (1,168,813 )     (703,719 )     (2,019,188 )     (1,061,196 )     (14,815,574 )
                                         
Income taxes                             (8,697 )
                                         
Net Loss     (1,168,813 )     (703,719 )     (2,019,188 )     (1,061,196 )     (14,824,271 )
                                         
Less: Loss attributable to non-controlling interest   $ (129,443 )           $ (192,443 )   $       (238,222 )
                                         
Net Loss attributable to the Company   $ (1,039,370 )   $ (703,719 )   $ (1,826,745 )   $ (1,061,196 )   $ (14,586,049 )
                                         
Basic and dilutive net loss from operations                                        
per share   $ (0.01 )   $ (0.01 )   $ (0.02 )   $ (0.01 )        
                                         
Weighted average number of common                                        
shares outstanding, basic and diluted     121,377,676       80,530,547       112,751,955       78,055,992      

Management Discussion and Analysis

During the six months ended April 30, 2014, we incurred $1,944,573 of operating expenses compared to $1,052,096 during the six months ended April 30, 2013. Our operating expenses consist primarily of professional fees, consulting fees, and other general and administrative expenses. The increase in operating expenses for the six months ended April 30, 2014 compared to the same period in fiscal 2013 was primarily resulted from issuance of common stock to board of directors and consultants. We expect our operating expenses will significantly increase at such time as we commence the distribution of Godfrey’s spherical bearings.

During the six months ended April 30, 2014 and 2013, we incurred a net loss from operations of $2,019,188 and $1,061,196, respectively. The increase was primarily resulted from issuance of common stock to board of directors and consultants.


Thursday, May 29, 2014

Auditor trail

Item 4.01 Changes in Registrant’s Certifying Accountant

On April 21, 2014, Trans-Pacific Aerospace, Inc. (the “Company”) engaged TAAD, LLP to serve as the Company’s independent registered public accounting firm for the year ended October 31, 2014. The engagement of TAAD, LLP was approved by the Audit Committee of the Board of Directors of the Company. The Audit Committee also approved the dismissal of M&K CPAS, PLLC as the Company’s independent registered public accounting firm.

M&K CPAS, PLLC’s report on the financial statements of the Company as of and for the years ended October 31, 2013 and 2012 stated that the Company’s net loss from operations and net capital deficiency raises substantial doubt about the Company’s ability to continue as a going concern. Except for the foregoing, M&K CPAS, PPLC’s report on the financial statements of the Company as of and for the years ended October 31, 2013 and 2012 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to audit scope, procedure or accounting principles.

During the Company’s two fiscal years ended October 31, 2013, and the subsequent interim period through April 21, 2014, there were no disagreements between the Company and M&K CPAS, PLLC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to M&K CPAS, PLLC’s satisfaction, would have caused them to make reference to the subject matter of the disagreement in connection with their reports on the Company’s financial statements for such years or periods; and there were no reportable events as described in Item 304(a)(1)(v) of Regulation S-K. The Company provided M&K CPAS, PLLC with a copy of the foregoing disclosures. Attached as Exhibit 16 is a copy of M&K CPAS, PLLC’s letter, dated May 28, 2014, stating its agreement with such statements.

In addition, during the Company’s two fiscal years ended October 31, 2013, and the subsequent interim period through April 21, 2014, the Company did not consult with TAAD, LLP with respect to the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company’s financial statements, or any other matters or reportable events as set forth in Items 304(a)(2)(i) and (ii) of Regulation S-K.


Tuesday, March 25, 2014

Comments & Business Outlook

TRANS-PACIFIC AEROSPACE COMPANY, INC.

(A Development Stage Company)

Consolidated Statements of Operations - Unaudited

 

 

   

For the Three Months ended

January 31,

   

Cumulative

from Inception

(June 5, 2007)

 
    2014     2013     to January 31, 2014  
                   
Operating expenses                        
Professional fees   $ 6,766     $ 26,402     $ 853,940  
Consulting                 290,250  
Other general and administrative     817,052       326,525       8,767,424  
                         
Total operating expenses     823,818       352,927       9,911,614  
                         
Operating loss from continuing operations     (823,818 )     (352,927 )     (9,911,614 )
                         
Impairment of goodwill                 (2,469,404 )
Impairment of acquisition                 (528,101 )
Loss on induced debt conversion                 (55,000 )
Bad debt expense                 (35,733 )
Interest expense, net     (26,556 )     (4,550 )     (433,714 )
                         
Net loss from continuing operations   $ (850,374 )   $ (357,477 )   $ (13,433,566 )
                         
Discontinued operations                        
Net gain (loss) from discontinued operations                 (213,194 )
                         
Loss before income taxes     (850,374 )     (357,477 )     (13,646,760 )
                         
Income taxes                   (8,697 )
                         
Net Loss     (850,374 )     (357,477 )     (13,655,457 )
                         
Less: Loss attributable to non-controlling interest     (63,000 )           (108,779 )
                         
Net Loss attributable to the Company   $ (787,374 )   $ (357,477 )   $ (13,546,678 )
                         
Basic and dilutive net loss from operations per share   $ (0.01 )   $ (0.00 )        
                         
Weighted average number of common shares outstanding, basic and diluted     104,407,507       75,662,129    

Management Discussion and Analysis

Results of Operations

Three Months Ended January 31, 2014 and 2013

We have not commenced revenue producing operations and do not expect to until the third quarter of 2014, at the earliest, at which time we expect to commence the distribution of Godfrey’s line of spherical bearings.  During the three months ended January 31, 2014, we incurred $823,818 of operating expenses compared to $352,927 during the three months ended January 31, 2013.  Our operating expenses consist primarily of professional fees, consulting fees, and other general and administrative expenses. The increase in operating expenses for the three months ended January 31, 2014 compared to the same period in fiscal 2013 was primarily resulted from issuance of common stock to board of directors and consultants. We expect our operating expenses will significantly increase at such time as we commence the distribution of Godfrey’s spherical bearings.

During the three months ended January 31, 2014 and 2013, we incurred a net loss from operations of $787,374 and $357,477, respectively. The increase was primarily resulted from issuance of common stock to board of directors and consultants. 


Thursday, February 13, 2014

Comments & Business Outlook

TRANS-PACIFIC AEROSPACE COMPANY, INC.

(A Development Stage Company)

Consolidated Statements of Operations

 

          Cumulative  
    For the Year ended     from Inception  
    October 31,     (June 5, 2007)  
    2013     2012     to October 31, 2013  
                   
Operating expenses                        
Professional fees   $ 94,316     $ 140,092     $ 847,174  
Consulting           26,250       290,250  
Other general and administrative     1,687,649       1,312,480       7,950,372  
                         
Total operating expenses     1,781,965       1,478,822       9,087,796  
                         
Operating loss from continuing operations     (1,781,965 )     (1,478,822 )     (9,087,796 )
                         
Impairment of goodwill                 (2,469,404 )
Impairment of acquisition     (528,101 )           (528,101 )
Loss on induced debt conversion                 (55,000 )
Bad debt expense           (35,733 )     (35,733 )
Interest expense, net     (26,450 )     (18,200 )     (407,158 )
                         
Net loss from continuing operations   $ (2,336,516 )   $ (1,532,755 )   $ (12,583,192 )
                         
Discontinued operations                        
Net gain (loss) from discontinued operations                 (213,194 )
                         
Loss before income taxes     (2,336,516 )     (1,532,755 )     (12,796,386 )
                         
Income taxes     (907 )     (4,464 )     (8,697 )
                         
Net Loss     (2,337,423 )     (1,537,219 )     (12,805,083 )
                         
Less: Loss attributable to non-controlling interest   $ (45,779 )   $       (45,779 )
                         
Net Loss attributable to the Company   $ (2,291,644 )   $ (1,537,219 )   $ (12,759,304 )
                         
Basic and dilutive net loss from operations per share   $ (0.03 )   $ (0.02 )        
                         
Weighted average number of common shares outstanding, basic and diluted     86,867,166       67,440,727          

Management Discussion and Analysis

Results of Operations - Years Ended October 31, 2013 and 2012

We have not commenced revenue producing operations and do not expect to until the fourth quarter of 2014, at the earliest, at which time we expect to commence the distribution of Godfrey’s line of spherical bearings. During the 2013 fiscal year, we incurred $1,781,965 of expenses compared to $1,478,822 during fiscal 2012. Our operating expenses consist primarily of general and administrative expenses and the increase in operating expenses from fiscal 2012 to fiscal 2013 was attributable primarily to increase in stock based compensation, professional fees, and consulting fees. We expect our operating expenses will significantly increase at such time as we commence the distribution of Godfrey’s spherical bearings.

During the 2013 fiscal year, we incurred a net loss before income taxes from continuing operations of $2,336,516 compared to a net loss from continuing operations of $1,532,755 during fiscal 2012. The increase in our net loss in 2013 was attributable primarily to increased general and administrative expenses described above and an impairment charge of $528,101 relating to our acquisition of an additional 30% interest in our Godfrey subsidiary during fiscal 2013. The impairment was immediately recognized due to the fact that Godfrey has not produced any revenue from operations and lacks sufficient capital to implement its business plan.

For the year ended October 31, 2013, as a result of the increased ownership to 55% in Godfrey, we recorded non-controlling interest of $116,553. The net loss attributable to the Company was $2,291,644 for the year ended October 31, 2013.