UNITED STATES


SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549





FORM 10-K





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





For the fiscal year ended June 30, 2014





or





o 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 333-168983





MODERN MOBILITY AIDS, INC.





(Exact name of registrant as specified in its charter)





Nevada

27-4677038State or other jurisdiction of

(I.R.S. Employer Identification No.)incorporation or organization





First Canadian Place, Suite 350, Toronto, Ontario M5X 1C1





(Address of principal executive offices) (Zip Code)





Registrant's telephone number, including area code (416) 642-2593





Securities registered pursuant to Section 12(b) of the Act: None





Securities registered pursuant to section 12(g) of the Act: None





Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No x





Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No x





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. Yes o No x





Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, 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). Yes o No x





Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (ss. 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K x





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 definitions of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):


1




Large accelerated filer o

Accelerated filer oNon-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 Act). Yes x No o





State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter. As of December 31, 2013, the aggregate market value of the common stock of the registrant held by non-affiliates (excluding shares held by directors, officers and others holding more than 5% of the outstanding shares of the class) was $230,248, based upon the most recent sale price of $0.004.





Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date. As of October 15, 2014, the registrant had outstanding 77,161,792 shares of Common Stock.





DOCUMENTS INCORPORATED BY REFERENCE





None




























































































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FORWARD-LOOKING STATEMENTS




This annual report  contains  forward-looking  statements which involve assumptions and describe our future plans,, strategies and expectations, are generally identifiable by us of the words “may,” “will,” “should,” “expect,” "anticipate,"  "estimate,"  "believe," "intend" or "project" or the negative of these words or other variations on these words or comparable terminology.  These statements are expressed in good faith and based upon a reasonable basis when made, but there can be no assurance that these expectations will be achieved or accomplished.




Such  forward-looking  statements  include  statements  regarding,  among  other things, (i) our potential profitability and cash flows, (ii) our growth  and acquisition strategies,  (iii) our  future  financing  plans and (iv) our  anticipated  needs for working  capital.  This information may involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from the future results, performance, or achievements expressed or implied by any forward-looking statements.  These statements may be found under “Management's Plan of Operation" and "Description of Our Business and Properties," as well as in this annual report generally.  Actual events or results may differ materially from those discussed in forward-looking statements as a result of various factors, including, without limitation, the risks outlined under "Risk Factors" and matters described in this annual report generally.  In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this report will in fact occur.




Although  forward-looking  statements  in this  annual report  reflect  the good  faith judgment of our management, forward-looking statements are inherently subject to known and unknown risks,  business,  economic and other risks and  uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements.  Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this annual report.  We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this annual report, other than as may be required by applicable law or regulation.  Readers are urged to carefully review and consider the various disclosures made by us in this annual report which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operation and cash flows.  If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected.  We will have little likelihood of long-term success unless we are able to raise capital from the sale of our securities until, if ever, we generate positive cash flow from operations.





















































































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MODERN MOBILITY AIDS, INC.


FORM 10-K ANNUAL REPORT





Table of Contents





PART IITEM 1. DESCRIPTION OF BUSINESS
5ITEM 1A. RISK FACTORS
9ITEM 2. PROPERTIES
14ITEM 3. LEGAL PROCEEDINGS
14ITEM 4. MINE SAFETY DISCLOSURES
14PART IIITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
14ITEM 6. SELECTED FINANCIAL DATA
15ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERTIONS
16ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
18ITEM 9.  CHANGES IN AND DISAGREEMENT WITH ACCOUNTANTS AND FINANCIAL DISCLOSURE
19ITEM 9A.  CONTROLS AND PROCEDURES
19ITEM 9A (T). CONTROLS AND PROCEDURES
19ITEM 9B. OTHER INFORMATION
21PART IIIITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
21ITEM 11. COMPENSATION OF EXECUTIVE OFFICERS AND DIRECTORS
23ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
25ITEM. 13 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
25ITEM 14. PRINCIPAL ACCOUNTANT FEES AND
26PART IVITEM 15. EXHIBITS AND FINANCIAL STATEMENTS SCHEDULES
27SIGNATURES
28







4




PART I




ITEM 1. DESCRIPTION OF BUSINESS





Modern Mobility Aids, Inc. (the “Company”, "we", "us", or "our") was incorporated under the laws of the State of Nevada on December 19, 2007 (“Inception”) under the name Glider Inc. with a business plan to sell and distribute products for mobility challenged individuals. The Company changed its name to Modern Mobility Aids, Inc. on April 22, 2010.





In May 2011, the Company has abandoned its historic business of distributing products for mobility challenged individuals which had generated little operating revenue and had limited operations and is now focused on exploiting the dynamic opportunities presented in the medical marijuana arena by the regulatory reforms rolled out in Canada





The Company has incorporated two wholly owned subsidiary companies: Modern Mobility Aids, Inc., an Ontario, Canada, based company on September 9, 2009 and MDRM Group (Canada) Ltd. an Ontario, Canada based company on July 14, 2011. References in this report to “Modern Mobility Aids” refer to Modern Mobility Aids, Inc. and its two subsidiary companies, on a consolidated basis, unless otherwise indicated or the context otherwise requires.





Our Business





Description of Business





The Company is focused on exploiting the opportunities presented in the medical marijuana arena by the regulatory reforms rolled out in Canada effective April 1, 2014.  We plan to acquire or invest in multiple licensed producers in Canada.  We will also consider investing in licensed producers in the U.S. as well as suppliers to the industry.  We decided on a strategy to acquire controlling positions in value added companies while allowing them to keep their integrity and entrepreneurial spirit.  These firms would have or would imminently acquire production licenses under the new regime and will operate through one of the Company’s wholly owned subsidiary companies, MDRM Group (Canada) Ltd.  The Company will require financing to make such acquisitions. There can be no assurance it can secure such financing or that it will be able to make such acquisitions even if financing is available.  Moreover, even if it acquires business assets or a business, there can be no assurance that the acquisitions will be successfully accomplished and that our operations thereafter will be profitable.





The market for medical marijuana in Canada is tightly controlled by and subject to regulation, including Marijuana for Medical Purposes Regulations (“the MMPR”) and Controlled Drugs and Substances Acts (“the CDSA”).  Health Canada, the federal department responsible for administering the health care system in Canada, revised its policy for the production and dispensing of medical marijuana under the MMPR will be both disruptive and beneficial for producers and consumers, transforming the current industry into one of commercial scale. The commercialization of the industry is new and thus offers exceptional opportunities for growth and wealth creation.  Our business model is based on selling many varieties of high quality medical marijuana with recurring sales to a rapidly growing patient base.  Health Canada statistics indicate a current patient base of 38,000 consuming 190,000 kg of medical marijuana per year and projects that number to grow to 480,000 by 2024.





We plan to acquire or invest in multiple licensed producers in Canada and the U.S.  This plan will give us access to a wide variety of strains to enable us to better match customers with the strains that are appropriate for their respective ailments.  Health Canada’s two overriding concerns in the issuing of licenses are Security and Quality Assurance.  Our strategy is to add three other priorities, Marketing, Customer Care, and Innovation. The cornerstone of this strategy is to build a world class E-Commerce site coupled with a comprehensive social media-marketing program.  This will be combined with the second key element of our strategy which is to reach doctors through direct and indirect outreach.  To this end we are building an advisory board made up of medical and regulatory professionals who will spearhead the recruitment of other medical and academic thought leaders to support our outreach to medical practitioners.





5





ITEM 1. DESCRIPTION OF BUSINESS - continued





Competition





Since established in 2001 by Health Canada, the Medical Marihuana Access Regulations (MMAR) program has allowed individuals to grow marijuana by issuing licenses, but as of April 1st, 2014, the MMAR program was decommissioned where no further licenses will be issued to allow individuals to grow their own marijuana for medical use.  In its place, a newly designed program by Health Canada under the new MMPR program was commissioned.  Effective April 1, 2014, anyone wishing to obtain medical marijuana must purchase from a licensed producer approved by Health Canada under the new MMPR program.   As there were not sufficient licensees as of that date to service the needs of the patient population, an injunction was put in place to allow current MMAR licensees to maintain their rights under the program until an orderly transition can be effected and a clear decision is made.




The target market remains the same with patients that require medical marijuana who have been given prescriptions from a medical practitioner.  There are currently 37,000 registered patients as of April 2014 under the MMAR program and as of October 2014 there are currently over 10,000 patients registered with licensed producers under the newly established MMPR program, but overall the expected patient pool size is expected to grow beyond 430,000 by 2024 based on Health Canada’s statistics, which will result in a projected $1.3 billion dollar industry by 2024 domestically.




As of October 2014, Health Canada has issued a total of 15 licensed and will slowly continue to do so until a sufficient supply line is in place for the demand and growth of use for medical marijuana.  Overall, the Canadian marijuana industry is very much in the infant stage as these licensed producers are still building their foundation as a quality and customer focus company.




Currently, there are over 900 applications submitted with Health to become an approved licensed producers.  Based on information from the Supreme Court of Canada, as of February 4th, 2014, the first 454 applications are in various stages with Health Canada, which leave the rest pending in the screening phase.




Below is the currently breakdown of the progress of the Licensed Producer Application Process for the first 454 as of February 4th, 2014.




-
152 applications are at the screening phase


-
153 applications are at the review phase


-
62 have been returned incomplete


-
27 applicants have “ready to build letters”


-
12 applicants are pending pre-licence inspections


-
6 application is at the final review/approval


-
8 licenses have been issued


-
24 applications have been refused


-
10 applications have been withdrawn




The primary Potential Licensee that the Company has under contract to purchase is Health Canada application No. 7.  The Potential Licensee has a “ready-to-build” letter from Health Canada with provision for inspection notice for its production license.  The required improvements have been substantially completed and the Company expects that the Potential Licensee will be able to call for an inspection by Health Canada within the fourth calendar quarter of 2014.




Bankruptcy or Similar Proceedings





The Company has not been subject to any bankruptcy, receivership or similar proceedings





Reorganizations, Purchase or Sale of Assets





There have been no material reclassifications, mergers, consolidations, or purchase or sale of a significant amount of assets not in the ordinary course of business.





Compliance with Government Regulation





The Canadian federal government’s new Marijuana for Medical Purposes Regulations (MMPR) came into effect on April 1, 2014.  Health Canada got out of the business of growing and distributing marijuana for medical purposes and implemented regulations to create a new, commercial industry responsible for production and distribution.  Producers must be licensed and comply with regulatory requirements such as quality control standards, record-keeping of all activities as well as inventories of marijuana, and physical security measures.  Marijuana for medical purposes has to be distributed to registered clients via secure courier and residential, storefront or retail production operations are not permitted under the new regulations.  Any licensed producer acquired by or in which the Company invests must comply with these regulations.








6





ITEM 1. DESCRIPTION OF BUSINESS - continued





Patents, Trademarks, Franchises, Concessions, Royalty Agreements, or Labor Contracts





We have no current plans for any registrations such as patents, trademarks, copyrights, franchises, concessions, royalty agreements or labor contracts.





Need for Government Approval for its Products or Services





Under the new regulations imposed by Health Canada’s Marijuana for Medical Purposes Regulations, which came into effect April 1, 2014, qualifying individuals are no longer allowed to cultivate their own marijuana for medical purposes.   Instead, the government has implemented a program to license commercial producers and distributors to service the requirements of qualified patients in Canada.  Only licensed producers (LPs) will be allowed to grow and distribute marijuana for medical purposes.  Health Canada currently has a list of 13 authorized licensed producers.  Any entity acquired by the Company must first obtain a license from Health Canada before it can commence operations as a producer and distributor of medical marijuana in Canada.  Similarly, should the Company invest in or acquire entities in the U.S., it will be required to obtain the approval of the various state and local governmental agencies having jurisdiction over the subject.





Research and Development Costs during the Last Two Years





We have not expended funds for research and development costs since inception.





Employees and Employment Agreements





We have no employees and two officers. They will devote as much time as is necessary to manage the affairs of the company. There are no formal employment agreements between the company and any employee.





Change of Control





On May 26, 2011 (the “Closing Date”), a change of control of the Company occurred. Pursuant to two Stock Purchase Agreements (the “SPAs”), Sergei Khorolski, formerly the President, Chief Executive Officer and a Director of the Company and Valeri Politika, formerly the Chief Financial Officer, Secretary, Treasurer and a Director of the Company, sold a total of 130,000,000 shares of common stock of the Company (the “Transactions”) to Mohamed K. Karatella. The total consideration paid for the shares purchased pursuant to the SPAs was $6,500, [which was paid from Mr. Karatella’s own funds.] Pursuant to the SPAs, Mr. Karatella acquired an aggregate of approximately 66.5% of the outstanding voting common stock of the Registrant.





In connection with the Transactions, under the terms of the SPAs, Sergei Khorolski and Valeri Politika, who were the only members of our Board of Directors prior to the Transactions appointed Mohamed K. Karatella and Antonio Domingues to serve as members of our Board of Directors. Furthermore, Mr. Khorolski and Mr. Politika resigned as members of our Board of Directors on May 27, 2011. In addition, on the Closing Date, Mr. Khorolski and Mr. Politika resigned as officers of the Company.  On that date, Mohamed K. Karatella was appointed our President, Chief Financial Officer, and Treasurer and Antonio Domingues our Secretary.  Due to the sale of our common stock pursuant to the SPAs and the change in the composition of our Board of Directors, there was a change of control of our Company at both the stockholder and director levels.





In April 2012, Mohamed Karatella resigned as a member of the Board of Directors and as an officer of the Company and of its subsidiaries and Antonio Dominguez was appointed as a member of the Board of Directors and as the President, Chief Financial Officer, Treasurer and Secretary of the Company and its subsidiaries.





7





ITEM 1. DESCRIPTION OF BUSINESS- continued





On April 8, 2013, Jeffrey Leuchter was appointed as a member of the Board of Directors and Antonio Dominguez resigned as a Director.  In 2013, Ruy Cabrera was also appointed as a member of the Board of Directors.





On November 22, 2013, Mohamed K. Karatella, formerly the Company’s President, Chief Financial Officer, Treasurer, Principal Accounting Officer and the owner of 66.5% of its outstanding common stock agreed to contribute 120,000,000 shares of the Company’s common stock to the Company to be cancelled. Mr. Karatella did not receive any compensation in connection with this transfer. After the transaction, Mr. Karatella owned 10,000,000 shares, 12.95%, of 77,161,792 shares of common stock of the Company outstanding as at October 15, 2014.




On January 4, 2014, Samuel Hill was appointed as a member of the Board of Directors.  At that date there were three Directors:  Messrs. Leuchter, Cabrera and Hill.  Jeffrey Leuchter and Ruy Cabrera resigned as Directors effective January 6, 2014.  On February 10, 2014, Declan French was appointed Director.  On February 24, 2014, Samuel Hill resigned and Preston Shea was appointed in his position as a member of the Board.  On April 2, 2014, Kenneth Pinckard was appointed to serve as a member of the Company’s Board of Directors.  On May 22, 2014, Declan French resigned as director of the Company and all its subsidiaries.  The current members of our Board of Directors, Mr. Pinckard, and Mr. Shea, and directors of the Company during previous two years have no family relationships with any executive officer or director of the Company or persons nominated or chosen by the Company to become directors or officers. There is no arrangement or understanding pursuant to which any of them was appointed a member of the Board of Directors nor is the Company aware of any transaction requiring disclosure under Item 404(a) of Regulation S-K with respect to Mr. Pinckard.





Memorandums of Understanding





The Company has entered into a Memorandum of Understanding and two agreements with two business in its targeted strategy to exploit the dynamic opportunities presented in the medical marijuana arena by the regulatory reforms rolled out in Canada:




The Company, through its wholly-owned subsidiary, MDRM Group (Canada) Ltd., entered into an acquisition agreement on May 8, 2014 with a private Ontario company (“Potential Licensee”) to acquire 100% of the issued and outstanding shares of Potential Licensee.  The Potential Licensee is in the final stage of obtaining their Medical Marijuana growers license.  The Potential Licensee is located in the Province of Ontario, owns a fully functional production facility, and is awaiting final inspection by Health Canada. The transaction includes real property and related facilities. Pursuant to the terms of the acquisition agreement, the Company paid a non-refundable advance against acquisition of $46,000 to the law firm of the sellers, in trust, in the transaction. On the instruction of the Company, on June 18, 2014, an amount of $41,400 was released to the vendor from the trust account leaving a balance of $4,400 in the trust account.  The balance remains in the trust account pending Closing.





Under the terms of the acquisition agreement, the Company will pay CDN$2.5 million at Closing with an additional CDN$2.5 million due on the first anniversary date of the Closing.  The Company will also issue, at Closing, a warrant to the sellers to purchase up to 1 million shares of the Company shares at a 25% discount to market. The Closing of the acquisition agreement is subject to receipt of a license from Health Canada under Marijuana for Medical Purposes Regulation ("MMPR").  The application for the MMPR license is pending and the Company is unable to predict when Health Canada will act.





As at the date of this report, the Company does not have the CDN $5 million required to complete the acquisition there is no assurance that the required financing will be available, or if available, on terms that will be acceptable to Company.  If we are not able to obtain needed financing, we may have to cancel the agreement. Upon cancellation, the initial deposit amount of $46,000 paid by the Company will be forfeited Even if we raise the funds necessary to acquire the business, there can be no assurance that the business will be successful.





On May 27, 2014, the Company, through its wholly-owned subsidiary, MDRM Group (Canada) Ltd,  entered into an option agreement with a Wyoming registered public company (the "Public Company"), to sell up to forty-nine percent (49%) of the shares of the Potential Licensee, for a total purchase consideration of $2,486,946.  At the execution and acceptance of the said agreement, the Private Company paid a non-refundable sum of $23,070 to the Company for the option right granted under the said agreement to acquire shares of the Potential Licensee.





The Company is actively and aggressively pursuing various other opportunities relating to the medical marijuana and biopharma industries which meet its investment criteria. To this end, we have entered into letters of intent to purchase controlling interests in two other private companies each in the final stages of obtaining their Medical Marijuana growers license.  The actual terms and conditions of these two proposed transactions will be disclosed at such time as the Company has entered into definitive agreements on the matters.





8





ITEM 1. DESCRIPTION OF BUSINESS - continued





Amendments to Articles of Incorporation or Bylaws




None





Future Redemption





None.





Reports to Securities Holders





We are subject to disclosure filing requirements, including filing Form 10-K annually and Forms 10-Q quarterly. The Company is fully compliant with its filing obligations to the Securities and Exchange Commission, ("SEC"). The public may read and copy any materials that we file with SEC , at the SEC's Public Reference Room at 100 F Street NE, Washington, DC 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains an Internet site (http://www.sec.gov) that contains reports, information statements, and other information regarding issuers that file electronically with the SEC.




ITEM 1A. RISK FACTORS




You should carefully consider the risks described below and other information contained in this report before making a decision to acquire shares of our common stock. Any of the events discussed in the risk factors below may occur. If they do, our business, results of operations or financial condition could be materially adversely affected.




We have been mainly dependent upon the funds provided to us by our shareholders who are not obligated to provide us the funds necessary for us to continue as a going concern.





We are a startup company and we have no operations.  We will need additional funds to initiate any business or to acquire a business or any assets we wish to acquire. There is no assurance that any additional financing will be available, or if available, on terms that will be acceptable to us.  If we are not able to obtain needed financing, we may have to cease operations. Even if we raise the funds necessary to acquire a business, there can be no assurance that such business will be successful or that we will be able to continue as a going concern.




Any industry in which the Company operates will likely be highly competitive and the Company’s competitors may be larger and may have greater financial resources than the Company does.





Given our limited resources and limited business experience we will likely face strong competition with respect to any business we engage in from competitors which will have greater experience and have substantially more resources than we have. The strong competition that we will face may have a material adverse effect on our business.  See Item I, Competition, above.





The company is subject to certain risks in our international operations





We expect that most of our sales will initially be generated outside the United States of America. Accordingly, we will be subject to a number of risks, any of which could harm our business, relating to doing business internationally, including:





1. Exchange controls and currency exchange rates;


2. Inflation;


3. Political and economic issues in foreign countries;


4. Foreign tax treaties and policies;


5. Restrictions on the transfer of funds to and from foreign countries; and


6. General economic conditions where end users of the company’s products reside.





9





ITEM 1A. RISK FACTORS - continued





Fluctuations in foreign currency exchange rates could harm our results of operations.





We expect to conduct business outside the U.S. As a result, we will be exposed to gains and losses resulting from the effect of fluctuations in foreign currency exchange rates. Currency exchange rates are subject to fluctuation due to, among other things, changes in local, regional or global economic conditions, the imposition of currency exchange restrictions and unexpected changes in regulatory or taxation environments. Significant fluctuations in foreign currency exchange rates may adversely affect any business in which we are engaged.





We lack an operating history and have losses which we expect to continue into the future.  There is no assurance our future operations will result in profitable revenues.  If we cannot generate sufficient revenues to operate profitably, our business will fail.





We commenced our new business plan to focus on exploiting the dynamic opportunities presented in the medical marijuana arena by the regulatory reforms rolled out in Canada in May 2011..  We have very little operating history upon which an evaluation of our future success or failure can be made.  This is particularly true due to our abandonment of the business we previously operated and changes in our Board of Directors and executive officers. Any revenues we do generate may not be sufficient to cover our operating costs.  We cannot guarantee that we will be successful in generating significant revenues in the future.  Failure to achieve a sustainable sales level will cause us to cease all operations.





There is substantial uncertainty as to whether we will continue operations.





Our registered independent auditors have discussed their uncertainty regarding our business operations in their audit report for the year ended June 30, 2014.  This means that there is substantial doubt that we can continue as an ongoing concern for the next 12 months.  The financial statements do not include any adjustments that might result from the uncertainty about our ability to continue in business.  As such, we may have to cease operations and you could lose your entire investment.





We depend on key personnel.





Our future success will depend in large part on the continued service of our executive officers.  We have not entered into an employment agreement with any of them. If any of our executive officers choose to leave the company we will face significant difficulties in attracting a potential replacement candidates due to our limited financial resources and operating history.





Our officers and directors are not obligated to commit their time and attention exclusively to our business and therefore they may encounter conflicts of interest with respect to the allocation of time and business opportunities between our operations and those of other businesses.





Our officers and directors are not obligated to commit their time and attention exclusively to our business and, accordingly, they may encounter conflicts of interest in allocating their own time, or any business opportunities which they may encounter, between our operations and those of other businesses.





Currently, our executive officers are under no obligation to commit any time to us, and their failure to do so may adversely affect our ability to continue as a going concern.





Additionally, officers and directors, in the course of their other business activities, may become aware of investment, business or information which may be appropriate for presentation to us as well as to other entities to which he owes a fiduciary duty or in which he is involved. They may also in the future become affiliated with entities that are engaged in business or other activities similar to those we intend to conduct. As a result, they may have conflicts of interest in determining to which entity particular opportunities or information should be presented. If, as a result of such conflict, we are deprived of investment, business or information, our ability to initiate any business may be adversely affected.





10
 
  ITEM 1A. RISK FACTORS- continued


We do not intend to pay dividends.





We have never paid any cash dividends and currently do not intend to pay any dividends for the foreseeable future.  Furthermore, we require additional funding and our funding sources may prohibit the payment of dividends.  Because we do not intend to declare dividends, any gain on an investment in Modern Mobility Aids will need to come through appreciation of the price of our common stock.





Holders of our common stock may have limited recourse against us and since two of our three directors and executive officers reside outside the United States.





All of directors and executive officers reside outside the United States and the non-United States resident officers and directors assets are located outside the United States. As a result, holders of our common stock may be limited in their ability to effect service of process within the United States upon our non-United States resident directors and executive officers or to enforce in a U.S. court a judgment obtained against them in jurisdictions outside the United States, including actions under the civil liability provisions of U.S. securities laws. In addition, it may be difficult for holders of our common stock to enforce, in original actions brought in courts in jurisdictions outside the United States, liabilities predicated upon U.S. securities laws.


The requirements of being a public company have and will continue to strain our resources, divert management’s attention and affect our ability to attract and retain qualified board members.





As a public company, we are subject to certain reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Sarbanes-Oxley Act and other applicable securities rules and regulations. Compliance with these rules and regulations will increase our legal and financial compliance costs, make some activities more difficult, time-consuming or costly and increase demand on our systems and resources. The Exchange Act requires, among other things, that we file annual, quarterly and current reports with respect to our business and financial condition. The Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and procedures and internal control over financial reporting. In order to maintain and, if required, improve our disclosure controls and procedures and internal control over financial reporting to meet this standard, significant resources and management oversight may be required. As a result, management’s attention may be diverted from other business concerns, which could have a material adverse effect on our business, financial condition and results of operations.





In addition, changing laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for public companies, increasing legal and financial compliance costs and making some activities more time consuming. These laws, regulations and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We may not be able to invest the resources necessary to comply with evolving laws, regulations and standards, which may result in increased general and administrative expenses and a diversion of management’s time and attention from revenue-generating activities to compliance activities. If our efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing bodies due to ambiguities related to practice, regulatory authorities may initiate legal proceedings against us and our business may be harmed.





We also expect that being a public company and complying with the rules and regulations related thereto will make it more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. We do not have director and officer liability insurance at this time. These factors could also make it more difficult for us to attract and retain qualified members of our Board of Directors and qualified executive officers.





There is a limited public (trading) market for our common stock and there is no assurance that our common stock will ever be actively traded; therefore, our investors may not be able to sell their shares.





Our common stock is listed on the OTC Markets, Pink Sheets, and trading has generally been very limited. We can provide no assurance that an active market for our common stock will ever develop.  When it does trade, our shares are often traded at less than $0.01 per share. As a result, stockholders may be unable to liquidate their investments, or may encounter considerable delay in selling shares of our common stock.  An active trading market may not develop in the future, and if one does develop, it may not be sustained.  If an active  trading market does  develop,  the  market  price of our  common  stock is likely to be highly volatile due to, among other  things,  because we are a relatively new public company with a limited operating  history.  Further, even if a more active public market develops, the volume of trading in our common stock will presumably be limited and likely be dominated by a few individual stockholders.  The limited volume, if any, will make the price of our common stock subject to manipulation by one or more stockholders and will significantly limit the number of shares that one can purchase or sell in a short period of time.  The market price of our common stock may also fluctuate significantly in response to the following factors, most of which are beyond our control:





-
variations in our quarterly operating results, if any;-
changes in general economic conditions;-
announcements by us or our competitors of significant newcontracts, acquisitions, strategic partnerships or joint ventures, or capital commitments; and-
the addition or loss of key managerial and collaborative personnel.





11





ITEM 1A. RISK FACTORS-continued





The equity markets have, on occasion,  experienced  significant price and volume fluctuations that have affected the market prices for many companies' securities and that  have  often  been  unrelated  to the  operating  performance  of these companies.  Any such fluctuations may adversely affect the market price of our common stock, regardless of our actual operating performance.  As a result, stockholders may be unable to sell their shares, or may be forced to sell them at a loss.




You could be diluted due to our future issuance of capital stock and derivative securities.




As of October 15, 2014, we had 77,161,792 shares of common stock outstanding and no shares of preferred stock outstanding.  We are authorized to issue up to 200,000,000 shares of common stock and 1,000,000 shares of preferred stock.  To the extent of such  authorization,  our Board of  Directors  will have the  ability, without seeking stockholder approval, to issue additional shares of common stock or  preferred  stock  in the  future  for  such  consideration  as the  Board of Directors may consider  sufficient.  The issuance of additional common stock or preferred stock in the future may reduce your proportionate ownership and voting power. Also, any shares of preferred stock the Company issues may have preferences as compared to our common stock and reduce the likelihood of a change of control of the Company in the future.




A lack of internal control over financial reporting has, and could result in the future, in an inability to adequately and timely report our financial results, which could lead to a loss of investor confidence in our financial reports and have an adverse effect on our stock price.




Effective internal controls are necessary for use to provide reliable and timely financial reports. In the past, we have been unable to provide timely financial reports due to a lack of financial resources necessary to retain qualified individuals with the relevant accounting experience. Our management has concluded that we had a material weakness in our internal controls over financial reporting.




A failure to maintain effective internal control over financial reporting could result in a material misstatement of our financial statements or otherwise cause us to fail to meet our financial reporting obligations. This, in turn, could result in a loss of investor confidence in the accuracy and completeness of our financial reports, which could have an adverse effect on our business, financial condition, operating results and our stock price, and we could be subject to stockholder litigation and the costs associated therewith.




Our common stock is classified as a “Penny Stock” as that term is generally defined in the Securities Exchange Act of 1934 to mean equity securities with a price of less than $5.00. Our common stock will be subject to rules that impose sales practice and disclosure requirements on broker-dealers who engage in certain transactions involving a Penny Stock.





The SEC has adopted regulations which generally define so-called "penny stocks" to be an equity security that has a market price less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exemptions. As of October 15, 2014, the closing sale price of our common stock was less than $1.00] per share and, therefore, it is designated a "penny stock." As a "penny stock," our Common Stock likely is subject to Rule 15g-9 under the Exchange Act of 1934, or the "Penny Stock Rule." This rule imposes additional sales practice requirements on broker-dealers that sell such securities to persons other than established customers and "accredited investors" (generally, individuals with a net worth in excess of $1,000,000 or annual incomes exceeding $200,000, or $300,000 together with their spouses).





For any transaction involving a penny stock, unless exempt, the penny stock rules require that a broker or dealer approve a person's account for transactions in penny stocks and the broker or dealer receive from the investor a written agreement to the transaction setting forth the identity and quantity of the penny stock to be purchased.  In order to approve a person's account for transactions in penny stocks, the broker or dealer must obtain financial information and investment experience and objectives of the person and make a reasonable determination that the transactions in penny stocks are suitable for that person and that that person has sufficient knowledge and experience in financial matters to be capable of evaluating the risks of transactions in penny stocks.





12





ITEM 1A. RISK FACTORS-continued





The broker or dealer must also deliver, prior to any transaction in a penny stock, a disclosure schedule prepared by the SEC relating to the penny stock market, which, in highlight form, sets forth:





The basis on which the broker or dealer made the suitability determination, and that the broker or dealer received a signed, written agreement from the investor prior to the transaction.





Disclosure also has to be made about the risks of investing in penny stocks in both public offerings and in secondary trading and commissions’ payable to both the broker-dealer and the registered representative, current quotations for the securities and the rights and remedies available to an investor in cases of fraud in penny stock transactions. Finally, monthly statements have to be sent disclosing recent price information for the penny stock held in the account and information on the limited market in penny stocks.





Because of these regulations, broker-dealers may not wish to engage in the above-referenced necessary paperwork and disclosures and/or may encounter difficulties in their attempt to sell shares of our Common Stock, which may affect the ability of selling shareholders or other holders to sell their shares in any secondary market and have the effect of reducing the level of trading activity in any secondary market. These additional sales practice and disclosure requirements could impede the sale of our Common Stock. In addition, the liquidity for our Common Stock may decrease, with a corresponding decrease in the price of our Common Stock. Our Common Stock, in all probability, will be subject to such penny stock rules for the foreseeable future and our shareholders will, in all likelihood, find it difficult to sell their common stock.





There can be no assurance that our Common Stock will qualify for exemption from the Penny Stock Rule. In any event, even if our Common Stock were exempt from the Penny Stock Rule, we would remain subject to Section 15(b) (6) of the Exchange Act, which gives the SEC the authority to restrict any person from participating in a distribution of a penny stock if the SEC determines that such a restriction would be in the public interest.





You may face significant restrictions on the resale of your shares due to state “blue sky” laws.





Each state has its own securities laws, often called “blue sky” laws, which (1) limit sales of securities to a state’s residents unless the securities are registered in that state or qualify for an exemption from registration, and (2) govern the reporting requirements for broker-dealers doing business directly or indirectly in the state. Before a security is sold in a state, there must be a registration in place to cover the transaction, or it must be exempt from registration. The applicable broker-dealer must also be registered in that state.





We do not know whether our securities will be registered or exempt from registration under the laws of any state. A determination regarding registration will be made by those broker-dealers, if any, who agree to serve as market makers for our common stock. There may be significant state blue sky law restrictions on the ability of investors to sell, and on purchasers to buy, our securities. You should therefore consider the resale market for our common stock to be limited, as you may be unable to resell your shares without the significant expense of state registration or qualification.





Our Certificate of Incorporation authorizes the issuance of preferred stock.
 
 Our Certificate of Incorporation authorizes the issuance of up to 1,000,000 shares of preferred stock with designations, rights and preferences determined from time to time by its Board of Directors.  Accordingly, our Board of Directors is empowered, without stockholder approval, to issue preferred stock with dividend, liquidation, conversion, voting, or other rights which could adversely affect the voting power or other rights of the holders of the common stock.  In the event of issuance, the preferred stock could be utilized, under certain circumstances, as a method of discouraging, delaying or preventing a change in control of the Company. Although we have no present intention to issue any shares of its authorized preferred stock, there can be no assurance that the Company will not do so in the future.
 
 13
 
  ITEM 1A. RISK FACTORS- continued
 We area a shell company as that term is defined in Rule 12b-2 of the Act of the Securities Exchange Act of 1934.
 
 Any securities we offer while we are deemed to be a shell company will be subject to the restrictions of Rule 144.  Under the provisions regulating shell companies, Section 144 is not available for the resale of securities initially issued by an issuer that was a shell company untilthe following four conditions had been satisfied:  (i) the issuer must have ceased to have been a shell company, (ii) the issuer must have filed all reports required under section 13 or 15(d) during the preceding 12 mos., (iii) the issuer must have filed current “Form 10 Information” reflecting that the company is no longer a shell company, (iv) one year must have elapsed from the date the company filed its Form 10 Information with the SEC reflecting its status as an entity that is no longer a shell company.  For a shareholder to qualify to have the restriction removed from its shares, the shell company must have satisfied all four requirements.  An issuer ceases to be a shell company when it files the required Form 10 information giving notice that it is now an operating company.


ITEM 2. PROPERTIES





We do not currently own any property. We are currently operating out of offices at One Canadian Place, Suite 350, Toronto, Ontario M5X 1C1 on a rent free basis.  Management believes the current premises are sufficient for its needs at this time.




ITEM 3. LEGAL PROCEEDINGS





We have not been subject to any legal proceedings during the twelve months ended June 30, 2014 and 2013 and are not currently involved in any legal proceedings nor do we have any knowledge of any threatened litigation.




ITEM 4. MINE SAFETY DISCLOSURES





Not applicable to our Company.





PART II




ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS





Market Information





Our common stock is currently listed for traded on the OTC-Pink Sheets under the symbol “MDRM”. While there has been sporadic trading activity, there has generally been no active trading market. Our common stock has historically traded below $0.01 per share although our shares have traded at between $0.14 and $0.19 per share during the last two quarter of our fiscal year ended June 30, 2014





The following table sets forth the range of high and low bid quotations for each fiscal quarter for the last two fiscal years.  These quotations reflect inter-dealer prices without retail mark-up, markdown, or commissions and may not necessarily represent actual transactions.





For the Fiscal Year Ending on June 30, 2014

High


LowQuarter Ended June 30, 2014

$
0.16


$
0.14Quarter Ended March 31, 2014


0.19



0.15Quarter Ended December 31, 2013


0.00



0.00Quarter Ended September 30, 2013


0.00



0.00








For the Fiscal Year Ending on June 30, 2013

High


LowQuarter Ended June 30, 2013

$
0.01


$
0.00Quarter Ended March 31, 2013


0.01



0.00Quarter Ended December 31, 2012


0.01



0.00Quarter Ended September 30, 2012


0.01



0.00





14





ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS - continued





For the period from June 30, 2014 through October 15, 2014, the high and low bid quotations for our stock have ranged from a high of $0.07and a low of $0.05 with an average daily trading volume of 249,749 for the past 90 days.





Mr. Karatella,formerly the Company’s President, Chief Financial Officer, Treasurer, Principal Accounting Officer, owns 10,000,000, 12.95%, of the 77,161,792 shares of common stock of the Company outstanding as at October 15, 2014. These shares may only be resold in compliance with Rule 144 of the Securities Act of 1933





As of October 15, 2014, we had 77,161,792 shares of $0.001 par value common stock issued and outstanding held by 25 shareholders of record.





The stock transfer agent for our securities is First American Stock Transfer, Inc.


Dividends





We have never declared or paid any cash dividends on our common stock. For the foreseeable future, we intend to retain any earnings to finance the development and expansion of any business we acquire, and we do not anticipate paying any cash dividends on our common stock. Any future determination to pay dividends will be at the discretion of the Board of Directors and will be dependent upon then existing conditions, including our financial condition and results of operations, capital requirements, contractual restrictions, business prospects, and other factors that the board of directors considers relevant.





Because our common stock is considered a “penny stock”, a shareholder may have difficulty selling shares in the secondary trading market.





Our common stock is subject to certain rules and regulations relating to "penny stock" (generally defined as any equity security that has a price less than $5.00 per share, subject to certain exemptions). Broker-dealers who sell penny stocks are subject to certain "sales practice requirements" for sales in certain nonexempt transactions (i.e., sales to persons other than established customers and institutional "accredited investors"), including requiring delivery of a risk disclosure document relating to the penny stock market and monthly statements disclosing recent price information for the penny stocks held in the account, and certain other restrictions. For as long as our common stock is subject to the rules on penny stocks, the market liquidity for such securities could be significantly limited. This lack of liquidity may also make it more difficult for us to raise capital in the future through sales of equity in the public or private markets.





Securities authorized for issuance under equity compensation plans





We do not have any equity compensation plans and accordingly we have no securities authorized for issuance there under.





Section 16(a)





Because we do not have any securities registered under the Securities Exchange Act of 1934, our executive officer, principal shareholder and members of our Board of Directors are generally not required to file reports required by Section 16(a) of the Securities Exchange Act of 1934.





ITEM 6. SELECTED FINANCIAL DATA





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.




















15





ITEM 7.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERTIONS





Forward-Looking Statements and Associated Risks.





The following discussion should be read in conjunction with the financial statements and the notes to those statements included elsewhere in this Annual Report on Form 10-K. This Annual Report on Form 10-K contains certain statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Certain statements contained in the MD&A are forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed in other sections of this Annual Report on Form 10-K.





The following table provides selected financial data about our Company for the years ended June 30, 2014 and 2013.





Balance Sheet Data:


June 30, 2014



June 30, 2013Cash

$
2,976


$
-Total assets

$
58,416


$
-Total liabilities

$
725,467


$
519,773Shareholders' deficit

$
(667,051
)

$
(519,773
)





During the year ended June 30, 2014, cash used in the operating activities was $291,886, cash used in investing activities was $22,936 and cash provided by financing activities $317,798 resulting in a net increase in cash of $2,976 for the year.





Plan of Operation





The following discussion and analysis should be read in conjunction with our financial statements and notes thereto included elsewhere in this Form 10-K. Except for the historical information contained herein, the discussion in this Form 10-K contains certain forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations and intentions. The cautionary statements made in this Form 10-K should be read as being applicable to all related forward-looking statements wherever they appear in this Form 10-K. The Company's actual results could differ materially from those discussed here.





Modern Mobility Aids, Inc. (the “Company”, "we", "us", or "our") was incorporated under the laws of the State of Nevada on December 19, 2007 (“Inception”) under the name Glider Inc. with a business plan to sell and distribute products for mobility challenged individuals. The Company changed its name to Modern Mobility Aids, Inc. on April 22, 2010.





In May 2011, the Company has abandoned its historic business of distributing products for mobility challenged individuals which had generated little operating revenue and had limited operations and is now focused on exploiting the dynamic opportunities presented in the medical marijuana arena by the regulatory reforms rolled out in Canada





References in this Report to “Modern Mobility Aids” refer to Modern Mobility Aids Inc. and its subsidiaries, on a consolidated basis, unless otherwise indicated or the context otherwise requires. The Company's consolidated financial statements for the twelve months ended June 30, 2014, and 2013, include the accounts of its wholly owned subsidiary Modern Mobility Aids, Inc., and MDRFM Group (Canada) Ltd., both Ontario, Canada, based companies.





Going Concern





Due to the uncertainty in our ability to generate sufficient revenues from our operating activities and, or, to obtain the necessary financing to meet our obligations and repay our liabilities arising from normal operations when they come due, in their report on our financial statements for the years ended June 30, 2014 and 2013, our registered independent auditors included additional comments indicating concerns about our ability to continue as a going concern. Our financial statements contain additional note disclosures describing the circumstances that led to this disclosure by our registered independent auditors. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.





16





ITEM 7.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERTIONS - continued





Our cash balance at June 30, 2014 was $2,976. We expect to experience a shortage of funds. From time to time, our shareholders have been lending us funds to enable us to pay our operating expenses. Historically, they did not lend us the funds necessary to allow us to timely file our annual or quarterly reports. There are no formal binding commitments or binding arrangements with any person to advance or loan us funds. There are no terms regarding repayment of any loans or capital contributions. If our shareholders do not advance us the funds necessary to enable us to pay our expenses, we will not be able to continue.





The Company has abandoned its historic business which has generated little operating revenue and has had limited operations to date. Our Board of Directors has determined that the Company and is now focused on exploiting the dynamic opportunities presented in the medical marijuana arena by the regulatory reforms rolled out in Canada. We will require financing to make such acquisitions. There can be no assurance we can secure such financing or that we will be able to make such acquisitions even if financing is available. Moreover, even if we acquire business assets or a business, there can be no assurance that the acquisitions will be successfully accomplished and that our operations thereafter will be profitable.





Results of Operations





For the year ended June 30, 2014 compared to year ended June 30, 2013.





Revenue





During the years ended June 30, 2014 and 2013 we generated $0 in revenues as we had no revenue generating activities.





Operating Expenses





During the twelve months ended June 30, 2014 we incurred $20,116 for general administrative and office expenses, $34,530 for accounting and audit fees; $91,123 for consulting fees–related party, $46,214 for non-related party consulting services, $13,360 in legal fees, $29,843 for transfer agent fees and investor relation expenses, $35,537 for travel and meetings expenses and $649 in bank charges and interest. By comparison, during the twelve months ended June 30, 2013 we incurred $12,750 for in accounting fees; $22,509 in legal fees, $19,877 for transfer agent fees and investor relation expenses and $80 in general administrative and office expenses.





Operating expenses for the year ended June 30, 2014 increased by some $216,156 compared with the previous year. During the year ended June 30, 2014, $137,337 of consulting fees, including payments of $91,123 for consulting services provided by the executives of the Company, were incurred in connection with the proposed acquisitions as described on page 6 of this document and in the subsequent event note 12 of the attached financial statements. In the previous year, June 30, 2013, these services were not required. The reason for the low level of expenses during previous year was due to a less accounting, reporting and compliance activity as the Company was behind in filing and also in the absence of pending acquisitions by the company.





Losses





During the year ended June 30, 2014 we incurred $248,243 in losses compared with $52,602 in losses during the year ended June 30, 2013 due to the factors discussed above.





Liquidity and Capital Resources





We have incurred $833,283 in operating losses since inception (December 19, 2007). As of June 30, 2014 and 2013, we had 2,976 and $0 respectively in cash and liabilities of $725,467 and $519,773 respectively.  As of June 30, 2014, we had a working capital deficit of $(713,057), compared to a working capital deficit of $(519,773) as of June 30, 2013.





17





ITEM 7.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERTIONS - continued





Operating activities





Net cash used in operating activities for the year ended June 30, 2014 was $291,886, compared with net cash used of $58,771 for the prior year period.  The majority of the increase in net cash used was due to an increase in operating losses due to higher operating expenses.





Investing Activities





Net cash used in investing activities for the year ended June 30, 2014 was $22,936, which comprised a non-refundable deposit of $46,006 paid by the Company to acquire 100% shares of an Ontario registered company under the agreement dated May 7, 2014 offset by the receipt of. a non-refundable sum of $23,070 from a Wyoming registered private company for the purchase of an option to acquire 49% of the shares of the Ontario registered company to be acquired under the agreement dated May 7, 2014.





Both the agreements are discussed in detail in Part "I" under the heading "Memorandums of Understanding" above.





By comparison, during the year ended Juan 30, 2013 the Company neither generated or used funds in investing activities.





Financing Activities





Net cash provided by financing activities for the year ended June 30, 2014 was $317,798, compared to $58,771 during the year ended June 30, 2013. During the year ended June 30, 2104 we received $126,765 by way of loan form shareholders, $88,465 from the sale of shares of common stock, $82,568 by way of advances form related parties and $20,000 by way of advance under notes payable. By comparison, during the year ended June 30, 2013, we received $58,856 by way of loan form shareholders, offset by repayment of a $85 bank overdraft.





The Company must raise additional funds to initiate or acquire a business and to fund our continued operations.  We may not be successful in our efforts to raise additional funds or achieve profitable operations. Even if we are able to raise additional funds through the sale of our securities or through the issuance of debt securities, or loans from our shareholders or financial institutions, our cash needs could be greater than anticipated in which case we could be forced to raise additional capital.





At the present time, we have no commitments for any additional financing, and there can be no assurance that, if needed, additional capital will be available to us on commercially acceptable terms or at all. These conditions raise substantial doubt as to our ability to continue as a going concern, which may make it more difficult for us to raise additional capital when needed. If we cannot get the needed capital, we may not be able to become profitable and may have to curtail or cease our operations.





Recent Accounting Pronouncements





The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on our financial condition or the results of its operations other than in respect of the early adoption of the new regulations relating to Development Stage Entities as discussed in note 3 of the annexed financial statements.




Off Balance Sheet Arrangements





We have no off-balance sheet arrangements with any party.




ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.





The financial information required by this item is set forth beginning on page F-1 and is incorporated herein by reference.




18


ITEM 9.  CHANGES IN AND DISAGREEMENT WITH ACCOUNTANTS AND FINANCIAL DISCLOSURE




On November 30, 2013, the Company’s independent certified public accountants, RONALD R. CHADWICK, ('RRC") resigned due to the retirement of the accountant who performed virtually all of the services to the Company.





The report of RRC on the Company’s financial statements for its fiscal years ended June 30, 2012 and 2011 indicated conditions which raised substantial doubt about the Company’s ability to continue as a going concern. Except as set forth in the preceding sentence, the report of RRC on the Company’s financial statements for its fiscal years ended June 30, 2010 and 2011 did not contain an adverse opinion or a disclaimer of opinion nor was it qualified or modified as to uncertainty, audit scope, or accounting principles. During the Company’s fiscal years ended June 30, 2010 and 2011 and the subsequent interim periods preceding the termination, there were no disagreements with RRC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreement, if not resolved to the satisfaction of RRC would have caused RRC to make reference to the subject matter of the disagreements in connection with its report on the financial statements for such years or subsequent interim periods.





The Company requested that RRC furnish it with a letter addressed to the Securities and Exchange Commission (“SEC”) stating whether or not it agrees with the Company’s statements in this Item 4.01. A copy of the letter furnished by RRC in response to that request, dated March 10, 2014, is filed as Exhibit 16.1 with Form 8-K of the Company.





Effective February 26th 2014, Cutler & Co., LLC (“Cutler”), was engaged as the Company’s new independent certified accounting firm. During the two most recent fiscal years and the interim period preceding the engagement of Cutler, the Company has not consulted with Cutler regarding either: (i) 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 (ii) any matter that was either the subject of a disagreement or event identified in paragraph (a)(1)(iv) of Item 304 of Regulation S-K. The decision to retain Cutler was approved by the Board of Directors of the Company.





We have had no disagreements with either RRC or Cutler with respect to financial disclosure.




ITEM 9A.  CONTROLS AND PROCEDURES




Evaluation of Disclosure Controls and Procedures





As of the end of the period covered by this Annual Report on Form 10-K, our management evaluated, with the participation of our principal executive officer and principal financial officer, the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934). Based upon that evaluation, our principal executive officer and principal financial officer concluded that, because of the material weakness described below, our disclosure controls and procedures are not effective in ensuring that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. Notwithstanding the material weakness described below, our management, including our principal executive officer and principal financial officer, has concluded that the consolidated financial statements included in this Annual Report on Form 10-K present fairly, in all material respects, our financial position, results of operations and cash flows for the periods presented in conformity with GAAP.





Additionally, there were no significant changes in our internal controls or in other factors that could significantly affect these controls subsequent to the evaluation date. We have not identified any significant deficiencies or material weaknesses in our internal controls, and therefore there were no corrective actions taken.




ITEM 9A (T). CONTROLS AND PROCEDURES





Management’s Annual Report on Internal Control Over Financial Reporting





Management’s Report on Internal Control over Financial Reporting





19





ITEM 9A (T). CONTROLS AND PROCEDURES - continued





Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934). Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP and includes those policies and procedures that:





•

pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;•

provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and•

provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.





As of the end of the period covered by this Annual Report on Form 10-K, our management evaluated, with the participation of our principal executive officer and principal financial officer, the effectiveness of our internal control over financial reporting. This evaluation was conducted using the framework in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based upon that evaluation, our management concluded that our internal control over financial reporting was not effective as of June 30, 2014, because there was a material weakness in our internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. Specifically, through that evaluation, our management identified a material weakness in our internal control over financial reporting as a result of (i) inadequate personnel for documenting and execution of processes related to accounting for transactions; (ii) inadequate segregation of duties due to the lack of qualified accounting department personnel; and (iii) a lack of experienced personnel with relevant accounting experience, due to our limited financial resources. These deficiencies have resulted in, among other things, at times us being unable to provide timely account reconciliations. In order to address these issues, we will need to hire qualified employees or retain qualified individuals with the relevant accounting experience. We have to date been unable to implement remediation actions due to the lack of financial resources to do so. Our management intends to implement policies and procedures to remediate the material weakness the Company’s control over financial reporting when it has the financial resources to do so. Our remediation efforts to address this material weakness will include, among other things, hiring additional qualified personnel and evaluating or undertaking certain improvements to our systems and processes, which, if successful, we believe will be sufficient to provide us with the ability to remediate or cure this material weakness in the future. If this material weakness is not remediated or cured, then this deficiency in internal control over financial reporting could continue to adversely affect the timing and accuracy of our financial reporting.




The foregoing report shall not be deemed to be filed for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section.




This annual report does not include an attestation report of the company's registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by the company's registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the company to provide only management's report in this annual report.





Limitations on the Effectiveness of Internal Control





An internal control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations on all internal control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, will be detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. The design of any system of internal control is also based in part upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in circumstances, and/or the degree of compliance with the policies and procedures may deteriorate. Because of the inherent limitations in a cost effective internal control system, financial reporting misstatements due to error or fraud may occur and may not be detected on a timely basis.




20


ITEM 9B. OTHER INFORMATION





None.


PART III




ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE





The executive officers and directors of Modern Mobility Aids, Inc., are:





Name & Address

Age

PositionKenneth Pinckard


68

Chief Executive OfficerOne Canadian Place, Suite 350




and DirectorToronto, Ontario M5X 1C1Preston J. Shea


67

President, Chief Financial Officer,One Canadian Place, Suite 350




Treasurer, Secretary DirectorToronto, Ontario M5X 1C1




and Director





Directors are elected to serve until the next annual meeting of stockholders and until their successors have been elected and qualified. Officers are appointed to serve until the meeting of the Board of Directors following the next annual meeting of stockholders and until their successors have been elected and qualified.





Our executive officers expect to devote such time as they deem necessary to manage the affairs of the Company.





No executive officer or director of the corporation has been the subject of any order, judgment, or decree of any court of competent jurisdiction, or any regulatory agency permanently or temporarily enjoining, barring, suspending or otherwise limiting him or her from acting as an investment advisor, underwriter, broker or dealer in the securities industry, or as an affiliated person, director or employee of an investment company, bank, savings and loan association, or insurance company or from engaging in or continuing any conduct or practice in connection with any such activity or in connection with the purchase or sale of any securities.





No executive officer or director of the corporation has been convicted in any criminal proceeding (excluding traffic violations) or is the subject of a criminal proceeding which is currently pending.





Kenneth Pinckard has served as a Director of the Company and our Chief Executive Officer since April 2014. He is a member of the State Bar of Arizona with extensive experience in startup ventures, investments, corporate acquisitions and mergers, turn-arounds and reorganizations, corporate finance, tax, bankruptcy matters, and commercial real estate development, construction, management and leasing. He previously practiced law at Chamberlain Hrdlicka White Johnson & Williams in Houston, Texas, as well as having worked in Coopers & Lybrand’s tax department. Additionally, he also served as in-house legal counsel for Congressman Barry Goldwater and Hormel Foods heir and music composer, Geordie Hormel. Mr. Pinckard holds a B.B.A., Accounting from the University of Texas at Austin and a Juris Doctorate from the University of Houston.





Preston J. Shea has served as a member of our Board of Directors and as our President since February 2014 and as our Chief Executive Officer, Treasurer and Secretary since May, 2014. Mr. Shea is a member of the E-World Board of Directors, Mr. Shea has decades of expertise in the areas of business law and government regulations. Mr. Shea currently serves as a Senior Vice President of Sakha Enterprises Corp. Prior to this, Mr. Shea was the President and Secretary of Studio One Media and also served as its Chief Executive Officer. Mr. Shea practiced international immigration law and business law in Ontario, Canada, Detroit, Michigan and Phoenix, Arizona, with an emphasis on the North American Free Trade Agreement. Prior to that, he was employed by the government of Canada in various positions including Chief of Staff for the Federal Minister of the Environment, Special Assistant to the Federal Minister of International Trade, and as a Senior Investment Advisor in the Los Angeles offices of the Canadian Consulate. Mr. Shea is licensed as an Attorney in the State of Arizona and as a Barrister and Solicitor by the Law Society of Upper Canada in Ontario. He holds B.A., M.B.A. and an L.L.B.





Significant Employees





As of the date hereof, the Company has no significant employees.





21





ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE - continued





INFORMATION CONCERNING THE BOARD OF DIRECTORS, BOARD COMMITTEES AND CORPORATE GOVERNANCE





BOARD COMPOSITION





The Company's Board of Directors (the “Board”) currently composed of two (2) directors out of the total authorized numbers of three (3) directors. The Company is not a listed issuer whose securities are listed on a national securities exchange, or an inter-dealer quotation system which has requirements that a majority of the board of directors be independent. Presently we are not required to comply with the director independence requirements of any national securities exchange.  Prior to having our securities listed on any national securities exchange, we would appoint directors that meet the independence requirements of the applicable exchange.





COMMITTEES OF THE BOARD





Since the Company's Common Stock is quoted on the OTC-Pink Sheets, the Board has no immediate plans or need to establish an audit committee with a financial expert or a compensation committee to determine guidelines for determining the compensation of its executive officers or directors. For similar reasons, the Company has not adopted a written policy for considering recommendations from stockholders for candidates to serve as directors or with respect to communications from stockholders.





BOARD MEETINGS AND STOCKHOLDER COMMUNICATIONS





The Board conducted all of its business and approved all corporate actions during the fiscal year ended June 30, 2014 by the unanimous written consent of its member, in the absence of formal board meetings.  Holders of the Company’s securities can send communications to the board via mail or telephone to the President at the Company’s principal executive offices.  The Company has not yet established a policy with respect to Board members’ attendance at the annual meetings.  A stockholder who wishes to communicate with our board of directors may do so by directing a written request addressed to our President at the address appearing on the first page of this Information Statement.





Family Relationships





None.





Conflicts of Interest





We are not aware of any current conflicts of interest between our officers and directors, and us.  However, certain potential conflicts of interests may arise in the future.





From time to time, one or more of our affiliates may form or hold an ownership interest in and/or manage other businesses both related and unrelated to the type of business that we own and operate or may own and operate in the future. These persons may continue to form, hold an ownership interest in and/or manage additional other businesses which may compete with ours with respect to operations, including financing and marketing, management time and services and potential customers. These activities may give rise to conflicts between or among our interests and other businesses with which our affiliates are associated. Our affiliates are in no way prohibited from undertaking such activities, and neither we nor our stockholders will have any right to require participation in such other activities.





Further, because we may transact business with some of our officers, directors and other affiliates, as well as with firms in which some of our officers, directors or other affiliates have a material interest, potential conflicts may arise between the respective interests of us and these related persons or entities. We believe that such transactions will be effected on terms at least as favorable to us as those available from unrelated third parties.





Term of Office





Our directors are elected for a one-year term. Our officers are appointed by our Board of Directors and hold office until removed by the board.  All officers and directors listed below will remain in office until their successors have been duly elected and qualified. There are no agreements with respect to the election of directors.











22





ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE - continued





Compliance With Section 16(A) Of The Exchange Act.





SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE





Since we do not have any capital stock registered under the Securities Exchange Act of 1934, as amended, the Company’s directors and executive officers, and persons who beneficially own more than 10 percent of a registered class of the Company’s equity securities, are not required to file reports of beneficial ownership and changes in beneficial ownership of the Company’s securities with the SEC on Forms 3 (initial Statement of Beneficial Ownership), 4 (Statement of Changes of Beneficial Ownership of Securities) and 5 (Annual Statement of Beneficial Ownership Securities).





CODE OF ETHICS





The Company has not adopted a written code of ethics that applies to the Company's principal executive officer, principal financial officer, principal accounting officer and any persons performing similar functions. The Company expects to adopt a Code of Ethics in the future.




ITEM 11. COMPENSATION OF EXECUTIVE OFFICERS AND DIRECTORS





The following table shows for fiscal years ended June 30, 2014 and 2013, respectively, certain compensation awarded or paid to, or earned by, our current and former President, Chief Executive Officer and Chief Financial Officer.





None of our executive officers earned more than $100,000 in salary and bonus for the 2014 or 2013 fiscal years. We did not grant options to acquire shares of our Common Stock to them during the period indicated.





SUMMARY COMPENSATION TABLE


NAME AND PRINCIPAL
FISCAL

SALARY


BONUS


STOCK AWARDS


ALL OTHER COMPENSATION


TOTALPOSITION
YEAR

($)


($)


($)


($)


($)Samuel Hill (1)
2014

$
—


$
—


$
—


$
—


$
—Chief Executive Officer, President, Chief Financial Officer, Treasurer, Secretary and Director
2013

$
N/A


$
N/A


$
N/A


$
N/A


$
N/ARuy Cabrera (2)
2014

$
—


$
—


$
—


$
—


$
—Chief Executive Officer, President, Chief Financial Officer, Treasurer, Secretary and Director
2013

$
—


$
—


$
—


$
—


$
—Declan French (3)
2014

$
—


$
—


$
—


$
—


$
—Chief Executive Officer, President, Chief Financial Officer, Treasurer, Secretary and Director
2013

$
N/A


$
N/A


$
N/A


$
N/A


$
N/APreston Shea (4)
2014

$
—


$
—


$
—


$
—


$
—Chief Executive Officer, President, Chief Financial Officer, Treasurer, Secretary and Director
2013

$
N/A


$
N/A


$
N/A


$
N/A


$
N/AKenneth Pinckard (5)
2014

$
—


$
—


$
—


$
—


$
—Chief Executive Officer and Director
2013

$
N/A


$
N/A


$
N/A


$
N/A


$
N/A





(1)
Mr. Hill served as our President, Chief Executive Officer, Treasurer, Chief Financial Officer and Secretary from January 4, 2014 untilFebruary 24, 2014.


(2)
Mr. Cabrera served as our Chief Executive Officer, President, Chief Financial Officer, Treasurer and Secretary from May 8, 2013 untilJanuary 4, 2014.


(3)
Mr. French served as our Chief Executive Officer, President, Chief Financial Officer, Treasurer and Secretary from February 24, 2014 untilMay 22, 2014.


(4)
Mr. Shea appointed to serve as our President, Chief Financial Officer, Treasurer and Secretary on February 24, 2014.


(5)
Mr. Pinckard appointed to serve as our Chief Executive Officer on April 2, 2014.




















23





ITEM 11. COMPENSATION OF EXECUTIVE OFFICERS AND DIRECTORS - continued





Director Compensation





The following table shows information regarding the compensation earned during the fiscal year ended June 30, 2014 and 2013 by members of our Board of Directors.





NAME
FISCAL YEAR
FEES

($)
COMMON SHARES
STOCK OPTION
NON-EQUITY INCENTIVE
NON-QUALIFIED

DEFERRED COMP.
ALL OTHER
TOTALSamuel Hill(1)
2014

2013
—

N/A
—

N/A
—

N/A
—

N/A
—

N/A
—

N/A
—

N/ARuy Cabrera(2)
2014

2013
$10,236

—
—

—
—

—
—

—
—

—
—

—
$10,236

—Declan French(3)
2014

2013
$55,618

N/A
250,000

N/A
—

N/A
—

N/A
—

N/A
—

N/A
$55,618

N/APreston Shea (4)
2014

2013
$23,459

N/A
—

N/A
—

N/A
—

N/A
—

N/A
—

N/A
$23,459

N/AKenneth Pinckard(5)
2014

2013
$14,991

N/A
—

N/A
—

N/A
—

N/A
—

N/A
—

N/A
$14,991

N/A





(1)
Mr. Hill served as our President, Chief Executive Officer, Treasurer, Chief Financial Officer and Secretary from January 4, 2014 untilFebruary 24, 2014.


(2)
Mr. Cabrera served as our Chief Executive Officer, President, Chief Financial Officer, Treasurer and Secretary from May 8, 2013 untilJanuary 4, 2014.


(3)
Mr. French served as our Chief Executive Officer, President, Chief Financial Officer, Treasurer and Secretary from February 24, 2014 untilMay 22, 2014.


(4)
Mr. Shea appointed to serve as our President, Chief Financial Officer, Treasurer and Secretary on February 24, 2014.


(5)
Mr. Pinckard appointed to serve as our Chief Executive Officer on April 2, 2014.





INCENTIVE PLANS





We have not adopted a stock incentive or similar plan.





PENSION BENEFITS





There were no pension benefit plans in effect in our 2014 or 2013 fiscal years.





NONQUALIFIED DEFINED CONTRIBUTION AND OTHER NONQUALIFIED DEFERRED COMPENSATION PLANS





There were no nonqualified defined contributions or other nonqualified deferred compensation plans in effect in 2014 or 2013 fiscal years.





OPTION GRANTS IN LAST FISCAL YEAR





We did not grant to the Named Executive Officer, or any other person options to purchase shares in fiscal 2014 or 2013.





AGGREGATED OPTION EXERCISES IN LAST FISCAL YEAR AND FISCAL YEAR-END OPTION VALUES





None of our officers held options to purchase shares of our Common Stock during fiscal 2013 or 2012.





EMPLOYMENT AGREEMENTS





We have not entered into employment agreements with any person.





24





ITEM 11. COMPENSATION OF EXECUTIVE OFFICERS AND DIRECTORS - continued





DIRECTOR COMPENSATION





We have not compensated our Board members for their participation on the Board and do not have any standard or other arrangements for compensating them for such services.   We may issue shares of our Common Stock or options to acquire shares of our Common Stock to members of our Board of Directors in consideration for their services as members of our Board of Directors.  We may also reimburse Directors for expenses incurred in connection with their attendance at meetings of the Board of Directors.





Involvement in Certain Legal Proceedings





There have been no events under any bankruptcy act, no criminal proceedings and no judgments, injunctions, orders or decrees material to the evaluation of the ability and integrity of any director, executive officer, promoter or control person of the Company during the past five years.




ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT





Beneficial Ownership Information as of October 15, 2014





The following table sets forth information regarding the beneficial ownership of the shares of our Common Stock as of October 15, 2014 by:





-
Each person whom we know to be the beneficial owner of 5% or more of our outstanding Common Stock;-
Each of our executive officers;


-
Each of our directors; and-
All of our executive officers and directors as a group.





As of October 15, 2014, 77,161,792 shares of our Common Stock were issued and outstanding. Unless otherwise indicated in the table, the persons and entities named in the table have sole voting and sole investment power with respect to the shares set forth opposite the stockholder’s name, subject to community property laws, where applicable. Beneficial ownership is determined in accordance with the rules of the SEC.   The address of each stockholder is listed in the table. There are no shares of any other class or series of stock issued and outstanding.





Name and Address of Beneficial Owner

Amount and Nature of Beneficial Owner

Percentage of ClassMohamed K. Karatella

140 Shorting Road

Toronto, ONT M1S 356

10,000,000

12.95%Kenneth Pinckard

350 Bay St. Suite 1300

Toronto On M5H 2S6

Chief Executive Officer

0

0%Preston J. Shea

350 Bay St. Suite 1300

Toronto On M5H 2S6

0

0%All directors and executive officers as a group (2 persons):

0

0%





ITEM. 13 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS





We have not entered into transactions with our officers, Directors, persons nominated for these positions, beneficial owners of 5% or more of our Common Stock or family members of these persons wherein the amount involved exceeds the lesser of $120,000 or one percent company's total assets at year end for the last completed fiscal year.





25





ITEM. 13 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS - continued





We did not have any promoters besides our directors at any time during the past five fiscal years.





In November 2013, the company paid a Company owned by Mr. Karatella, $19,093 for services rendered to and expenses incurred on behalf of the Company during 2011 and 2012 and in November 2013, paid to Mr. Karatella $4,773 for services rendered to the Company during 2011 and 2012 and expenses incurred on behalf of the Company.





During the year ended June 30, 2014, the consulting expenses of $151,162includes $104,948for the consulting services provided to the Company by related parties.





Review, approval or ratification of transactions with related persons





Currently, we do not have formal policies and procedures for the review, approval, or ratification of transactions with related persons.  However, our board carefully reviews all transactions between the Company and related persons to determine whether the relationship is in the best interest of the Company and that the terms of any agreement are no less favorable to the Company then they would be if the relationship was with an unrelated third party.





The Company's Board currently composed of two (2) directors. The Company is not a listed issuer whose securities are listed on a national securities exchange, or an inter-dealer quotation system which has requirements that a majority of the board of directors be independent. Under NASDAQ Rule 5605(a) (2) (A), a director is not considered to be independent if he or she also is an executive officer or employee of the corporation. Under such definition, our directors, Kenneth Pinckard and Preston J. Shea, would not be considered independent as each also serves as either an executive officer or employee of the Company. Presently we are not required to comply with the director independence requirements of any national securities exchange.  Prior to having our securities listed on any national securities exchange, we would appoint directors that meet the independence requirements of the applicable exchange.





Compensation Policies and Practices as They Relate to Risk Management





The Company does not currently believe that any risks arising from its compensation policies and practices for its employees are reasonably likely to have a material adverse effect on the Company. As of the date of this Report, however, the Company has not completed the process of evaluating its compensation policies and practices as they relate to the Company’s risk management. Upon completion of this evaluation, the Company’s assessment of the potential effects of risks arising from its compensation policies may change.




ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES





Our Board of Directors was directly responsible for interviewing and retaining our independent accountant, considering the accounting firm's independence and effectiveness, and pre-approving the engagement fees and other compensation to be paid to, and the services to be conducted by, the independent accountant. Our Board did not delegate these responsibilities. During our 2014 and 2013 fiscal years, our Board of Directors pre-approved 100% of the services described below.





The total fees charged to the company for audit services, including interim reviews by Cutler & Co., LLC were $9,500, for audit-related services were $9,500, for tax services were $Nil and for other services were $Nil during the year ended June 30, 2014.





The total fees charged to the company for audit services, including interim reviews by Ronald R. Chadwick, P.C. were $Nil, for audit-related services were $Nil, for tax services were $Nil and for other services were $Nil during the year ended June 30, 2014.





For the year ended June 30, 2013, the total fees charged to the company for audit services by Cutler & Co., LLC, including interim reviews was $5,000, for audit-related services were $Nil, for tax services were $Nil and for other services were $Nil.





For the year ended June 30, 2013, the total fees charged to the company for audit services by Ronald R. Chadwick, P.C., including interim reviews was $7,750, for audit-related services were $Nil, for tax services were $Nil and for other services were $Nil.











26





PART IV







ITEM 15. EXHIBITS AND FINANCIAL STATEMENTS SCHEDULES





The financial statements required by this item are provided in Item 8 of this report.





The following exhibits are included with this filing:





Exhibit Number

Description3.1

Articles of Incorporation**3.2

Bylaws**3.3

Certificate of Amendment to Articles of Incorporation***10.2

Share Purchase Agreement dated August 4, 2011 between MDRM Group (Canada) Ltd. (of the first part), Michalkoff Family Trust, Hrycyshyn Family Trust and Stolarchuk Family Trust (of the second part), Lumigene Technologies Inc. (of the third part) and Mark Michalkoff, Roman Hrycyshyn and Danylo Stolarchuk (of the fourth part). ****23.1

Consent of  Ronald R. Chadwick, P.C.31

Sec. 302 Certification of CEO/CFO*32

Sec. 906 Certification of CEO/CFO*





*
Filed herewith.**
Included in our S-1 filing on August 23, 2010.***
Included in our current report on Form 8-K filed with the Securities and Exchange Commission on August 18, 2011.****
Included in our current report on Form 8-K filed with the Securities and Exchange Commission on August 10, 2011.














27















REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM





Board of Directors


Modern Mobility Aids, Inc.


Toronto, Ontario,


Canada, M9W 0A2





We have audited the accompanying consolidated balance sheet of Modern Mobility Aids, Inc. as of June 30, 2014 and 2013 and the related consolidated statement of operations, changes in stockholders' deficit and cash flows for the years then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.





We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.





In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Modern Mobility Aids, Inc. as of June 30, 2014 and 2013, and the consolidated results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.





The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements the Company has suffered ongoing losses from operations and currently does not have sufficient available funding to fully implement its business plan. These factors raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.





Arvada, Colorado
/s/ Cutler & Co., LLCOctober 14, 2014
Cutler & Co., LLC












F-1




MODERN MOBILITY AIDS, INC.CONSOLIDATED BALANCE SHEETSJune 30,

June 30,Notes


2014

2013ASSETSCurrent Assets:Cash




$
2,976


$
-Short term expense advances





9,434



-Total Current Assets





12,410



-Non-refundable deposit on business acquisition

4



46,006



-Total Assets




$
58,416


$
-LIABILITIES AND STOCKHOLDERS’ DEFICITCurrent Liabilities:Accounts payable and accrued liabilities




$
116,388


$
140,027Due to related parties

5



163,271



80,703Loan from shareholders

6



425,808



299,043Notes payable

7



20,000



-Total Current Liabilities





725,467



519,773Total Liabilities





725,467



519,773Commitments and Contingencies

8Stockholders' Deficit:Preferred stock, par value $0.001 per share, 1,000,000 shares authorized; 0 shares issued and outstanding





-



-Common stock, par value $0.001 per share, 200,000,000 shares authorized; 77,161,792 and 195,480,000 shares issued and outstanding, respectively





77,162



195,480Additional paid in capital





89,070



(130,213
)Accumulated deficit





(833,283
)


(585,040
)Total Stockholders' Deficit





(667,051
)


(519,773
)Total Liabilities and Stockholders’ Deficit




$
58,416


$
-The accompanying notes are an integral part of these audited consolidated financial statements.







F-2




MODERN MOBILITY AIDS, INC.CONSOLIDATED STATEMENTS OF OPERATIONSFor the yearended June 30,


For the year ended June 30,Notes


2014


2013Revenues, net




$
-


$
-Cost of Revenues





-



-Gross Profit





-



-Operating Expenses:Accounting and audit fees





34,530



12,750Bank charges and interest





649



-Consulting fees





46,214



-Office and general expenses





20,116



80Consulting fees, related parties





91,123



-Legal fees





13,360



22,509Travel and meetings





35,537



-Transfer agent and investors relation





29,843



19,877Total operating expenses





271,372



55,216(Loss) from Operations





(271,372
)


(55,216
)Other Income (Expense)

9



23,129



2,614Loss Before Taxes





(248,243
)


(52,602
)Provision for Taxes





-



-Net Loss




$
(248,243
)

$
(52,602
)





Loss Per Common Share:Basic and Diluted:




$
(0.00
)*


$ (0.00
)*Weighted Average Number of Common SharesOutstanding:Basic and Diluted





123,355,073



195,480,000




* denotes a loss of less than $(0.01) per share


The accompanying notes are an integral part of these audited consolidated financial statements.








F-3




MODERN MOBILITY AIDS, INC.CONSOLIDATED STATEMENT OF MOVEMENT IN STOCKHOLDERS' DEFICIT  AdditionalCommon stock



Paid-in



AccumulatedDescription


Shares (1)



Amount



Capital



Deficit



TotalBalance - June 30, 2012


195,480,000


$
195,480


$
(130,213
)

$
(532,438
)

$
(467,171
)Net (loss) for the year


—



—



—



(52,602
)


(52,602
)Balance - June  30, 2013


195,480,000



195,480



(130,213
)


(585,040
)


(519,773
)Common stock issued for cash, in May and June 2014


1,431,792



1,432



87,033



—



88,465Common stock issued for services, in May 2014


250,000



250



12,250







12,500Cancellation of common stock


(120,000,000)



(120,000)



120,000



—



—Net (loss) for the year


—



—



—



(248,243
)


(248,243
)Balance - June  30, 2014


77,161,792


$
77,162


$
89,070


$
(833,283)


$
(667,051)




(1)     As retroactively restated for a 20 for 1 forward stock split in August 2011
 The accompanying notes are an integral part of these audited consolidated financial statements




F-4




MODERN MOBILITY AIDS, INC.CONSOLIDATED STATEMENTS OF CASHFLOWSFor the year ended June 30, 2014


For the year ended June 30, 2013Operating Activities:Net (loss)
$
(248,243
)

$
(52,602
)Adjustments to reconcile net (loss) to net cash (used in) operating activities:Stock paid for consulting fees

12,500



-Gain on sale of an option right to acquire 49% of the Company's proposed business acquisition

(23,070
)


-Changes in Current Assets and LiabilitiesShort term expense advances

(9,434
)


-Consulting fee payable-related parties

7,921



(2,766
)Accounts payable and accrued liabilities

(31,560
)


(3,403
)Net Cash provided by/(Used in) Operating Activities

(291,886
)


(58,771
)Investing Activities:Sale proceeds on sale of an option right to acquire 49% of the Company's proposed business acquisition

23,070



-Non-refundable deposit on business acquisition

(46,006
)


-Net Cash provided by/(Used in) Operating Activities

(22,936
)


-Financing Activities:Bank overdraft

-



(85
)Advances from related party

82,568



-Proceeds from issuance of common stock

88,465



-Loans from shareholders

126,765



58,856Advances under notes payable

20,000



-Net Cash Provided by Financing Activities

317,798



58,771Net Increase (decrease) in Cash

2,976



-Cash - Beginning of Period

-



-Cash - End of Period
$
2,976


$
-Supplemental Disclosure of Cash Flow Information:Cash paid during the period for:Interest
$
-


$
-Income taxes
$
-


$
-The accompanying notes are an integral part of these audited consolidated financial statements.






F-5
 MODERN MOBILITY AIDS, INC.
 NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS
 FOR THE YEARS ENDED JUNE 30, 2014 AND 2013




1. DESCRIPTION OF BUSINESS





Modern Mobility Aids, Inc. (the “Company”) was incorporated under the laws of the State of Nevada on December 19, 2007 under the name Glider Inc. with a business plan to sell and distribute products for mobility challenged individuals. The Company changed its name to Modern Mobility Aids, Inc. on April 22, 2010.





In May of 2011, the business focus of the Company evolved with a rapid expansion strategy in the life sciences and healthcare industry.  A mandate was created to acquire companies within the biopharma sector, targeting innovative research and development as well as scalable manufacturing capacity in three niche market segments:





1.    CRAM – Contract Research and Manufacturing for Life Sciences Companies


2.    HEALTHCARE INNOVATION – Novel Drug and Device Delivery Format Packaging


3.    BIOPHARMA PARTNERSHIPS – Strategic Development and Production Alliances





The Company is now focused primarily on exploiting the dynamic opportunities presented in the medical marijuana arena by the regulatory reforms rolled out in Canada. We plan to acquire or invest in multiple licensed producers in Canada and the U.S.  The Company will require financing to make such acquisitions. There can be no assurance it can secure such financing or that it will be able to make such acquisitions even if financing is available.  Moreover, even if it acquires business assets or a business, there can be no assurance that the acquisitions will be successfully accomplished and that our operations thereafter will be profitable.





The Company is focused on exploiting the opportunities presented in the medical marijuana arena by the regulatory reforms rolled out in Canada effective April 1, 2014.  We decided on a strategy to acquire controlling positions in value added companies while allowing them to keep their integrity and entrepreneurial spirit.  These firms would have or would imminently acquire production licenses under the new regime and will operate through one of the Company’s wholly owned subsidiary companies, MDRM Group (Canada) Ltd.  We will also consider investing in licensed producers in the U.S. as well as suppliers to the industry.





The market for medical marijuana in Canada is tightly controlled by and subject to regulation, including Marijuana for Medical Purposes Regulations (“the MMPR”) and Controlled Drugs and Substances Acts (“the CDSA”).  Health Canada, the federal department responsible for administering the health care system in Canada, revised its policy for the production and dispensing of medical marijuana under the MMPR will be both disruptive and beneficial for producers and consumers, transforming the current industry into one of commercial scale. The commercialization of the industry is new and thus offers exceptional opportunities for growth and wealth creation.  Our business model is based on selling many varieties of high quality medical marijuana with recurring sales to a rapidly growing patient base.  Health Canada statistics indicate a current patient base of 38,000 consuming 190,000 kg of medical marijuana per year and projects that number to grow to 480,000 by 2024.





We plan to acquire or invest in multiple licensed producers in Canada and the U.S.  This plan will give us access to a wide variety of strains to enable us to better match customers with the strains that are appropriate for their respective ailments.  Health Canada’s two overriding concerns in the issuing of licenses are Security and Quality Assurance.  Our strategy is to add three other priorities, Marketing, Customer Care, and Innovation. The cornerstone of this strategy is to build a world class E-Commerce site coupled with a comprehensive social media-marketing program.  This will be combined with the second key element of our strategy which is to reach doctors through direct and indirect outreach.  To this end we are building an advisory board made up of medical and regulatory professionals who will spearhead the recruitment of other medical and academic thought leaders to support our outreach to medical practitioners.





While management of the Company believes that the Company will be successful in its planned operating activities under its business plan and capital formation activities, there can be no assurance that it will be successful in implementation of its business plan or the formation of sufficient capital such that it will generate adequate revenues to earn a profit or sustain its operations.





F-6
 
 MODERN MOBILITY AIDS, INC.
 NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS
 FOR THE YEARS ENDED JUNE 30, 2014 AND 2013


2. GOING CONCERN





The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United State of America, which contemplate continuation of the Company as a going concern. The Company has not established a source of revenues sufficient to cover its operating costs, and as such, has incurred an operating losses on an ongoing basis. Further, as of June 30, 2014, and June 30, 2013, the Company had a working capital deficit of $713,057 and $519,773, respectively. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments or classifications that may result from the possible inability of the Company to continue as a going concern.





The Company must raise additional funds to initiate or acquire a business and to fund our continued operations.  We may not be successful in our efforts to raise additional funds or achieve profitable operations. Even if we are able to raise additional funds through the sale of our securities or through the issuance of debt securities, or loans from our shareholders or financial institutions, our cash needs could be greater than anticipated in which case we could be forced to raise additional capital.





At the present time, we have no commitments for any additional financing, and there can be no assurance that, if needed, additional capital will be available to us on commercially acceptable terms or at all. These conditions raise substantial doubt as to our ability to continue as a going concern, which may make it more difficult for us to raise additional capital when needed. If we cannot get the needed capital, we may not be able to become profitable and may have to curtail or cease our operations.





3. SIGNIFICANT ACCOUNTING POLICIES





Basis of Preparation





The accompanying audited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”)





Development Stage Company





The Company is in the development stage as defined under the then current Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 915-205 "Development-Stage Entities," and among the additional disclosures required as a development stage company are that our financial statements were identified as those of a development stage company, and that the statements of operations, stockholders' deficit and cash flows disclosed activity since the date of our inception (December 19, 2007)as a development stage company. Effective June 10, 2014 FASB changed its regulations with respect to Development Stage Entities and these additional disclosures are no longer required for annual reporting periods beginning after December 15, 2014 with the option for entities to early adopt these new provisions. The Company has elected to early adopt these provisions and consequently these additional disclosures have not been included in these financial statements.





Principles of Consolidation





The Company's consolidated financial statements for the year ended June 30, 2014, include the accounts of its wholly owned subsidiaries Modern Mobility Aids, Inc., an Ontario, Canada, based company and MDRM Group (Canada) Ltd. an Ontario, Canada based company. Modern Mobility Aids, Inc. was incorporated on September 2, 2009, during the year ended June 30, 2011. MDRM Group (Canada) Ltd. was incorporated on July 14, 2011. All significant intercompany balances and transactions have been eliminated on consolidation.











F-7
 
 MODERN MOBILITY AIDS, INC.
 NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS
 FOR THE YEARS ENDED JUNE 30, 2014 AND 2013


3. SIGNIFICANT ACCOUNTING POLICIES - continued





Cash and Cash Equivalents





For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents.





Revenue Recognition





The Company is in the development stage and has realized minimal revenues from operations. The Company recognizes revenues when the sale and/or distribution of products is complete, risk of loss and title to the products have transferred to the customer, there is persuasive evidence of an agreement, acceptance has been approved by its customer, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable. Net revenues are comprised of gross revenues less expected returns, trade discounts, and customer allowances that include costs associated with off-invoice markdowns and other price reductions, as well as trade promotions and coupons. These incentive costs are recognized at the later of the date on which the Company recognized the related revenue or the date on which the Company offers the incentive.





Loss per Common Share





Basic loss per share is computed by dividing the net loss attributable to the common stockholders by the weighted average number of shares of common stock outstanding during the periods. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. There were no dilutive financial instruments issued or outstanding for the years ended June 30, 2014 and 2013.





Income Taxes





The Company accounts for income taxes pursuant to SFAS No. 109, “Accounting for Income Taxes”(“SFAS No. 109”). Under SFAS No. 109, now encompassed under ASC 740, deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences.





The Company maintains a valuation allowance with respect to deferred tax assets. Modern Mobility Aids establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carryforward period under the Federal tax laws.





Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment as to whether the related deferred tax asset could be realized. Any change in the valuation allowance will be included in income in the year of the change in estimate.





Fair Value of Financial Instruments





The Company estimates the fair value of financial instruments using the available market information and valuation methods. Considerable judgment is required in estimating fair value. Accordingly, the estimates of fair value may not be indicative of the amounts Modern Mobility Aids could realize in a current market exchange. As of June 30, 2014, the carrying value of the Company’s financial instruments approximated fair value due to the short-term nature and maturity of these instruments.























F-8
 MODERN MOBILITY AIDS, INC.
 NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS
 FOR THE YEARS ENDED JUNE 30, 2014 AND 2013





3. SIGNIFICANT ACCOUNTING POLICIES - continued





Deferred Offering Costs





The Company defers as other assets the direct incremental costs of raising capital until such time as the offering is completed. At the time of the completion of the offering, the costs are charged against the capital raised. Should the offering be terminated, deferred offering costs are charged to operations during the period in which the offering is terminated.





Impairment of Long-lived Assets





Capital assets are reviewed for impairment in accordance with SFAS No. 144, “Accounting for the Impairment of Disposal of Long-lived Assets,”which was adopted effective January 1, 2002. Under SFAS No. 144, now encompassed under ASC 350, these assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. An impairment charge is recognized for the amount, if any, which the carrying value of the asset exceeds the fair value. For the year ended June 30, 2014, and 2013, no events or circumstances occurred for which an evaluation of the recoverability of long-lived assets was required.




Advertising and Promotion




The Company expenses all advertising and promotion costs as incurred. The Company did not incur advertising and promotion costs during the years ended June 30, 2014, and 2013.




Stock-based Compensation




The Company accounts for employee and non-employee stock awards under ASC 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable.





Foreign Currency Transactions





Foreign currency transaction gains and losses are recorded in the statements of operations as a component of other income (expense).





Use of Estimates and Assumptions





The accompanying financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgment. Actual results may vary from these estimates.













F-9
 
 MODERN MOBILITY AIDS, INC.
 NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS
 FOR THE YEARS ENDED JUNE 30, 2014 AND 2013


3. SIGNIFICANT ACCOUNTING POLICIES - continued




Reclassifications




Certain amounts previously presented for prior periods have been reclassified. The reclassifications had no effect on net loss, total assets, or total shareholders’ deficit.




Recently Adopted Accounting Pronouncements





The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on our financial condition or the results of its operations other than in respect of the early adoption of the new regulations relating to Development Stage Entities as discussed above.




4. NON-REDUNDABLE DEPOSIT ON BUSINESS ACQUISITION





The Company, through a wholly-owned subsidiary, MDRM Group (Canada) Ltd., formed in Ontario, Canada, entered into an acquisition agreement on May 8, 2014 with a private Ontario company (“Potential Licensee”) to acquire 100% of the issued and outstanding shares of Potential Licensee. The Potential Licensee is in the final stage of obtaining their Medical Marijuana growers license. The Potential Licensee is located in the Province of Ontario, owns a fully functional production facility, and is awaiting final inspection by Health Canada. The transaction includes real property and related facilities. Pursuant to the terms of the acquisition agreement, the Company paid a non-refundable advance against acquisition of $46,000 to the law firm of the sellers, in Trust, in the transaction. On the instruction of the Company, on June 18, 2014, an amount of $41,400 was released to the vendor from the Trust account leaving a balance of $4,400 in the trust account.
  Under the terms of the acquisition agreement, the Company will pay CDN$2.5 million at Closing with an additional CDN$2.5 million due one year from the original Closing date. The Company will also, at closing, issue a warrant to the sellers to purchase up to 1 million shares of the Company shares at a 25% discount to market. The Closing of the acquisition agreement is subject to receipt of a license from Health Canada under Marijuana for Medical Purposes Regulation ("MMPR").
  As at the date of this report, the Company does not have the CDN $5 million required to complete the acquisition there is no assurance that the required financing will be available, or if available, on terms that will be acceptable to Company. If we are not able to obtain needed financing, we may have to cancel the agreement. Upon cancellation, the initial deposit amount of $46,000 paid by the Company will be forfeited. Even if we raise the funds necessary to acquire the business, there can be no assurance that the business will be successful.
  5. RELATED PARTY TRANSACTIONS




In November 2013, the Company paid $19,093 to a Company owned by Mr. Karatella for services rendered to and expenses incurred on behalf of the Company during 2011 and 2012 and in November 2013, paid directly to Mr. Karatella $4,773 for services rendered to the Company during 2011 and 2012 and expenses incurred on behalf of the Company.





As of June 30, 2014 there was a balance due to related parties in the amount of $163,271 for services provided to the Company. As of June 30, 2014 there have been $9,434 in advanced expenses to an executive of the Company.





F-10
 
 MODERN MOBILITY AIDS, INC.
 NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS
 FOR THE YEARS ENDED JUNE 30, 2014 AND 2013


6. SHAREHOLDERS LOAN





In support of the Company’s efforts and cash requirements, it may rely on advances from shareholders until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note.





The loans payable to shareholders are payable on demand, unsecured and bears no interest. The loan shall be payable on demand within five (5) days from the date of request. In the event payment is not timely made, interest will accrue on the unpaid balance at the rate of 15% per annum, compounded monthly, from and after the date of such failure to pay. As of June 30, 2014, the loan consisted of $425,808 principal and accrued interest of $0.





7. NOTES PAYABLE





The Note is unsecured and bears interest 10% per annum and is payable on maturity date June 26, 2015,





8. COMMITMENTS AND CONTINGENCIES





The Company, through a wholly-owned subsidiary, MDRM Group (Canada) Ltd., formed in Ontario, Canada, entered into an acquisition agreement on May 8, 2014 with a private Ontario company (“Potential Licensee”) to acquire 100% of the issued and outstanding shares of Potential Licensee.  The Potential Licensee is in the final stage of obtaining their Medical Marijuana growers license.  The Potential Licensee is located in the Province of Ontario, owns a fully functional production facility, and is awaiting final inspection by Health Canada. The transaction includes real property and related facilities. Pursuant to the terms of the acquisition agreement, the Company paid a non-refundable advance against acquisition of $46,000 to the law firm of the sellers, in Trust, in the transaction. On the instruction of the Company, on June 18, 2014, an amount of $41,400 was released to the vendor from the Trust account leaving a balance of $4,400 in the trust account.





Under the terms of the acquisition agreement, the Company will pay CDN$2.5 million at Closing with an additional CDN$2.5 million due on the first anniversary date of the Closing.  The Company will also issue, at Closing, a warrant to the sellers to purchase up to 1 million shares of the Company shares at a 25% discount to market. The Closing of the acquisition agreement is subject to receipt of a license from Health Canada under Marijuana for Medical Purposes Regulation ("MMPR").





As at the date of this report, the Company does not have the CDN $5 million required to complete the acquisition there is no assurance that the required financing will be available, or if available, on terms that will be acceptable to Company.  If we are not able to obtain needed financing, we may have to cancel the agreement. Upon cancellation, the initial deposit amount of $46,000 paid by the Company will be forfeited Even if we raise the funds necessary to acquire the business, there can be no assurance that the business will be successful.


On May 27, 2014, the Company, through its wholly-owned subsidiary, MDRM Group (Canada) Ltd,  entered into an agreement with a Wyoming registered public company (the "Public Company") , to sell up to forty-nine percent (49%)  of the shares of the Potential Licensee, for a total purchase consideration of $2,486,946. At the execution and acceptance of the said agreement, the Private Company paid a non-refundable sum of $23,070 to the Company for the option right granted under the said agreement to acquire shares of the Potential Licensee.





The Company is actively and aggressively pursuing various other opportunities relating to the medical marijuana and biopharma industries which meet its investment criteria. To this end, we have entered into letters of intent to purchase controlling interests in two other private companies each in the final stages of obtaining their Medical Marijuana growers license. The actual terms and conditions of these two proposed transactions will be disclosed at such time as the Company has entered into definitive agreements on the matters.











F-11
 MODERN MOBILITY AIDS, INC.
 NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS
 FOR THE YEARS ENDED JUNE 30, 2014 AND 2013





9 . OTHER INCOME





On May 27, 2014, the Company entered into an agreement with a Wyoming registered private company (the "Private Company") , through its wholly-owned subsidiary, MDRM Group (Canada) Ltd, to sell forty nine percent (49%)  of the shares of the Potential Licensee for the transaction discussed in Note 8 above, for a total purchase consideration of $2,486,946. At the execution and acceptance of the said agreement, the Private Company paid a non-refundable sum of $23,070 to the Company for the option right granted under the said agreement to acquire shares of the Potential Licensee.





10. INCOME TAXES





The provision (benefit) for income taxes for the year ended June 30, 2014 and June 30, 2013, were as follows (assuming a 15 percent effective tax rate):





Year EndedJune 30,2014


2013Current Tax Provision:FederalTaxable loss

$
(42,636
)

$
(7,890
)Valuation allowance


42,636



7,890Total current tax provision

$
--


$
--Cumulative Tax Provision:FederalLoss carryforwards

$
124,992


$
87,756Change in valuation allowance

$
(124,992
)

$
(87,756
)Total deferred tax provision

$
--


$
--





The Company had carried forward tax losses as of June 30, 2014 and June 30, 2013 as follows:





Year EndedJune 30,2014


2013Loss carryforwards

$
833,283


$
585,040Less - Valuation allowance


(833,283
)


(585,040
)Total net deferred tax assets

$
--


$
--





As of June 30, 2014, the Company had approximately $833,283 in tax loss carry forwards that can be utilized in future periods to reduce taxable income, and begin to expire in the year 2028.





The Company provided a valuation allowance equal to the deferred income tax assets for the year ended June 30, 2014 and June 30, 2013 because it is not presently known whether future taxable income will be sufficient to utilize the loss carry forwards.


11. SHAREHOLDERS' DEIFICIT





The total number of common shares authorized that may be issued by the Company is 200,000,000 shares with a par value of $0.001 per share, and 1,000,000 shares of preferred stock at par value of $0.001 per share.





On August 18, 2011, the Company implemented a 20 for 1 forward stock split whereby each shareholder of record received an additional 19 shares of common stock for every 1 share held of record. All references to shares reflect the split.





F-12
 MODERN MOBILITY AIDS, INC.
 NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS
 FOR THE YEARS ENDED JUNE 30, 2014 AND 2013





11. SHAREHOLDERS' DEIFICIT - continued





During the year ended June 30, 2014:





-
250,000 common shares issued at a price of $0.05 for consulting services provided by a related party,




-
1,431,792 shares of common stock were sold for cash consideration of $88,465, at a price ranging from $0.05 to $0.08 per common share.




-
On November 22, 2013, Mohamed K. Karatella, formerly the Company’s President, Chief Financial Officer, Treasurer, Principal Accounting Officer and the owner of 66.5% of its outstanding common stock agreed to contribute 120,000,000 shares of the Company’s common stock to the Company. The Company cancelled the shares. Mr. Karatella did not receive any compensation in connection with this transfer.




As at June 30, 2014 there were 77,161,792 shares of common stock issued and outstanding.





12. SUBSEQUENT EVENTS





On August 26, 2014, the Company, through a wholly-owned subsidiary, MDRM Group (Canada) Ltd, formed in Ontario, Canada, entered into an assignment agreement to acquire 100% of a private company's intellectual rights and prosperities in cash consideration of $66,290 and 5 million shares of common stock of the Company to be issued as per the terms of the agreement.





The Company is actively and aggressively pursuing various other opportunities relating to the medical marijuana and biopharma industries which meet its investment criteria. To this end, we have entered into letters of intent to purchase controlling interests in two other private companies each in the final stages of obtaining their Medical Marijuana growers license. The actual terms and conditions of these two proposed transactions will be disclosed at such time as the Company has entered into definitive agreements on the matters.































F-13





Signatures





In accordance with Section 13 or 15(d) of the Securities Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.





MODERN MOBILITY AIDS, INC.Date: October 17, 2014
By:
/s/ Preston J. SheaPreston J. Shea[President, Chief Financial Officer, Treasurer, Principal Accounting Officer,and Secretary]







Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons on October 17, 2014 in the capacities and on the dates indicated:








Signature



Title/s/ Preston J. Shea



President, Chief Financial Officer, Treasurer, Secretary and DirectorPreston J. Shea/s/ Kenneth Pinckard



Chief Executive Officer and DirectorKenneth Pinckard
























28