**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 

**FORM 10-QSB**

 

**QUARTERLY REPORT**

**UNDER SECTION 13 OR 15(d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

 

**FOR QUARTER ENDED OCTOBER 31, 2005**

 

**WAH KING INVEST CORP.**

(Exact name of small business registrant as specified in its charter) 

 

 
| **Delaware**

**--------------------------------******           | **000-27097**

**--------------------------------****** | **98-0215778**

**----------------------------------------------****** |
|------------------------------------------------------------------|---------------------------------------------------------|------------------------------------------------------------------------|
| (State or other jurisdiction

of incorporation or organization)) | (Commission File Number)                                | (I.R.S. Employer Identification Number) 

                        |

 

 
| **J.C. Beetslaan 153-155**             |
|----------------------------------------|
| **2131 AL Hoofddorp, The Netherlands** |

 (Address of principal executive offices) (Zip Code)

 

**+31.35628101**

(Registrant’s telephone no., including area code)

 

**---------------------------------------------------------------------------**

(Former name, former address and former fiscal year, if changed since last report)

 

**Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.** **Yes x****No o**

 

**Number of shares of the registrant’s common stock outstanding as of December 21, 2005 was: 3,387,196**

 
| **Traditional Small Business Disclosure Format:  Yes o**
**No x**
 

 

1

 

 

 

**WAH KING INVEST CORP.**

 

**FORM 10-QSB**

**FOR QUARTER ENDED OCTOBER 31, 2005**

 

**TABLE OF CONTENTS**

 

 

 

 

 

 

 

 

 

**PART I. FINANCIAL INFORMATION******

 

 

 

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

 

3

 

Condensed Consolidated Balance Sheet as of October 31, 2005 (Unaudited) and July 31, 2005

 

5

 

Condensed Consolidated Statements of Operations

– For the Three Months Ended October 31, 2005 and 2004 (Unaudited)

 

6

 

Condensed Consolidated Statements of Cash Flows

– For the Three Months Ended October 31, 2005 and 2004 (Unaudited)

 

7

 

Notes to Condensed Consolidated Financial Statements

 

8

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

 

10

 

ITEM 3. CONTROLS AND PROCEDURES

 

12

 

** **

 

 

 

**PART II. OTHER INFORMATION******

 

 

 

ITEM 1.- LEGAL PROCEEDINGS

 

12

 

ITEM 2. - CHANGES IN SECURITIES AND USE OF PROCEEDS

 

12

 

ITEM 3.- DEFAULTS UPON SENIOR SECURITIES

 

13

 

ITEM 4.- SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

 

13

 

ITEM 5 - OTHER INFORMATION

 

13

 

ITEM 6.- EXHIBITS AND REPORTS ON FORM 8-K

 

13

 

** **

 

 

 

**SIGNATURES******

 

14

 

 

 

2

 

 

 

**PART  I.  FINANCIAL  INFORMATION**

 

 

**ITEM 1.**

**FINANCIAL STATEMENTS**

 

 

 

 

 

**WAH KING INVEST CORP. AND SUBSIDIARY**

**CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**OCTOBER 31, 2005 AND 2004**

 

3

 

 

 

**WAH KING INVEST CORP. AND SUBSIDIARY**

**INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**OCTOBER 31, 2005 AND 2004**

 

 

**CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)******

 

Condensed Consolidated Balance Sheet as of October 31, 2005 (Unaudited) and July 31, 2005

 

Condensed Consolidated Statements of Operations 

– For the Three Months Ended October 31, 2005 and 2004 (Unaudited)

 

Condensed Consolidated Statements of Cash Flows

– For the Three Months Ended October 31, 2005 and 2004 (Unaudited)

 

Notes to Condensed Consolidated Financial Statements

 

 

4

 

 

 

**WAH KING INVEST CORP. AND SUBSIDIARY**

**CONDENSES CONSOLIDATED BALANCE SHEET**

**OCTOBER 31, 2005 (UNAUDITED) AND JULY 31, 2005**

 

**ASSETS**

 

 

 

**October 31******

 

 

**July 31**

 

 

**2005******

 

 

**2005**

 

 

 

 

 

 

 

 

 

Cash

$

152,344

 

 

$

184,974

 

Marketable securities

 

5,500

 

 

 

37,500

 

Security deposits

 

500

 

 

 

500

 

 

 

 

 

 

 

 

 

Total Assets

$

158,344

 

 

$

222,974

 

 

 

**LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT)**

 

LIABILITIES

 

 

 

 

 

 

Convertible promissory notes

$

598,000

 

 

$

589,000

 

Due to officers and shareholders

 

1,000

 

 

 

1,000

 

Accounts payable

 

11,337

 

 

 

11,587

 

Accrued interest

 

30,067

 

 

 

15,317

 

Federal and State income taxes payable

 

2,452

 

 

 

2,452

 

 

 

 

 

 

 

 

 

Total Liabilities

$

642,856

 

 

$

619,3561

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

Additional paid in capital

 

69,545

 

 

 

69,545

 

Accumulated deficit

 

(557,444

)

 

 

(469,314

)

Common stock, $0.001 par value; 300,000,000 sharesauthorized; 3,387,196 issued and outstanding atOctober 31, 2005.

 

3,387

 

 

 

3,387

 

 

 

 

 

 

 

 

 

Total Stockholders’ Deficit

 

(484,512

)

 

 

(396,382

)

 

 

 

 

 

 

 

 

Total Liabilities and Stockholders’ Deficit

$

158,344

 

 

$

222,974

 

 

 

See accompanying notes to consolidated financial statements.

 

5

 

 

 

**WAH KING INVEST CORP. AND SUBSIDIARY**

**CONDENSES CONSOLIDATED STATEMENT OF OPERATIONS**

**FOR THE THREE MONTHS ENDED OCTOBER 31, 2005 AND 2004 (UNAUDITED)**

 

 

 

 

**Three Months**

 

**Three Months**

 

 

 

**Ended**

 

**Ended**

 

 

 

**October 31, 2005**

 

**October 31, 2004**

 

 

 

 

 

 

 

**(Restated)******

 

OPERATING REVENUES 

 

 

 

 

 

 

 

Commission

 

$

1,260

 

$

—

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

Administrative expenses

 

 

152,140

 

 

4,311

 

Interest

 

 

14,750

 

 

—

 

Expenses incurred in seeking acquisitions

 

 

50,000

 

 

—

 

 

 

 

 

 

 

 

 

Total Operating Expenses

 

 

216,790

 

 

4,311

 

 

 

 

 

 

 

 

 

OPERATING INCOME (LOSS)

 

 

(215,530

)

 

(4,311

)

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSES)

 

 

 

 

 

 

 

Net unrealized loss on marketable securities

 

 

—

 

 

(17,500

)

Net realized gain on marketable securities

 

 

127,400

 

 

—

 

 

 

 

 

 

 

 

 

Total Other Income (Expenses)

 

 

127,400

 

 

(17,500

)

 

 

 

 

 

 

 

 

NET INCOME (LOSS) BEFORE TAXES

 

 

(88,130

)

 

(21,811

)

 

 

 

 

 

 

 

 

PROVISION FOR FEDERAL AND STATE INCOME TAXES

 

 

—

 

 

—

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(88,130

)

$

(21,811

)

 

 

 

 

 

 

 

 

NET INCOME (LOSS) PER COMMON SHARES

 

 

 

 

 

 

 

Basic

 

$

(0.03

)

$

(0.00

)

Diluted

 

$

(0.03

)

$

(0.00

)

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING

 

 

3,387,196

 

 

15,207,173

 

 

 

 

 

 

 

 

 

FULLY DILUTED NUMBER OF COMMON SHARES OUTSTANDING

 

 

3,387,196

 

 

15,207,173

 

 

 

See accompanying notes to consolidated financial statements.

 

6

 

 

 

**WAH KING INVEST CORP. AND SUBSIDIARY**

**CONDENSES CONSOLIDATED STATEMENT OF CASH FLOW**

**FOR THE THREE MONTHS ENDED OCTOBER 31, 2005 AND 2004 (UNAUDITED)**

 

 

 

 

**Three Months**

 

**Three Months**

 

 

 

**Ended**

 

**Ended**

 

 

 

**October 31, 2005**

 

**October 31, 2004**

 

** **

** **

** **

** **

** **

** **

**(Restated)******

** **

CASH FLOW FROM OPERATING ACTIVITIES 

** **

** **

** **

** **

** **

** **

** **

Net income (loss)

 

$

(88,130

)

$

(21,811

)

Additional paid-in capital

 

 

—

 

 

3,273

 

Adjustments to reconcile net income (loss) to net

cash used in operating activities:

 

 

 

 

 

 

 

Unrealized loss on marketable securities

 

 

32,000

 

 

17,500

 

Increase in Federal and State income taxes payable

 

 

—

 

 

1,038

 

Decrease in accounts payable

 

 

(250

)

 

—

 

Increase in accrued interest

 

 

14,750

 

 

—

 

 

 

 

 

 

 

 

 

Net Cash Used in Operating Activities

 

 

41,630

 

 

—

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

Cash contributions from stockholders

 

 

1,000

 

 

—

 

Issuance of convertible promissory notes

 

 

8,000

 

 

— 

 

 

 

 

 

 

 

 

 

Net Cash Provided from Financing Activities

 

 

9,000

 

 

—

 

 

 

 

 

 

 

 

 

INCREASE IN CASH

 

 

(32,630

)

 

—

 

 

 

 

 

 

 

 

 

CASH BEGINNING OF PERIOD

 

 

184,974

 

 

10

 

 

 

 

 

 

 

 

 

CASH END OF PERIOD

 

$

152,344

 

$

10

 

 

 

 

See accompanying notes to consolidated financial statements.

 

7

 

 

 

**WAH KING INVEST CORP. AND SUBSIDIARY**

 

**NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

 

 

**NOTE A**

**BASIS OF PRESENTATION**

 

The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary in order to make the financial statements not misleading have been included. Results for the three months ended October 31, 2005 are not necessarily indicative of the results that may be expected for the year ending July 31, 2006. For further information, refer to the financial statements and footnotes thereto included in the Wah King Invest Corp., formerly known as ICBS International Corp and then known as BusinessWay International Corporation annualreport on Form 10-KSB for the year ended July 31, 2005.

 

**NOTE B**

**SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

 

**Nature of Business**

 

Wah King Invest Corp. and Subsidiary formerly ICBS International Corp. (the "Company"), a Delaware corporation, is currently is currently in the process of acquiring real property in Europe and the Far East.  Its only subsidiary during the quarter ended October 31, 2005 was Puritan Securities, Inc., is a broker-dealer registered with the Securities and Exchange Commission (SEC) and is a member of the National Association of Securities Dealers (NASD).  Puritan Securities, Inc. is engaged in a single line of business as a securities broker-dealer which comprises several classes of services and venture capital businesses.

 

**Going Concern**

 

As shown in the accompanying financial statements, the Company has incurred net losses of $88,130, has a negative working capital, and a stockholders' deficit of $484,512 at October 31, 2005.  Management's plans include the raising of capital through the equity markets to fund future operations, seeking additional acquisitions, and the generating of revenue through its business.  Failure to raise adequate capital and generate adequate sales revenues could result in the Company having to curtail or cease operations.  Additionally, even if the Company does raise sufficient capital to support its operating expenses and generate adequate revenues, there can be no assurances that the revenue will be sufficient to enable it to develop business to a level where it  will  generate  profits and  cash flows from operations.   These matters raise substantial doubt about the Company's ability tocontinue as a going concern.  However, the accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.  These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

 

 

8

 

 

 

**WAH KING INVEST CORP. AND SUBSIDIARY**

 

**NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

 

 

**NOTE C**

**SUBSEQUENT EVENTS**

 

On November 16, 2005, the Company sold its subsidiary Puritan Securities, Inc. (formerly ICBS Global Securities, Inc.) to Blue Ribbon International, Inc. a New York corporation, publicly trading on the Pink Sheets (hereinafter Blue Ribbon) for 37,500,000 voting non registered preferred shares of Blue Ribbon which are convertible to and have the voting power of 187,500,000 voting non registered common shares of Blue Ribbon which constituted a 57.92% controlling interest in said Company.  The sale is subject to NASD and other governmental agency approval.  On November 21, 2005 a majority of the shareholders of Blue Ribbon approved a 25 to one reverse of all Common Shares outstanding and a change of name to Puritan Financial Group, Inc. to take effect on or around December 27, 2005 subject to NASD filing requirements.  After the reverse is effective and the company trades as PuritanFinancial Group, Inc. the Company will convert its Preferred Shares to 3,534,000 Common Shares of Puritan Financial Group, Inc. and distribute said shares to shareholders of record as of November 21, 2005.

 

 

9

 

 

 

**ITEM 2.**

**MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF OERATION****.**

 

Cautionary Statement Pursuant to Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995:

 

This Quarterly Report on Form 10-QSB for the quarterly period ended October 31, 2005 contains "forward-looking" statements within the meaning of the Federal securities laws.  These forward-looking statements include, among others, statements concerning the Company's expectations regarding sales trends, gross and net operating margin trends, political and economic matters, the availability of equity capital to fund the Company's capital requirements, and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts.  The forward-looking statements in this Quarterly Report on Form 10-QSB for the quarterly period ended October 31, 2005 are subject to risks and uncertainties that could cause actual results to differ materially from those results expressed in or implied by the statements contained herein.

 

The interim financial statements have been prepared by Wah King Imvest Corp. and in the opinion of management, reflect all material adjustments which are necessary to a fair statement of results for the interim periods presented, including normal recurring adjustments.  Certain information and footnote disclosures made in the most recent annual financial  statements included in the Company's Form 10-KSB for the year ended July 31, 2005, have been condensed or omitted for the interim statements.  It is the Company's opinion that, when the interim statements are read in conjunction with the July 31, 2005 financial statements, the disclosures are adequate to make the information presented not misleading.  The results of operations for the three months ended October 31, 2005 are not necessarily indicative of the operating results for the full fiscal year.

 

**(A)**

**THE COMPANY**

 

Wah King Invest Corp. (“Wah King”) [Formerly ICBS International Corp (ICBS) and BusinessWay International Corporation ("BusinessWay")].  The Company was organized on October 30, 1980, under the laws of the State of Florida as C.N.W. Corp.  On February 1, 1981, the Company issued 1,000 shares of its $1 par value common stock for services valued at $1,000.  The Company did not have any activity before 1998 and, accordingly, commencement of its development stage is considered to be at the beginning of 1998.

 

On July 21, 1998, the Company increased its capitalization from 1,000 common shares to 50,000,000 common shares.  The par value was changed from $1 to $0.001.  On July 21, 1998, the Company changed its name to C.N.W of Orlando Inc., and on December 28, 1998 it changed its name to GlobalNetCare, Inc.  The company's direction and sole activities were to operate in Canada with the creation of wholly owned subsidiary Canadian subsidiary corporations.

 

On February 3, 1998, the Company incorporated its wholly owned subsidiary, 3423336 Canada Ltd., a Canadian company, to develop a medical Website.  However, the anticipated plans and operations of the Company for its medical Website have not and will not be achieved or pursued further.  Due to its inability to generate sufficient revenues from these operations, the management had decided to pursue a different course and line of business.

 

On September 12, 2000 the Company completed an acquisition of Cor-Bit Peripherals Inc. and BusinessWay Computer Centers Inc. (the "Acquisition"), the Company was no longer being considered a development stage enterprise.  The acquisition included the incorporation of another wholly owned subsidiary, 3739007 Canada Ltd., for the purpose of acquiring 100% control of all issued and outstanding shares of Cor-Bit Peripherals Inc. and BusinessWay Computer Centers Inc. Under this share Exchange Agreement, the Company acquired the shares of Cor-Bit Peripherals Inc. and BusinessWay Computer Center Inc. in exchange of 40,000,000 exchangeable Preferred Shares (the "Preferred Shares") of 3739007 Canada Ltd. (which are exchangeable for the same number of shares of the Company's common stock), and 37,923,891 Class A Special Voting Shares in the capital of the Company (the "Special Voting Shares").  The Special VotingShares were issued to the principal owners of the acquired companies. The principals of BusinessWay retained BusinessWay's franchise retail operations, as the retail operations of BusinessWay were not included under the terms of the Acquisition. At the closing date of acquisition, a new Board of Directors was formed consisting of the principals of BusinessWay, Cor-Bit as well as one former director of the Company were put into place to lead the Company in its new business direction.

 

 

10

 

 

 

On January 31, 2001 GlobalNetCare changed its name to BusinessWay International Corporation. The name change took effect at the opening for trading on the OTC Bulletin Board on Thursday, February 8, 2001 under the new stock symbol "BITL".  BusinessWay also increased its authorized capital from 100,000.00 shares of $0.001 par value common stock and 40,000,000 Class A Special Voting shares, without par value, to 300,000,000 shares of $0.001 par value common stock and 120,000,000 Class A Special Voting Shares, without par value, (the "Capital Increase").

 

On March 2001, BusinessWay acquired through its wholly owned Canadian subsidiary Cor-Bit Peripherals Inc., the company BusinessWay Group Inc. ("BusinessWay Group").  BusinessWay Group operates as the master franchiser of seven independent retail computer stores located in the province Quebec.  The Company acquired 100% of the issued and outstanding common stock of BusinessWay Group Inc. by a unanimous vote and resolution of the board of directors of the Company.  This acquisition includes all the assets and assumption of all liabilities of the acquired company.  The assets included the master franchiser rights, contracts, the BusinessWay retail operation system and documentation, and the two retail stores situated in the Greater Montreal Region.

 

On April 28 2003 the Company's annual shareholders meeting was held and a vote by the majority shareholders at the meeting voted and approved the sale of the computer division namely "3739007 Canada Inc" and it's Canadian subsidiaries and that the corporation authorized it's directors to negotiate and settle all lease obligations and with certain creditors with an equity for debts agreements.

 

On May 2, 2003 management approved the sale of the Company's wholly owned Canadian subsidiary, 3739007 Canada Ltd. and all of 3739007 wholly owned subsidiaries.  With this sale the company completely and terminated all its business interest and activities of all kinds including in the PC business namely the CompuWay banner stores. The company retained all the RAMS software and the Internet software and medical website division.

 

On December 4, 2004, a change in control of the Company occurred in conjunction with the closing under an Acquisition Agreement dated September 24, 2004, between the Company and Inter Canadian Business Services, Ltd. (a.k.a. Service D'affaires Inter Canadian Ltee.) a Canadian corporation with its corporate headquarters located at 1310 Greene Ave., Suite 730, Westmount, Quebec, H3Z 2B2, Canada, (hereinafter "ICBS").  The closing under the Acquisition Agreement consisted of a stock for stock exchange in which the Company acquired all of the issued and outstanding common stock of ICBS in exchange for the issuance of 86,173,987 shares of its common stock, after a 5 for 1 reverse split of the Company’s outstanding shares. As a result of this transaction, ICBS became a wholly-owned subsidiary of the Company.

 

In accordance with the Acquisition Agreement, the Board of Directors of the Company had approved to file a change of name for the Company from BusinessWay International Corporation to ICBS International Corp. and to change the corporate office from 1480 Rue Begin Saint-Laurent, Quebec, Canada H4R 1X1 to 205 Church Street, Suite 340, New Haven, Connecticut 06510.  The change of corporate office took place immediately.  The change of name took place on November 7, 2004 and the change in trading symbol from BITL to ICBO took place on November 30, 2004 to take effect at the opening of that date.

 

On February 11, 2005 the Company cancelled the December 4, 2005 Acquisition of Inter Canadian Business Services, Ltd., and cancelled the 86,173,987 shares of common stock that had been issued to their four shareholders. Following the February 12, 2005 closing of the Acquisition Agreement of ICBS Global Securities, Inc., the Company has 33,316,680 shares of common stock outstanding.  This 33,316,680 shares of common stock consisted of the issuance of the 17,909,507 common stock shares for the exchange of ICBS Global Securities, Inc. and the conversion of 2,000,000 Class "A" Special Voting Shares for 200,000 common stock shares.

 

On March 3, 2005 the Company completed the $100,000 infusion obligation in accordance with the February 12, 2005 Acquisition Agreement.

 

The Company filed and mailed to its shareholders a Definitive Information Statement Schedule 14C on May 20, 2005 that became effective on June 9, 2005.  In it, the Company announced the approval of the following resolution to reverse split ten to one all issued and outstanding Common Stock, and amend its Articles of Incorporation to reflect: (i) changing the state of incorporation from Florida to Delaware; (ii) authorizing up to 1,000,000 shares of Preferred Stock which allows its Board of Directors to issue, without further shareholder action, one or more series of Preferred Stock; and    (iii) changing  its name  to Wah King  Invest Corp.   As a  result  of the  above actions,  the 

 

11

 

 

 

Company now located at J.C. Beetslaan 153-155, 2131 AL Hoofddorp, The Netherlands, had its trading symbol on the Over-the Counter Bulletin Board changed to WAHK.

 

On November 16, 2005, the Company sold its subsidiary Puritan Securities, Inc. (formerly ICBS Global Securities, Inc.) to Blue Ribbon International, Inc. a New York corporation, publicly trading on the Pink Sheets (hereinafter Blue Ribbon) for 37,500,000 voting non registered preferred shares of Blue Ribbon which are convertible to and have the voting power of 187,500,000 voting non registered common shares of Blue Ribbon which constituted a 57.92% controlling interest in said Company.  The sale is subject to NASD and other governmental agency approval.  On November 21, 2005 a majority of the shareholders of Blue Ribbon approved a 25 to one reverse of all Common Shares outstanding and a change of name to Puritan Financial Group, Inc. to take effect on or around December 27, 2005 subject to NASD filing requirements.  After the reverse is effective and the company trades as Puritan Financial Group, Inc. theCompany will convert its Preferred Shares to 3,534,000 Common Shares of Puritan Financial Group, Inc. and distribute said shares to shareholders of record as of November 21, 2005.

 

**(B)**

**BUSINESS OF THE ISSUER**

 

During the Quarter ending October 31, 2005, the Company sole business operations were from Puritan Securities, Inc., its broker-dealer subsidiary which generated no revenues during the quarter.

 

On November 16, 2005, the Company sold its subsidiary Puritan Securities, Inc. to Blue Ribbon.  The sale is subject to NASD and other governmental agency approval.  As the Company is about to launch its real estate operations in Europe, it was determined that both companies will derive greater benefits by operating as independent companies.  In addition, it was determined that Puritan Securities will function best in a company devoted strictly to financial and similar type of products due to the fact that it functions in a highly regulated environment.  This Distribution will result in greater strategic and sharper focus to both companies.  It will further enable both companies to increase the speed and responsiveness of each company.  In addition, the separation will enable each company to offer its employees compensation directly linked to the performance of their separate and distinct businesses.

 

**ITEM 3.**

**CONTROLS AND PROCEDURES**

 

The Company’s management evaluated, with the participation of the Chief Executive Officer and Chief Financial Officer, the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this report.  Based on that evaluation, the Chief Executive officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures were effective as of the end of the period covered by this report.  There has been no change in the Company’s internal control over financial reporting that occurred during the quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

**PART II. OTHER INFORMATION**

 

**ITEM 1.**

**LEGAL PROCEEDINGS**

 

There is no past, pending or, to the Company's knowledge, threatened litigation or administrative action which has or is  expected by the Company's management to have a material effect upon our Company's business, financial condition or operations, including any litigation or action involving our Company's officers, directors, or other key personnel.

 

 

**ITEM  2.**

**CHANGES IN SECURITIES AND USE OF PROCEEDS**

 

None.

 

 

12

 

 

 

**ITEM 3.**

**DEFAULTS UPON SENIOR SECURITIES**

 

None

 

 

**ITEM 4.**

**SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**

 

None.

 

 

**ITEM 5.**

**OTHER INFORMATION**

 

None.

 

 

**ITEM 6.**

**EXHIBITS AND REPORTS ON FORM 8-K**

 

(a)

Exhibits:

 

Exhibit 31.1

Certification of Jerry Gruenbaum, Chairman & CEO

 
Exhibit 31.2

Certification of Nathan Lapkin, Director, President & CFO

 

Exhibit 32.1

Certification of Jerry Gruenbaum, Chairman & CEO

 
Exhibit 32.2

Certification of Nathan Lapkin, Director, President & CFO

 

 

(b)

Reports on Form 8-K:

 

Three Months Ended October 31, 2005

 

None

 

 

13

 

 

 

**SIGNATURES**

 

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

**WAH KING INVEST CORP.**

(Registrant)

 

 

Date: December 21, 2005

By: /s/ JERRY GRUENBAUM

Jerry Gruenbaum

Chief Executive Officer and

Chairman of the Board

(Duly Authorized Officer)

 

 

Date: December 21, 2005

By: /s/ NATHAN LAPKIN

Nathan Lapkin

President and Chief 

Financial Officer and Director

(Principal Financial

and Accounting Officer)

 

 

 

14

 

 

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