**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

(MARK ONE)

**[X]**

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

For the quarterly period ended **July 31, 2015**

OR

**[  ]**

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

For the transition period from ___________ to ___________

Commission File No. **333-179212**

**PUGET TECHNOLOGIES INC.**

(Exact name of registrant as specified in its charter)
| **Nevada**

 

**01-0959140**

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

**88 INVERNESS CIRCLE EAST, BUILDING M**

**Englewood, CO 80112****

*(Address of principal executive offices and zip code)*

 

**303-239-6597**

* (Registrant’s telephone number including area code)*

Indicate by check mark whether the issuer (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  [X]  No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§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 [X]  No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,”“accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  (check one):

Large accelerated filer.[  ]

Accelerated filer.   [  ]

Non-accelerated filer.  [  ]

(Do not check if a smaller reporting company)

Smaller reporting company.  [X]

 

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2 of the Exchange Act):  Yes  [ ]  No [X]

 

As of July 31, 2015 there were 81,256,979 shares of common stock, $0.001 par value per share, outstanding.

1

**PUGET TECHNOLOGIES INC.**

**(A Development Stage Company)**

**QUARTERLY REPORT ON FORM 10-Q**

**FOR THE PERIOD ENDED JULY 31, 2015**

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q of Puget Technologies Inc., a Nevada corporation (the “Company”), contains “forward-looking statements,” as defined in the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “could”, “expects”, “plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. The economic environment within which we operate could materially affect our actual results. Additional factors that could materially affect these forward-looking statements and/or predictions include, among other things: the volatility of housing prices, the possibility that we will not receive sufficient customers to grow our business, the Company’s need for and ability to obtain additional financing and other factors discussed in the Company’s filings with the Securities and Exchange Commission (“SEC”).

 

Our management has included projections and estimates in this Form 10-Q, which are based primarily on management’s experience in the industry, assessments of our results of operations, discussions and negotiations with third parties and a review of information filed by our competitors with the SEC or otherwise publicly available. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

2

 

**PART I. FINANCIAL INFORMATION**

 

**ITEM   1.   FINANCIAL STATEMENTS.** 

**PUGET TECHNOLOGIES, INC.**

***Balance Sheets***

JULY 31,

OCTOBER

2015

2014

(UNAUDITED)

(AUDITED)

ASSETS

CURRENT ASSETS

CASH

 $                15,484 

 $             7,879 

TOTAL CURRENT ASSETS

                   15,484 

                7,879 

COMPUTER HARDWARE

                   19,800

                      -

OTHER ASSETS

                   11,835

                      -

TRAVEL SOFTWARE PLATFORM

                 280,000 

                      - 

TOTAL OTHER ASSETS

                 311,635 

                      - 

TOTAL ASSETS

 $              327,119 

 $             7,879 

LIABILITIES

CURRENT LIABILITIES

ACCOUNTS PAYABLE

 $                11,180 

 $         108,129 

ACCRUED INTEREST

                 128,342 

              68,100 

ADVANCE FROM OFFICER

                 103,000

                      -

NOTES PAYABLE

                 923,252 

            775,000 

TOTAL CURRENT LIABILITIES

              1,165,774 

            951,229 

 

STOCKHOLDER'S EQUITY

COMMON STOCK,

$.001 PAR VALUE,

110,000,000 AUTHORIZED

ISSUED –

81,256,979 AT JULY 31, 2015

                   81,256

42,620,000 AT OCTOBER 31, 2014

                    

              42,620 

ADDITIONAL PAID IN CAPITAL

                 684,722 

                6,409 

RETAINED EARNINGS

            (1,604,633)

         (992,379)

TOTAL STOCKHOLDERS' DEFICIT

               (838,655)

         (943,350)

TOTAL LIABILITIES AND 

STOCKHOLDERS' DEFICIT

 $              327,119 

 $             7,879 

**See accompanying notes to these financial statements.**

3

**PUGET TECHNOLOGIES, INC.**

***Statements of Operations***

**Unaudited**

**THREE MONTHS ENDED**

**NINE MONTHS ENDED**

**July 31,**

**July 31,**

**2015**

**2014**

**2015**

**2014**

 

 

 

 

SALES

1,076 

1,076 

COST OF SALES

- 

- 

- 

GROSS PROFIT

1,076 

1,076 

EXPENSES

WAGES AND SALARIES

24,842 

220,958 

CONSULTING FEES

41,500 

123,779 

INTEREST EXPENSE

133,584 

21,483 

204,778 

39,820 

PROFESSIONAL FEES

10,112 

34,687 

45,632 

127,271 

MARKETING AND ADVERTISING

591 

4,567 

1,107 

RESEARCH AND DEVELOPMENT

55,439 

- 

83,850 

- 

OTHER

19,442 

46,475 

21,560 

TOTAL

285,510 

60,737 

726,579 

188,651 

INCOME FROM OPERATIONS

(284,434)

(60,737)

(725,503)

(188,651)

OTHER INCOME (EXPENSE)

DEBT SETTLEMENT 

- 

- 

91,949 

- 

LOSS FROM CONTINUING

(284,434)

(60,737)

(633,554)

(188,651)

OPERATIONS

LOSS FROM DISCONTINUED

- 

(144,437)

- 

(483,986)

OPERATIONS

LOSS BEFORE TAXES

(284,434)

(205,174)

(633,554)

(672,637)

PROVISION FOR TAXES

- 

- 

- 

- 

NET LOSS

$

(252,453)

$

(205,174)

$

(633,554)

$

(672,637)

WEIGHTED AVERAGE SHARES

77,498,991 

42,520,000 

58,649,506 

42,520,000 

BASIC LOSS PER SHARE

$

(0.00)

$

(0.01)

$

(0.01)

$

(0.01)

**See accompanying notes to these financial statements.**

4

**PUGET TECHNOLOGIES, INC.**

***Statements of Cash Flows***

**Unaudited**

**NINE MONTHS ENDED**

**NINE MONTHS ENDED**

**JULY 31, 2015**

**JULY 31, 2014**

CASH FLOWS FROM OPERATIONS

NET LOSS

 $        (633,554)

 $        (672,638)

ADJUSTMENTS TO RECONCILE

NET LOSS TO CASH FLOWS FROM

DEVELOPMENT STAGE ACTIVITIES

ACCRETION OF OID

                 1,752

DEBT EXTINGUISHMENT INTEREST

               99,105

STOCK COMPENSATION

                      -

              21,300 

CHANGE IN ASSETS AND LIABILITIES

OTHER ASSETS

             (11,835)

                      -

ACCOUNTS PAYABLE

             (96,949)

              (2,560)

ACCRUED INTEREST

              96,087 

              39,819 

NET CASH FROM OPERATIONS

           (545,395)

           (614,079)

CASH FLOWS FROM INVESTING

ASSET PURCHASE

           (100,000)

                       -

NET CASH FLOW FROM INVESTING

           (100,000)

                      -

CASH FLOWS FROM FINANCING

PROCEEDS OF SHARES SOLD TO OFFICER

            200,000 

                      -

ADVANCES FROM OFFICERS

            103,000 

                   157 

PAYMENTS OF NOTES PAYABLE

           (124,000)

            650,000 

PROCEEDS FROM NOTES PAYABLE

            474,000 

                      - 

NET CASH FLOW FROM FINANCING

            653,000 

            650,157 

NET CASH FLOWS

                7,605 

              36,078 

CASH BEGINNING OF PERIOD

                7,879 

              13,572 

CASHG END OF PERIOD

 $           15,484 

 $           49,650 

SUPPLEMENTAL CASH FLOWS

CASH PAID FOR INTEREST

 $              7,834

 $                    - 

CASH PAID FOR TAXES

 $                    - 

 $                    - 

NON-CASH TRANSACTIONS

SHARES CANCELLED

 $           21,300 

 $                    - 

ASSETS PURCHASED WITH SHARES

 $          199,800 

 $                    - 

SHARES FOR DEBT CONVERSION

 $          239,345 

 $                    - 

DEBT SETTLEMENT

 $           91,949 

 $                    - 

**See accompanying notes to these financial statements.**

5

**PUGET TECHNOLOGIES, INC.**

**Notes to Financial Statements**

**JULY 31, 2015**

**1. ORGANIZATION AND BUSINESS OPERATIONS**

PUGET TECHNOLOGIES, INC. (“the Company”) was incorporated under the laws of the State of Nevada, U.S. on March 17, 2010. Our business has been developing and selling leading edge consumer oriented products ready for rapid commercialization however in January 2015 we acquired the assets of a travel technology company and now include that business in our business plan. Much of our resources are dedicated to research and development in order to provide consumers with quality options while meeting the expectations of its investors. The Company has generated limited revenue to date and consequently its operations are subject to all risks inherent in the establishment of a new business enterprise. For the period from inception on March 17, 2010 through July 31, 2015 the Company has an accumulated deficit of $1,505,530. 

**2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

*Basis of Presentation*

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars.

*Principles of Consolidation*

The accompanying consolidated financial statements represent the consolidated financial position and results of operations of the Company and include the accounts and results of operations of the Company and its subsidiaries. The accompanying consolidated financial statements include the active entity of Puget Technologies, Inc. and its wholly owned subsidiaries, Weistek USA and Puget Travel Subsidiary Corporation. The Company has relied upon the guidance provided by ASC Topic NO.810-10-15-3.

*Going Concern*

 

The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit of $1,505,530 as of July 31, 2015 and further losses are anticipated in the development of its business raising substantial doubt about the Company's ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors or third parties and or private placement of common stock.

*Cash and Cash Equivalents*

The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. The Company had $15,484 and $7,879 cash and cash equivalents as of July 31, 2015 and October 31, 2014.

*Use of Estimates and Assumptions*

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amount of revenues and expenses during the reporting period.

6

The Company’s significant estimates and assumptions include the fair value of financial instruments; revenue recognized or recognizable; sales returns and allowances; income tax rate, income tax provision; and the assumption that the Company will be a going concern.  Those significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to those estimates or assumptions, and certain estimates or assumptions are difficult to measure or value.

Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.

Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. 

Actual results could differ from those estimates.

*Foreign Currency Translation*

The Company's functional currency and its reporting currency is the United States dollar. 

*Fair Value of Financial Instruments*

The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels.  The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs.  The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:

Level 1

Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

 

Level 2

Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

 

Level 3

PPricing inputs that are generally observable inputs and not corroborated by market data.

Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable.

The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs.  If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

The carrying amounts of the Company’s financial assets and liabilities, such as cash, income tax payable and accrued expenses, approximate their fair values because of the short maturity of these instruments.

Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.

7

It is not, however, practical to determine the fair value of advances from stockholder, if any, due to their related party nature.

*Related Parties*

The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions.

Pursuant to Section 850-10-20 the related parties include: a. affiliates of the Company; b. entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing entity; c. trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; d. principal owners of the Company; e. management of the Company; f. other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g. other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a. the nature of the relationship(s) involved; b. description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c. the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d. amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.

*Stock-based Compensation*

Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options.

*Income Taxes*

 

The Company follows Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns.  Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.  Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.  The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statements of Operations in the period that includes the enactment date.

The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”). Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements.  

Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical 

merits of the position.  The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement.  Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.

8

*Uncertain Tax Positions*

The Company did not take any uncertain tax positions and had no adjustments to the unrecognized tax liabilities or benefits pursuant to the provisions of Section 740-10-25 for the quarter ended July 31, 2015.

*Inventories*

Inventories are stated at the lower of cost or market. The cost for inventories is determined using the first-in, first-out method. The cost includes all expenditures incurred in bringing the goods to the point of sale and putting them in a sellable condition. In assessing the ultimate realization of inventories, the management makes judgments as to future demand requirements compared to current or committed inventory levels. The Company estimates the demand requirements based on market conditions, forecasts prepared by its customers, sales contracts and orders in hand. In addition, the Company estimates net realizable value based on intended use, current market value and inventory aging analyses. The Company writes down inventories for estimated obsolescence or unmarketable inventory equal to the difference between the cost of inventories and their estimated market value based upon assumptions about future demand and market conditions.  There was zero recorded value for inventory at July 31, 2015 and zero October 31, 2014.

*Basic and Diluted Loss Per Share*

 

The Company computes loss per share in accordance with “ASC-260”, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.

The Company has no potential dilutive instruments and accordingly basic loss and diluted loss per share are equal.

*Fiscal Periods*

 

The Company's fiscal year end is October 31. 

*Recent accounting pronouncements*

The Financial Accounting Standards Board (“FASB”) periodically issues new accounting standards in a continuing effort to improve standards of financial accounting and reporting. The Company has reviewed the recently issued pronouncements.  During this review the Company decided to early adopt ASU 2014-10 which eliminates the definition of a development stage entity, eliminates the development stage presentation and disclosure requirements under ASC 915, and amends provisions of existing variable interest entity guidance under ASC 810.

*Advertising*

The Company follows the policy of charging the costs of advertising to expenses incurred. The Company incurred $1,107 and $0 in advertising costs during the nine month periods ended July 31, 2015 and 2014, respectively.

*Revenue Recognition*

Revenue from travel commissions are recognized as earned. 

*Reclassifications*

Prior period financial statement amounts have been reclassified to conform to current period presentation.

9

**3. NOTES PAYABLE**

A summary of notes payable for the nine-month period ended July 31, 2015 is as follows:

**ADDITIONAL**

**BALANCE**

**BORROWING**

**CONVERSION**

**BALANCE**

**OCTOBER 31,**

**DURING**

**OR**

**JULY 31,**

**2014**

**QUARTER**

**PAYMENTS**

**2015**

ACQUISITION PAYABLE

$

-

$

75,000

$

75,000

$

-

NOTE PAYABLE - # 1

-

75,000

75,000

NOTE PAYABLE - # 2

-

50,876

7,624

43,252

NOTE PAYABLE - # 3

-

50,000

50,000

NOTE PAYABLE - # 4

-

75,000

75,000

NOTE PAYABLE - # 5

-

50,000

50,000

NOTE PAYABLE - # 6

-

50,000

20,000

30,000

NOTE PAYABLE - # 7

775,000

-

175,000

600,000

NOTE PAYABLE - # 8

-

49,000

49,000

-

TOTAL

$

775,000

$

474,876

$

326,624

$

923,252

**NOTE PAYABLE – # 1**

On February 2, 2015, the Company issued an unsecured 8% Convertible Redeemable Note # 1, in the amount of $75,000, which is due January 30, 2016 with interest on the unpaid principal balance thereof at the rate of eight percent (8%) per annum until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise (ADAR). The principal and any accrued interest is convertible into shares of common stock at the discretion of the note holder. The conversion price (the “Conversion Price”) shall equal 57.5% multiplied by the Market Price (as defined therein) (representing a discount rate of 42.5%). The Company may prepay the amounts outstanding hereunder pursuant to the terms and conditions however after the expiration of one hundred eighty (180) following the date of the note, the Company shall have no right of prepayment. As of July 31, 2015, the Company had accrued interest of $3,000 for this note. A beneficial conversion feature was valued however the amounts of this feature were not considered material to the financial statements taken as a whole.

**NOTE PAYABLE – # 2**

On February 2, 2015, Puget Technologies, Inc (the "Company") finalized a Convertible Redeemable Note #2 in the amount of $53,500, which is due January 28, 2016 with interest on the unpaid principal balance thereof at the rate of eight percent (8%) per annum until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. The principal and any accrued interest is convertible into shares of common stock at the discretion of the note holder. The conversion price (the “Conversion Price”) shall equal 54% multiplied by the Market Price (as defined therein) (representing a discount rate of 46%). The Company may prepay the amounts outstanding hereunder pursuant to the terms and conditions however after the expiration of one hundred eighty (180) following the date of the note, the Company shall have no right of prepayment. During the third fiscal quarter of 2015, a total of $8,500 in principal was converted into common shares and OID was amortized $876 leaving a balance due of $43,252 as of July 31, 2015.  In addition $1,798.79 in accrued interest remains unpaid as of July 31, 2015. A beneficial conversion feature was valued however the amounts of this feature were not considered material to the financial statements taken as a whole.

10

**NOTE PAYABLE – # 3**

On February 2, 2015, Puget Technologies, Inc (the "Company") finalized a Convertible Debenture Note # 3 in the amount of $50,000, which is due February 5, 2016 with interest on the unpaid principal balance thereof at the rate of eight percent (8%) per annum until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise.  The principal and any accrued interest is convertible into shares of common stock at the discretion of the note holder. The conversion price (the “Conversion Price”) shall equal 50% multiplied by the Market Price (as defined therein) (representing a discount rate of 50%). The Company may prepay the amounts outstanding hereunder pursuant to the terms and conditions of the note. As of July 31, 2015, the Company had accrued interest of $2,000 for this note. A beneficial conversion feature was valued however the amounts of this feature were not considered material to the financial statements taken as a whole.

**NOTE PAYABLE – # 4**

On February 2, 2015, Puget Technologies, Inc (the "Company") finalized an 8% Convertible Redeemable Note # 4 in the amount of $75,000, which is due January 30, 2016 with interest on the unpaid principal balance thereof at the rate of eight percent (8%) per annum until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. The principal and any accrued interest is convertible into shares of common stock at the discretion of the note holder. The conversion price (the “Conversion Price”) shall equal 57.5% multiplied by the Market Price (as defined therein) (representing a discount rate of 42.5%). The Company may prepay the amounts outstanding hereunder pursuant to the terms and conditions however after the expiration of one hundred eighty (180) following the date of the note, the Company shall have no right of prepayment. As of July 31, 2015, the Company had accrued interest of $3,000 for this note. A beneficial conversion feature was valued however the amounts of this feature were not considered material to the financial statements taken as a whole.

**NOTE PAYABLE – # 5**

On February 27, 2015, Puget Technologies, Inc (the "Company") finalized a Convertible Promissory Note # 5 in the amount of $50,000, which is due December 3, 2015 with interest on  the unpaid principal balance thereof at the rate of eight percent (8%) per annum until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise.  The principal and any accrued interest is convertible into shares of common stock at the discretion of the note holder. The conversion price (the “Conversion Price”) shall equal 58% multiplied by the Market Price (as defined therein) (representing a discount rate of 42%). The Company may prepay the amounts outstanding hereunder pursuant to the terms and conditions however after the expiration of one hundred eighty (180) following the date of the note, the Company shall have no right of prepayment. As of July 31, 2015, the Company had accrued interest of $1,667 for this note. A beneficial conversion feature was valued however the amounts of this feature were not considered material to the financial statements taken as a whole.

**NOTE PAYABLE – # 6**

On January 28, 2015, the Company issued an unsecured 6 month, non-interest bearing Convertible Promissory Note # 6, due on July 28, 2015 for $50,000. The principal and any accrued interest is convertible into shares of common stock at the discretion of the note holder. The conversion price (the “Conversion Price”) shall equal 55% multiplied by the Market Price (as defined therein) (representing a discount rate of 45%). The Company may prepay the amounts outstanding hereunder pursuant to the terms and conditions however after the expiration of one hundred eighty (180) following the date of the note, the Company shall have no right of prepayment. During the third fiscal quarter of 2015, a total of $20,000 in principal was converted into common shares leaving a balance of $30,000 as of July 31, 2015.  In addition 1,996 in accrued interest remains unpaid as of July 31, 2015.  A beneficial conversion feature was valued however the amounts of this feature were not considered material to the financial statements taken as a whole.

**NOTE PAYABLE – # 7**

In 2013, the Company entered into a Master Credit Agreement, Note # 7, under which $775,000 was advanced to the Company. Funds advanced under the terms of that note bear interest at 12% for the first year from advancement and 18% thereafter. The notes were acquired by an unaffiliated party at the time of the change of control. In February 2015, the note was amended to allow for conversion of balances from time to time into common shares of the Company. The note converts as follows:

11

 

The conversion price (the “Conversion Price”) shall equal the Variable Conversion Price (as defined herein) (subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Borrower relating to the Borrower’s securities or the securities of any subsidiary of the Borrower, combinations, recapitalization, reclassifications, extraordinary distributions and similar events). The "Variable Conversion Price" shall mean 58% multiplied by the Market Price (as defined herein) (representing a discount rate of 42%). “Market Price” means the average of the lowest three (3) Trading Prices (as defined below) for the Common Stock during the ten (10) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. “Trading Price” means, for any security as of any date, the price at which trades occurred on the Over-the-Counter Bulletin Board, Pink Sheets electronic quotation system or applicable trading market (the “OTC”) as reported by OTC Markets on their website or, if the OTC is not the principal trading market for such security, the closing bid price of such security on the principal securities exchange or trading market where such security is listed or traded or, if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are listed in the “pink sheets”. If the Trading Price cannot be calculated for such security on such date in the manner provided above, the Trading Price shall be the fair market value as mutually determined by the Borrower and the holders of a majority in interest of the Notes being converted for which the calculation of the Trading Price is required in order to determine the Conversion Price of such Notes. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTC, or on the principal securities exchange or other securities market on which the Common Stock is then being traded. In all cases, the Conversion Price cannot be below a floor price of $.0005 per share. 

During the second fiscal quarter of 2015, a total of $125,000 in principal was converted into common shares, leaving a balance due of $650,000 at April 30, 2015. 

During the third fiscal quarter of 2015, a total of $50,000 in principal was converted into common shares, leaving a balance due of $600,000 at July 31, 2015.  In additional, $114,880 in accrued interest remains unpaid at July 31, 2015.

**NOTE PAYABLE – # 8**

On December 19, 2014, Puget Technologies, Inc (the "Company") finalized a Convertible Promissory Note with KBM Worldwide, Inc. in the amount of $49,000, which was originally due September 18, 2015 with interest on the unpaid principal balance thereof at the rate of eight percent (8%) per annum until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise.  The note was paid off in full in cash on February 3, 2015.

**4. COMMON STOCK**

The authorized capital of the Company is 110,000,000 common shares; par value $0.001 per share. 

Common stock transactions during the nine-month period ended July 31, 2015 are as follows:

In the first quarter of fiscal 2015 2,000,000 common shares were issued as part of the purchase price of to acquire the travel software platform and related hardware.

In the second quarter of fiscal 2015, the following common stock transactions occurred:

2,094,318 shares were issued to convert $60,937 in debt ($50,000) plus accrued interest ($10,937).

20,000 shares previously issued to a consultant were returned to the Company as part of a debt settlement agreement and the shares were cancelled.

25,000,000 shares were issued to an officer of the Company for $200,000 in cash.

4,297,091 shares were issued to convert $89,802 in debt ($75,000) plus accrued interest ($14,802).

In the third quarter of fiscal 2015, the following common stock transactions occurred:

5,265,570 shares were issued to convert $88,606 in debt ($78,500) plus accrued interest ($10,788).

 

12

**5. RELATED PARTY TRANSACTIONS**

In the second fiscal quarter the Company issued 25,000,000 common shares of stock to an officer of the Company in exchange for $200,000 in cash.  

In the third fiscal quarter there were advances from an officer of $103,000, with no specific repayment terms.

**6. ACQUISITION OF TRAVEL SOFTWARE PLATFORM**

On January 30, 2014, the Company finalized an Asset Purchase Agreement with Travel Time Technologies Inc. and Leisure Logic Systems Inc.. The assets consist primarily of a travel software platform and related hardware. There was no prior relationship between the Company and the sellers.

As consideration, sellers was paid $100,000 in cash in three payments and 2,000,000 shares of the Company's common stock. $25,000 was paid in cash at closing and $75,000 was recorded as a note payable, which was paid during the second fiscal quarter of 2015. There was no stated interest rate and no interest has been imputed due to the short term nature of the debt. The shares given in consideration were valued at the closing price per share of $.0999 on the date of closing for a total of $199,800; consequently the total value of the consideration was $299,800.

The Company allocated the purchase price of the assets to Software Platform - $280,000 and Computer hardware - $19,800 in the accompanying financial statements. The Company has relied upon the guidance provided by ASC Topic NO.350.40.30

The Company has recorded fixed assets of computer software and hardware of $299,800 at July 31, 2015, which is not yet being amortized or depreciated until substantial revenue commences.

**7. DEBT SETTLEMENT**

As of March 31, 2015, the Company had an account payable to a vendor in the amount of $50,000. During the first quarter of fiscal 2015, the Company reached a settlement with that vendor which requires no payment on the account payable, therefore the Company has recorded a debt settlement gain.

In the second quarter, the Company settled an account payable of $46,949 that was shown on the balance sheet as of January 31, 2015.  The terms of the settlement were that the Company paid the former consultant a one-time cash payment of $5,000 in return for the release of any other amounts possible due under the consulting agreement and a return by the Consultant of 20,000 shares of Puget common stock which had previously been delivered to the Consultant.  The 20,000 shares returned were cancelled and returned to authorized but unissued shares.  

**8. OTHER ASSETS**

On February 28th, 2015, the Company signed a sublease agreement for the office space it currently occupies in Englewood Colorado.  The sublease agreement called for a prepayment of $21,000 which covered 6 months’ rent at $3,000 per month (total of $18,000) and a security deposit of $3,000.  The prepayment term expires August 31, 2015.  On July 31, 2015, there were 4 months prepaid rent remaining for a total of $12,000 which is shown as a prepaid asset on the accompanying balance sheet.  The security deposit of $3,000 is shown as an asset on the accompanying financial statements.

In March, 2015 the Company paid OTC Marketing, Inc. an annual fee of $10,000 for inclusion in their reporting site during the March 2015 to February 2016 reporting year.  The fee is being amortized monthly over the course of the year at $833 per month.  On July 31, 2015 the Company had recorded a prepaid asset of $5,835.

13

**9. SUBSEQUENT EVENTS**

The Company has evaluated all events that occurred after the balance sheet date through the date when the financial statements were issued to determine if they must be reported. There were no material subsequent events through September 21, 2015 which needed to be disclosed in the accompanying financial statements other than there were 22,959,513 common shares issued to convertible note holders in exchange for $90,795 principal and interest through September 21, 2015.

**10. DISCONTINUED OPERATIONS**

In the third quarter of fiscal 2015, the Company decided to discontinue the old 3D printer business, as such, the results of that business has been classified as Discontinued Operations on the accompanying Statement of Operations. There were no assets disposed related to the discontinued operations nor was any gain or loss on disposal or income tax benefit recorded. There is no significant continuing involvement anticipated related to the discontinued operation.

A reconciliation of the line items constituting discontinued operations is as follows:

**THREE MONTHS ENDED**

**NINE MONTHS ENDED**

**JULY 31,**

**JULY 31,**

**2014**

**2014**

REVENUE

$

41,930 

$

41,930 

EXPENSES

COST OF SALES

46,247 

46,247 

PAYMENTS TO OFFICERS

40,000 

62,500 

CONSULTING FEES

63,408 

174,862 

MARKETING

27,310 

159,001 

OTHER GENERAL EXPENSES 

9,402 

83,306 

TOTAL

140,120 

479,669 

INCOME FROM DISCONTINUED OPERATIONS

$

(144,437)

$

(483,986)

Section 205-20-50-5B of Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity requires the following disclosure related to the cash flows of the discontinued operations:

**THREE AND**

**THREE AND**

**NINE**

**NINE**

** MONTHS**

** MONTHS**

**ENDED**

**ENDED**

**JULY 31,**

**JULY 31,**

**2015**

**2014**

DEPRECIATION

 $                    - 

 $                    - 

AMORTIZATION

 $                    - 

 $                    - 

CAPITAL EXPENDITURES

 $                    - 

 $                    - 

SIGNIFICANT NON-CASH TRANSACTIONS

OPERATING

 $                    - 

 $                    - 

INVESTING

 $                    - 

 $                    - 

14

**ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.**

The following information should be read in conjunction with (i) the financial statements of Puget Technologies Inc., a Nevada corporation (the “Company"), and the notes thereto appearing elsewhere in this Form 10-Q together with (ii) the more detailed business information and audited financial statements and related notes included in the Company’s  Form 10-K (File No. 333-179212; the “Form 10-K”), as filed with the Securities and Exchange Commission on February 12, 2015.  Statements in this section and elsewhere in this Form 10-Q that are not statements of historical or current fact constitute “forward-looking” statements.

**OVERVIEW**

The Company was incorporated in the State of Nevada on March 17, 2010 and established a fiscal year end of October 31.  It is a development stage Company.

**PLAN OF OPERATION**

**Plan of Operation**

Our current cash balance is $15,484.  Our cash balance along with anticipated revenue from sales may not be sufficient to cover the expenses we will incur during the next twelve months.

**RESULTS OF OPERATIONS**

**Nine Month Period Ended July 31, 2015**

We recorded $1,076 travel commissions earned in revenue for the three months and nine months ended July 31, 2015.

***Expenses***

During the first half of fiscal 2015, the Company continued to primarily expend funds for the development of the software platform. In addition $128,342 of interest on the various notes payable was charged

***Debt settlements***

As of March 31, 2015, the Company had an account payable to a vendor in the amount of $50,000. During the first quarter of fiscal 2015, the Company reached a settlement with that vendor which requires no payment on the account payable, therefore the Company has recorded a debt settlement gain.

In the second quarter, the Company settled an account payable of $46,949 that was shown on the balance sheet as of January 31, 2015.  The terms of the settlement were that the Company paid the former consultant a one-time cash payment of $5,000 in return for the release of any other amounts possible due under the consulting agreement and a return by the Consultant of 20,000 shares of Puget common stock which had previously been delivered to the Consultant.  The 20,000 shares returned were cancelled and returned to authorized but unissued shares.  

***Liquidity and Capital Resources***

At July 31, 2015, we had a cash balance of $15,484.   We do not have sufficient cash on hand to commence our 12-month plan of operation or to fund our ongoing operational expenses beyond 12 months.  We will need to raise funds to commence our development program and fund our ongoing operational expenses.  Additional funding will likely come from equity financing from the sale of our common stock, if at all. If we are successful in completing an equity financing, existing shareholders will experience dilution of their interest in our Company.   We do not have any financing arranged and we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our 

common stock to fund our development activities and ongoing operational expenses. In the absence of such financing, our business will likely fail.  There are no assurances that we will be able to achieve further sales of our common stock or any other form of additional financing.  If we are unable to achieve the financing necessary to continue our plan of operations, then we will not be able to continue our development of our minerals claims and our business will fail.

15

***Subsequent Events***

**None**

 

**ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.**

 

As a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide the information called for by this Item 3.

**ITEM 4. CONTROLS AND PROCEDURES.**

**Disclosure Controls and Procedures**

Under the supervision and with the participation of our management, our principal executive officer and our principal financial officer are responsible for conducting an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as of the end of the fiscal year covered by this report.  Disclosure controls and procedures means that the material information required to be included in our Securities and Exchange Commission reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms relating to our company, including any consolidating subsidiaries, and was made known to us by others within those entities, particularly during the period when this report was being prepared.  Based on this evaluation, our principal executive officer and principal financial officer concluded as of the evaluation date that our disclosure controls and procedures were effective as of July 31, 2015.

 

There were no changes in the Company’s internal controls over financial reporting during the most recently completed fiscal quarter that have materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting.

**PART II.  OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS.**

The Company is not currently subject to any legal proceedings.  From time to time, the Company may become subject to litigation or proceedings in connection with its business, as either a plaintiff or defendant.  There are no such pending legal proceedings to which the Company is a party that, in the opinion of management, is likely to have a material adverse effect on the Company’s business, financial condition or results of operations.

 

**ITEM 1A. RISK FACTORS**

 

As a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide the information called for by this Item 1A.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.**

None.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES.**

None.

16

**ITEM 4. MINE SAFETY DISCLOSURES.**

None.

**ITEM 5. OTHER INFORMATION.**

None.

**ITEM 6. EXHIBITS.**

(a)  Exhibits required by Item 601 of Regulation SK.

**Number**

  

**Description**

3.1

  

Articles of Incorporation*

3.2

  

Bylaws*

31.1

  

Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

 

 

101.INS **

  

XBRL Instance Document

101.SCH **

  

XBRL Taxonomy Extension Schema Document

101.CAL **

  

XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF **

  

XBRL Taxonomy Extension Definition Linkbase Document

101.LAB **

  

XBRL Taxonomy Extension Label Linkbase Document

101.PRE **

  

XBRL Taxonomy Extension Presentation Linkbase Document

 

*Filed and incorporated by reference to the Company’s Registration Statement on Form S-1, as amended (File No. 333-179212), as filed with the Securities and Exchange Commission on January 27, 2012.

** XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

 

  

**PUGET TECHNOLOGIES INC.**

 

  

(Name of Registrant)

 

  

  

 

Date: September 21, 2015

By:

*/s/ Thomas M Jaspers, CEO and CFO*

 

  

  

Thomas M Jaspers

 

  

  

Chief Executive Officer

CFO (Principal accounting officer and principal financial officer)

 

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