U.S. SECURITIES AND EXCHANGE COMMISSION


Washington, D.C.  20549





FORM 10-K





ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D)


OF THE SECURITIES EXCHANGE ACT OF1934





FOR THE FISCAL YEAR ENDED DECEMBER 31, 2010





PANAMERSA CORPORATION





(Exact name of registrant as specified in its charter)





Nevada

27-1940418State or other jurisdiction

of incorporation

IRS

Identification

No.




7582 Las Vegas Blvd., Suite 332


Las Vegas, NV 89123


(Address of principal executive offices) (Zip Code)





Registrant’s telephone number: (702) 405-0085





Securities registered pursuant to Section 12(b) of the Act:





None





Securities registered pursuant to Section 12(g) of the Act:





Title of Class:


Common Stock





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





Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 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  ̈ 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 filed).


Yes   ̈  No x (Not required by smaller reporting companies)





Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§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





Largeaccelerated 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


Yes   ̈     No  x





As of December 31, 2010, there were 1,248,211,494 shares of common stock issued and outstanding.  The aggregate market value of the voting and non-voting common equity held by non-affiliates computed at $0.0001 (the price at which the common stock traded as of December 31, 2010) is $ 124,821.





DOCUMENTS INCORPORATED BY REFERENCE





None.








CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING


INFORMATION





Certain statements in this annual report on Form 10-K contain or may contain forward-looking statements that are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements were based on various factors and were derived utilizing numerous assumptions and other factors that could cause our actual results to differ materially from those in the forward-looking statements. These factors include, but are not limited to, our ability to consummate a merger or business combination, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors. Most of these factors are difficult to predict accurately and are generally beyond our control. You should consider the areas of risk described in connection with any forward-looking statements that may be made herein. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report.  Readers should carefully review this annual report in its entirety, including but not limited to our financial statements and the notes thereto.  Except for our ongoing obligations to disclose material information under the Federal securities laws, we undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events. For any forward-looking statements contained in any document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.





PART I.


ITEM 1 BUSINESS





(a) Business Development and Objectives





PANAMERSA CORPORATION, (formerly known as Pay Pro, Inc.)  (the Company) was incorporated under the laws of the State of Nevada on October 16, 1988.




PANAMERSA Corporation (Pink Sheets:PNMS) is a holding company for a group of business enterprises which promotes the commercial integration of Latin America into the economic development of the Western Hemisphere. The Company  is engaged in global e-commerce and e-biz solutions offering interactive e-commerce and e-biz programs in addition to a range of goods and services online including: prepaid Debit cards; e-commerce merchant accounts; life insurance policies, gold transactions; telephony services, text messaging, VoIP, real estate investment participations, fixed and variable income real estate properties in Costa Rica and Panama, offshore financial services, asset management and protection; travel services, leisure, business, health, relocation services, and digital marketing services.




Investments in the above related industries are held by FUNDPAN with offices in Central America. The investments are not shown on these financial statements as all investments are contingent on certain future activities. Should the future events occur, the estimated value of these investments as of the date of these financial statements are approximately $100 million USD.





ITEM 1A.  RISK FACTORS





Not required by smaller reporting companies.





ITEM 1B.  UNRESOLVED STAFF COMMENTS





None.





ITEM 2.   PROPERTIES





(a)  Ownership
none(b)  Office leases
none








ITEM 3.   LEGAL PROCEEDINGS





None.





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





No matters were submitted for a vote of security holders during the fourth quarter of the fiscal year ended December 31, 2010.





PART II.





ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDERS MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES





Since the company was delisted from the OTC Bulletin Board it only trades on the Other OTC or Pink Sheets under the symbol PNMS





The average high and low prices of the Company’s stock by quarters are given below:





1 st

Quarter


2 nd

Quarter


3 rd

Quarter


4 th

QuarterFor2010High


0.0003



0.0010



0.0010



0.0010Low


0.0001



0.0001



0.0001



0.0001





At the present time, there are no funds available for the payment of dividends. The Company also does not anticipate paying any dividends in the next twelve months.








Common Stock





On May 17, 2010, the Company performed a 1 for 10 reverse split of its common stock, which reduced the number of authorized shares from 6 billion shares to 600 million shares. On the same date, the Company increased the number of authorized shares from 600 million to 1.5 billion shares. The following paragraph reflects the number of shares after the reverse split and subsequent increase in authorized shares.





The Articles of Incorporation currently authorize the issuance of 1,500,000,000 shares of common stock, with a par value of $0.001.  The holders of the Shares: (a) have equal ratable rights to dividends from funds legally available therefore, when, as, and if declared by the Board of Directors of the Company; (b) are entitled to share ratably in all of the assets of the Company available for distribution upon winding up of the affairs of the Company; (c) do not have preemptive subscription or conversion rights and there are no redemption or sinking fund applicable thereto; and (d) are entitled to one non-cumulative vote per share on all matters on which shareholders may vote at all meetings of shareholders. These securities do not have any of the following rights: (a) cumulative or special voting rights; (b) preemptive rights to purchase in new issues of Shares; (c) preference as to dividends or interest; (d) preference upon liquidation; or (e) any other special rights or preferences.  In addition, the Shares are not convertible into any other security.  There are no restrictions on dividends under any loan other financing arrangements or otherwise.  As of December 31, 2010, the Company had 1,248,211,494 shares of common stock outstanding.





Non-Cumulative Voting.





The holders of shares of Common Stock of the Company do not have cumulative voting rights, which means that the holders of more than 50% of such outstanding Shares, voting for the election of directors, can elect all of the directors to be elected, if they so choose.  In such event, the holders of the remaining Shares will not be able to elect any of the Company's directors.





Preferred Stock





At December 1, 2010, no Preferred Stock is authorized or issued.





Share Purchase Warrants





At December 31, 2010, no share purchase warrants were outstanding.





Dividends.





The Company does not currently intend to pay cash dividends.  The Company's proposed dividend policy is to make distributions of its revenues to its stockholders when the Company's Board of Directors deems such distributions appropriate.  Because the Company does not intend to make cash distributions, potential shareholders would need to sell their shares to realize a return on their investment.  There can be no assurances of the projected values of the shares, nor can there be any guarantees of the success of the Company. A distribution of revenues will be made only when, in the judgment of the Company's Board of Directors, it is in the best interest of the Company's stockholders to do so.  The Board of Directors will review, among other things, the investment quality and marketability of the securities considered for distribution; the impact of a distribution of securities on its customers, joint venture associates, management contracts, other investors, financial institutions, and the Company's internal management, plus the tax consequences and the market effects of an initial or broader distribution of such securities.





Transfer Agent.





The Company continues to retain the services of Nevada Agency & Trust, 50 West Liberty Street, Suite 880, Reno, NV 89501, to act as transfer agent and registrar.





Recent Sales of Unregistered Securities


None





ITEM 6.  SELECTED FINANCIAL DATA





Not required by smaller reporting companies.





ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.





The Company will require minimal working capital for the next 12 months. Management believes that its working capital requirements over the next 12 months will be approximately $50,000 for general overhead and the development of new business.





ITEM 7A.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.





Not required by smaller reporting companies.





ITEM 8.  FINANCIAL STATEMENTS





CONTRARY TO THE RULES OF THE SEC, THE COMPANY’S FINANCIAL STATEMENTS INCLUDED IN THIS FILING HAVE NOT BEEN AUDITED BY AN INDEPENDENT PUBLIC ACCOUNTANT IN ACCORDANCE WITH PROFESSIONAL AUDITING STANDARDS FOR CONDUCTING SUCH AUDITS.








PANAMERSA CORPORATION





Balance Sheet


(unaudited)





December 31,

2010ASSETSCURRENT ASSETSCash on Hand

$
150Accounts Receivable


0Total Current Assets

$
150TOTAL ASSETS

$
150LIABILITIES & STOCKHOLDERS' EQUITYLIABILITIES

$
0Due to shareholders


41,021Total Liabilities

$
41,021STOCKHOLDERS' EQUITYCommon stock: $0.001 par value,1,500,000,000 shares authorized;1,248,211,494 shares issued andoutstanding


341,950Retained Earnings


(341,800
)Current deficit


(41,021
)Total Stockholders' Equity


(40,871
)TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$
150





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








PANAMERSA CORPORATION





Statement of Operations


(Unaudited)





For the Year Ended December 31, 2010





Revenues

$
315General & Administrative Expenses


(41,336
)Operating Income

$
(41,021
)Income Taxes & other expenses


0NET (LOSS)

$
(41,021
)NET LOSS PER SHARE

$
0WEIGHTED AVERAGE SHARES OUTSTANDING


1,248,211,494





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








PANAMERSA CORPORATION


Statements of Stockholders’ Equity




(Unaudited)




Common Stock

Shares


Common Stock

Amount


Retained Earnings

(Deficit)Balance at December 31, 2002


9,900,390


$
0


$
(337,500
)Net loss from operations December 31, 2003


-







(50,000
)Balance at December 31, 2003


9,900,390


$
0



(387,500
)Net loss from operations December 31, 2004


-



-



(50,000
)Balance at December 31, 2004


9,900,390


$
0



(437,500
)Common stock issued fordebt


10,000,000



10,000



-1000 to 1 reverse split


(19,880,490
)






-Common stock issued for debt


27,000,000



135,000



-Common stock issued forsubsidiaries


100,000,000



47,690



-50 to 1 forward split


6,223,990,700



-



-Common stock issued fordebt


1,278,000,000



230,000



-







PANAMERSA CORPORATION


Statements of Stockholders’ Equity (Continued)




(Unaudited)




Common Stock


Common Stock


Retained EarningsShares


Amount


(Deficit)Net income from operationsDecember 31, 2005


-



-



17,111Balance,at December 31, 2005


7,629,010,600


$
422,690


$
(420,389
)Sale of Subsidiary


(2,000,000,000
)


(2,080,740
)Issued to Fundacion Paypro


2,000,000,000



2,000,000Net income from operationsDecember 31, 2006


-


-



593,273Balance, at December 31, 2006


7,629,010,600


$
341,950



172,884Shares turned into Company as treasury shares by CEO


(2,000,000,000
)Net income from operationsDecember 31, 2007


-


-



(514,399
)Balanceat December 31, 2007


5,629,010,600


$
341,950



(341,515
)







PANAMERSA CORPORATION




Statements of Stockholders’ Equity (Continued)




(Unaudited)




Common Stock


Common Stock


Retained EarningsShares


Amount


(Deficit)Net income from operationsDecember 31, 2008


-


-



(344
)Balanceat December 31, 2008


5,629,010,600


$
341,950



(341,849
)Net income from operationsDecember 31, 2009


-


-



49Balance, at December 31, 2009


5,629,010,600


$
341,950



(341,800
)Effect of reverse split


(5,066,109,540
)Issuance of stock forservices rendered andother matters


685,310,434



-Net income from operationsDecember 31, 2010


-


-



(41,021
)Balance,at December 31, 2010


1,248,211,494


$
341,950


$
(341,800
)




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





Notes to the Financial Statements




NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES




a. Organization




PANAMERSA CORPORATION, (formerly known as Pay Pro, Inc.)  (the Company) was incorporated under the laws of the State of Nevada on October 16, 1988.




PANAMERSA Corporation (Pink Sheets:PNMS) is a holding company for a group of business enterprises which promotes the commercial integration of Latin America into the economic development of the Western Hemisphere. The Company  is engaged in global e-commerce and e-biz solutions offering interactive e-commerce and e-biz programs in addition to a range of goods and services online including: prepaid Debit cards; e-commerce merchant accounts; life insurance policies, gold transactions; telephony services, text messaging, VoIP, real estate investment participations, fixed and variable income real estate properties in Costa Rica and Panama, offshore financial services, asset management and protection; travel services, leisure, business, health, relocation services, and digital marketing services.




Investments in the above related industries are held by FUNDPAN with offices in Central America. The investments are not shown on these financial statements as all investments are contingent on certain future activities. Should the future events occur, the estimated value of these investments as of the date of these financial statements are approximately $100 million USD.




b. Accounting Method




The Company’s financial statements are prepared using the accrual basis of accounting.




c. Income Taxes




The Company has accumulated net operating loss carryovers of approximately $420,389. The estimated tax benefit of the net operating loss carryovers of $147,000 has been offset by a valuation allowance in full.




d. Unaudited Financial Statements




The accompanying financial statements are prepared without audit. They include all of the adjustments which in the opinion of management are necessary for a fair presentation in accordance with Generally Accepted Accounting Principles in the United States of America.









Notes to the Financial Statements (Continued)




NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)




e. Use of Estimates




The preparation financial statements in accordance with generally accepted accounting principles requires the use of estimates. Actual results may vary from those estimates.




f.
Use of equivalents




For purposes of financial statement presentation, the Company considers all highly liquid investments with a maturity of three months or less, from the date of purchase, to be cash equivalents.




g.
Accounts Receivable




The Company’s accounts receivable are net of the allowance for doubtful accounts.




h.
Fixed Assets




The Company is depreciating its office equipment over the estimated useful life of 5 years.




i.
Intangible Assets




The Company’s intangible assets are amortized over the estimated useful lives of 5 to 10 years. The intangible assets are made up of the cost of licenses and websites purchased by the Company.




j.   Earnings Per Share




Earnings Per Share: The basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss adjusted on an "as if converted" basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For the year ended December 31, 2010, there were no dilutive securities outstanding.







Notes to the Financial Statements (Continued)




NOTE 2- RELATED PARTY TRANSACTIONS-NOTES PAYABLE




The Company has received short term loans of operating funds. The notes are unsecured, non-interest bearing and due upon demand.




NOTE 3 – SIGNIFICANT TRANSACTIONS




The Board of Directors  approved a reverse split of its common stock on a 1 share for 10 shares basis, effective May 17, 2010. The financial statements reflect the reverse stock split. This effectively reduced the number of authorized shares from 6.0 billion shares to 600 million shares.




On May 17, 2010, after the reverse split mentioned above, the Board of Directors authorized the increase of authorized shares from 600 million shares to 1.5 billion shares.




Earnings Per Share: The basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss adjusted on an "as if converted" basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For the year ended December 31, 2010, there were no dilutive securities outstanding.





NOTE 4 - GOING CONCERN





As shown in the accompanying financial statements, the Company has incurred a current net loss of  $ 41,021 for the year ended December 31, 2010, and an Accumulated Deficit of Equity of $ 40,871 as of December 31, 2010. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management is trying to raise additional capital through sales of common stock as well as seeking financing from third parties. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.




ITEM 9.   CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE





None.










ITEM 9A. CONTROLS AND PROCEDURES





Evaluation of Our Disclosure Controls





Under the supervision and with the participation of our senior management, including our chief executive officer and chief financial officer, we conducted 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 amended (the “Exchange Act”), as of the end of the period covered by this annual report (the “Evaluation Date”).  Based on this evaluation, our chief executive officer and chief financial officer concluded as of the Evaluation Date that our disclosure controls and procedures has not been effective such that the information relating to us, required to be disclosed in our Securities and Exchange Commission (“SEC”) reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (ii) is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.





Management’s Report on Internal Control over Financial Reporting





Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control over financial reporting is designed to provide reasonable assurances regarding the reliability of financial reporting and the preparation of our financial statements in accordance with U.S. generally accepted accounting principles, or GAAP. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree or compliance with the policies or procedures may deteriorate.





With the participation of our Chief Executive and Financial Officer, our management conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, 2010, based on the framework in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). Based on our evaluation, management concluded that we did not maintain effective internal control over financial reporting as of December 31, 2010, based on the COSO framework criteria.





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







Limitations on Effectiveness of Controls and Procedures





Our management, including our Chief Executive and Financial Officer, does not expect that our disclosure controls and procedures or our internal controls will prevent all errors and all fraud. A 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 in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include, but are not limited to, the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of controls also is 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 conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.





Changes in Internal Control Over Financial Reporting





There have been no changes in our internal control over financial reporting that occurred during the quarter ended December 31, 2010, that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.




ITEM 9B. OTHER INFORMATION





None.








PART III





ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.





Directors and Executive Officers





The names and respective positions of the directors, officers, and significant employees of the Company are set forth below.





Mr. Jack Brown, Chairman of the Board and CEO, Director





Mr. Harry Williams, President, Director





Mr. James Finegan, Treasurer, Director





Mr. William D. Herron, Secretary, Director





Mr. Roy L. Phillips, Director





Mr. Edward J. Poznek, Director





Mr. Harry Ledbetter, Director





Code of Ethics





The Company intends to adopt a Code of Business Conduct and Ethics (“Code”) applicable to its officers, directors, and employees, which includes the principal executive officer and the principal financial officer The purpose of the Code will be to provide legal and ethical standards to deter wrongdoing and to promote:





(a) Honest and ethical conduct;


(b) Full, fair, accurate, timely and understandable disclosures


(c) Compliance with laws, rules, and regulations;


(d) Prompt internal reporting of violations of the Code; and


(e) Accountability for adherence to the Code.




ITEM 11.  EXECUTIVE COMPENSATION.





For 2010, no remuneration in the form of payroll, consulting fees and/or allowances was paid.





There are no annuity, pension or retirement benefits proposed to be paid to officers, directors or employees of the corporation in the event of retirement at normal retirement date pursuant to any presently existing plan provided or contributed to by the corporation or any of its subsidiaries.








ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS





The following table sets forth, as of the date of this annual report, the total number of shares owned beneficially by each of our directors, officers and key employees, individually and as a group, and the present owners of 5% or more of our total outstanding shares. The stockholders listed below have direct ownership of their shares and possess sole voting and dispositive power with respect to the shares.





Name and Address

Beneficial Ownership

(2)

Number of

Shares


Percentage of

Ownership (1)Jack Brown


82,000,000



6.57
%James Finegan


110,000,000



8.81
%William Herron


20,000,000



1.60
%Harry Williams


100,000,000



8.01
%Roy Phillips


45,000,000



3.61
%Chexcard International of Belize, Inc


326,638,913



26.17
%Cede & Co.


162,079,427



12.98
%Club Ritz


107,075,000



8.58
%





(1)
The percent of class is based on 1,248,211,494 shares of common stock issued and outstanding as of December 31, 2010.





(2)
As used herein, the term beneficial ownership with respect to a security is defined by Rule 13d-3 under the Securities Exchange Act of 1934 as consisting of sole or shared voting power (including the power to vote or direct the vote) and/or sole or shared investment power (including the power to dispose or direct the disposition of) with respect to the security through any contract, arrangement, understanding, relationship or otherwise, including a right to acquire such power(s) during the next 60 days.  Unless otherwise noted, beneficial ownership consists of sole ownership, voting and investment rights.





Securities Authorized for Issuance under Equity Compensation Plans





We have not adopted any equity compensation plans since our inception.









ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.  INCLUDE LIST OF DIRECTORS, COMMITTEES ON WHICH THEY SERVE AND IF THEY ARE INDEPENDENT DIRECTORS-





Other than as set forth in Item 7, there are no relationships, transactions, or proposed transactions to which the registrant was or is to be a party, in which any of the named persons set forth in Item 404 of Regulation SB had or is to have a direct or indirect material interest.




ITEM 14.  PRINCIPAL ACCOUNTANT FEES AND SERVICES.





1, 2, 3, 4.  None





5.
Audit Committee Pre-Approval Procedures.  The Board of Directors has not, to date, appointed an Audit Committee.










SIGNATURES





Pursuant to the requirements of Section 13 or 15(d) 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.





PANAMERSA CORPORATION





/s/James FineganJames Finegan, TreasurerDate:  June 22, 2011





Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.





/s/ James FineganJames Finegan, TreasurerDate:  June 22, 2011