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 **August 31, 2014**

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

For the transition period from ______________________ To______________________



CHUMA HOLDINGS, INC.

(Exact name of Registrant as specified in its charter)



|                                               |      |                       |      |                                  
|---------------------------------------------- | ---- | --------------------- | ---- | ---------------------------------
|**Nevada**                                     | **** | **000-53447**         | **** | **20-5893809**                   
|(State or other jurisdiction of incorporation) |      | (Commission File No.) |      | (IRS Employer Identification No.)



**350 N. Glendale Avenue, Suite B#212**

(Address of principal executive offices, including Zip Code)



Registrant's telephone number, including area code: (702) 751-8455



**CANNAMED CORPORATION**

(Former name or former address if changed since last report)



Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) had 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 [  ]    **No [X]**



Indicate by check mark whether the Registrant is a large accelerated filer, and 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 [ ] | **Smaller reporting** **company [ X ]**
|--------------------------- | --------------------- | ------------------------- | ---------------------------------------





(Do not check if a smaller reporting company)



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



APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:



Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes [   ]    No [   ]





|               |                        |                 
|-------------- | ---------------------- | ----------------
|Class of Stock | No. Shares Outstanding | Date            
|Common Stock   | 54,675,864             | October 29, 2014





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Table of Contents





|         |                                                                                       |     
|-------- | ------------------------------------------------------------------------------------- | ----
|         |                                                                                       | PAGE
|PART I.  | FINANCIAL INFORMATION                                                                 |     
|         |                                                                                       |     
|Item 1.  | Financial Statements                                                                  | 4   
|        
|Item 2.  | Managements Discussion and Analysis of Financial Condition and Results of Operations | 5   
|        
|Item 3.  | Quantitative and Qualitative Disclosures About Market Risk                            | 9   
|         |                                                                                       |     
|Item 4.  | Controls and Procedures                                                               | 9   
|         |                                                                                       |     
|PART II. | OTHER INFORMATION                                                                     |     
|         |                                                                                       |     
|Item 1.  | Legal Proceedings                                                                     | 10  
|         |                                                                                       |     
|Item 1A. | Risk Factors                                                                          | 10  
|         |                                                                                       |     
|Item 2.  | Unregistered Sales of Equity Securities and Use of Proceeds                           | 10  
|         |                                                                                       |     
|Item 3.  | Defaults Upon Senior Securities                                                       | 10  
|         |                                                                                       |     
|Item 4.  | Mine Safety Disclosures  Not Applicable                                              | 10  
|         |                                                                                       |     
|Item 5.  | Other Information                                                                     | 10  
|         |                                                                                       |     
|Item 6.  | Exhibits                                                                              | 11  





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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION



Certain statements in this report may constitute forward-looking statements that include information related to future events and future financial and operating performance. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: the ability of Chuma Holdings, Inc. to secure appropriate funding to implement its business plan, the demand for Chumas services, Chuma's ability to maintain customer and strategic business relationships, the regulation of legal cannabis on both state and federal levels, the impact of competitive products and pricing, and growth in targeted markets. Readers are cautioned not to place undue reliance on these forward-looking statements and readers should carefully review this 10-Q report in its entirety, including all other filings made by the Company with the SEC.  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.  These forward-looking statements speak only as of the date of this 10-Q report, and you should not rely on these statements without also considering the risks and uncertainties associated with these statements and our business.



Unless otherwise noted, references to Chuma, CHUM, the Company, we, our, or us means Chuma Holdings, Inc., a Nevada corporation.





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PART I  FINANCIAL INFORMATION

Item 1.

Financial Statements.



The unaudited financial statements of Chuma Holdings, Inc. follow. All currency references in this report are in US dollars unless otherwise noted.



Chuma Holdings Inc.

(formerly Cannamed Corporation)



August 31, 2014

(Expressed in US dollars)

(unaudited)





Index



Consolidated Balance Sheets

F-1



Consolidated Statements of Operations

F-2



Consolidated Statements of Cash Flows

F-3



Notes to the Consolidated Financial Statements

F-4









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Chuma Holdings Inc.

(formerly Cannamed Corporation)

Consolidated Balance Sheets

(Expressed in US dollars)



|                                                                                                                                        |                   |                    
|--------------------------------------------------------------------------------------------------------------------------------------- | ----------------- | -------------------
|                                                                                                                                        | August 31, 2014 $ | November 30, 2013 $
|                                                                                                                                        | (unaudited)       |                    
|ASSETS                                                                                                                                  |                   |                    
|                                                                                                                                        |                   |                    
|Current Assets                                                                                                                          |                   |                    
|                                                                                                                                        |                   |                    
|Cash                                                                                                                                    | 32,284            | 9,119              
|Amounts receivable (Note 5)                                                                                                             | 33,805            | 4,359              
|Loans receivable (Note 5)                                                                                                               | 41,306            |                   
|Due from related parties (Note 7)                                                                                                       | 13,391            |                   
|                                                                                                                                        |                   |                    
|Total Current Assets                                                                                                                    | 120,786           | 13,478             
|                                                                                                                                        |                   |                    
|Property and equipment (Note 3)                                                                                                         | 72                | 201                
|Loans receivable (Note 5)                                                                                                               | 698,824           |                   
|Oil and gas property (Note 4)                                                                                                           |                  | 2,188              
|                                                                                                                                        |                   |                    
|Total Assets                                                                                                                            | 819,682           | 15,867             
|                                                                                                                                        |                   |                    
|LIABILITIES AND STOCKHOLDERS DEFICIT                                                                                                   |                   |                    
|                                                                                                                                        |                   |                    
|Current Liabilities                                                                                                                     |                   |                    
|                                                                                                                                        |                   |                    
|Accounts payable                                                                                                                        | 91,694            | 43,963             
|Accrued liabilities                                                                                                                     | 97,761            | 75,303             
|Due to related parties (Note 7)                                                                                                         | 100               | 35,082             
|Loans payable (Note 6)                                                                                                                  | 728,826           | 619,483            
|                                                                                                                                        |                   |                    
|Total Current Liabilities                                                                                                               | 918,381           | 773,831            
|                                                                                                                                        |                   |                    
|Loans payable (Note 6)                                                                                                                  | 10,000            | 80,000             
|                                                                                                                                        |                   |                    
|Total Liabilities                                                                                                                       | 928,381           | 853,831            
|                                                                                                                                        |                   |                    
|                                                                                                                                        |                   |                    
|Nature of Operations and Continuance of Business (Note 1) Subsequent Events (Note 12)                                                   |                   |                    
|                                                                                                                                        |                   |                    
|Stockholders Deficit                                                                                                                   |                   |                    
|                                                                                                                                        |                   |                    
|Preferred stock, 20,000,000 shares authorized, $0.0001 par value; 1,000,000 shares issued and outstanding                               | 100               | 100                
|                                                                                                                                        |                   |                    
|Common stock, 1,000,000,000 shares authorized, $0.0001 par value; 54,675,864 and 52,655,864 shares issued and outstanding, respectively | 5,468             | 5,266              
|                                                                                                                                        |                   |                    
|Additional paid-in capital                                                                                                              | 10,514,339        | 9,147,297          
|                                                                                                                                        |                   |                    
|Accumulated deficit                                                                                                                     | (10,628,606)      | (9,990,627)        
|                                                                                                                                        |                   |                    
|Total Stockholders Deficit                                                                                                             | (108,699)         | (837,964)          
|                                                                                                                                        |                   |                    
|Total Liabilities and Stockholders Deficit                                                                                             | 819,682           | 15,867             



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



F-1

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Chuma Holdings Inc.

(formerly Cannamed Corporation)

Consolidated Statements of Operations

(Expressed in US dollars)

(unaudited)



|                                            |                            |                            |                           |                          
|------------------------------------------- | -------------------------- | -------------------------- | ------------------------- | -------------------------
|                                            | For the Three Months Ended | For the Three Months Ended | For the Nine Months Ended | For the Nine Months Ended
|                                            | August 31,                 | August 31,                 | August 31,                | August 31,               
|                                            | 2014                       | 2013                       | 2014                      | 2013                     
|                                            | $                          | $                          | $                         | $                        
|                                            |                            |                            |                           |                          
|Revenue                                     | 33,500                     |                           | 33,500                    |                         
|                                            |                            |                            |                           |                          
|Operating Expenses                          |                            |                            |                           |                          
|                                            |                            |                            |                           |                          
|Depreciation                                | 43                         | 90                         | 129                       | 818                      
|General and administrative (Notes 7 and 9)  | 497,071                    | 14,997                     | 658,265                   | 68,750                   
|                                            |                            |                            |                           |                          
|Total Operating Expenses                    | 497,114                    | 15,087                     | 658,394                   | 69,568                   
|                                            |                            |                            |                           |                          
|Operating Loss                              | (463,614)                  | (15,087)                   | (624,894)                 | (69,568)                 
|                                            |                            |                            |                           |                          
|Other Income (Expense)                      |                            |                            |                           |                          
|                                            |                            |                            |                           |                          
|Interest income                             | 11,864                     | 1,908                      | 11,864                    | 5,648                    
|Interest expense                            | (7,686)                    | (7,148)                    | (22,738)                  | (21,291)                 
|                                            |                            |                            |                           |                          
|Total Other Income (Expense)                | 4,178                      | (5,240)                    | (10,874)                  | (15,643)                 
|                                            |                            |                            |                           |                          
|Loss from Continuing Operations             | (459,436)                  | (20,327)                   | (635,768)                 | (85,211)                 
|                                            |                            |                            |                           |                          
|Discontinued Operations (Note 11)           |                            |                            |                           |                          
|                                            |                            |                            |                           |                          
|Loss from discontinued operations           |                           | (17)                       | (23)                      | (236)                    
|Loss on disposal of discontinued operations |                           |                           | (2,188)                   |                         
|                                            |                            |                            |                           |                          
|Loss on Discontinued Operations             |                           | (17)                       | (2,211)                   | (236)                    
|                                            |                            |                            |                           |                          
|Net Loss and Comprehensive Loss             | (459,436)                  | (20,344)                   | (637,979)                 | (85,447)                 
|                                            |                            |                            |                           |                          
|Net Loss Per Share  Basic and Diluted      | (0.01)                     |                           | (0.01)                    |                         
|                                            |                            |                            |                           |                          
|Weighted Average Shares Outstanding         | 54,351,299                 | 52,656,000                 | 53,225,134                | 52,656,000               



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



F-2

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Chuma Holdings Inc.

(formerly Cannamed Corporation)

Consolidated Statements of Cash Flows

(Expressed in US dollars)

(unaudited)

|                                                                            |                                             |                                            
|--------------------------------------------------------------------------- | ------------------------------------------- | -------------------------------------------
|                                                                            | For the Nine Months Ended August 31, 2014 $ | For the Nine Months Ended August 31, 2013 $
|                                                                            |                                             |                                            
|Operating Activities                                                        |                                             |                                            
|                                                                            |                                             |                                            
|Net loss                                                                    | (637,979)                                   | (85,447)                                   
|                                                                            |                                             |                                            
|Adjustments to reconcile net loss to net cash used in operating activities: |                                             |                                            
|Accrued management fee income                                               | (17,500)                                    |                                           
|Discontinued operations                                                     | 2,188                                       | 2                                          
|Depreciation                                                                | 129                                         | 818                                        
|Gain on foreign currency translation                                        | (657)                                       | (1,324)                                    
|Stock-based compensation                                                    | 357,244                                     |                                           
|                                                                            |                                             |                                            
|Changes in operating assets and liabilities:                                |                                             |                                            
|Amounts receivable                                                          | (29,446)                                    | 307                                        
|Prepaid expenses                                                            |                                            | 325                                        
|Accounts payable                                                            | 47,731                                      | (11,997)                                   
|Accrued liabilities                                                         | 22,458                                      | 19,758                                     
|Due to related parties                                                      | (20,573)                                    | 22,116                                     
|                                                                            |                                             |                                            
|Net Cash Used in Operating Activities                                       | (276,405)                                   | (55,442)                                   
|                                                                            |                                             |                                            
|Investing Activities                                                        |                                             |                                            
|                                                                            |                                             |                                            
|Advances of loans receivable                                                | (724,330)                                   |                                           
|Repayments of loans receivable                                              | 1,700                                       |                                           
|                                                                            |                                             |                                            
|Net Cash Used in Investing Activities                                       | (722,630)                                   |                                           
|                                                                            |                                             |                                            
|Financing Activities                                                        |                                             |                                            
|                                                                            |                                             |                                            
|Proceeds from issuance of common stock                                      | 1,010,000                                   |                                           
|Proceeds from loans payable                                                 | 40,000                                      | 134,935                                    
|Repayment of loans payable                                                  |                                            | (38,600)                                   
|Repayment of related party loans                                            | (27,800)                                    | (44,861)                                   
|                                                                            |                                             |                                            
|Net Cash Provided by Financing Activities                                   | 1,022,200                                   | 51,474                                     
|                                                                            |                                             |                                            
|Increase (Decrease) in Cash                                                 | 23,165                                      | (3,968)                                    
|                                                                            |                                             |                                            
|Cash, Beginning of Period                                                   | 9,119                                       | 14,093                                     
|                                                                            |                                             |                                            
|Cash, End of Period                                                         | 32,284                                      | 10,125                                     
|                                                                            |                                             |                                            
|Supplemental Disclosures                                                    |                                             |                                            
|                                                                            |                                             |                                            
|Interest paid                                                               |                                            | 1,236                                      
|Income taxes paid                                                           |                                            |                                           



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



F-3

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Chuma Holdings Inc.

(formerly Cannamed Corporation)

Notes to the Consolidated Financial Statements

August 31, 2014

(Expressed in US dollars)







|1. | Nature of Operations and Continuance of Business
|-- | ------------------------------------------------



Chuma Holdings Inc. (the Company) was incorporated in the State of Nevada on February 14, 2006 under the name XTOL Energy Inc. On October 11, 2007, the Company changed its name to LAUD Resources Inc. On June 23, 2008, the Company changed its name from LAUD Resources Inc. to MASS Petroleum Inc. On March 6, 2014, the Company changed its name from MASS Petroleum Inc. to Dyna Nutra, Inc. On April 7, 2014, the Company changed its name from Dyna Nutra, Inc. to Cannamed Corporation. On August 29, 2014, the Company changed its name from Cannamed Corporation to Chuma Holdings Inc. The Companys principal business was formerly the acquisition and exploration of oil and gas properties located in the United States until the sale of its sole oil and gas property on May 30, 2014. The Companys current principal operations are to offer turnkey support services for the legal cannabis industry and loans to select industry participants. Some of the support services to be offered include compliance consulting, security services, bookkeeping and financial services.



These consolidated financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has not generated significant revenues since inception and is unlikely to generate significant earnings in the immediate future. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. As at August 31, 2014, the Company has a working capital deficit of $797,595 and has accumulated losses totaling $10,628,606 since inception. These factors raise substantial doubt regarding the Companys ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.





F-4

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Chuma Holdings Inc.

(formerly Cannamed Corporation)

Notes to the Consolidated Financial Statements

August 31, 2014

(Expressed in US dollars)







|2. | Summary of Significant Accounting Policies
|-- | ------------------------------------------





| | (a) | Principles of Consolidation
| | --- | ---------------------------



The consolidated financial statements for the period ending August 31, 2014 includes the accounts of the Company, 1849 Holdings, Inc., the Companys wholly owned subsidiary, and Cal-Westridge, LLC (Cal-West), a wholly owned subsidiary of 1849 Holdings, Inc., effective April 29, 2014. All intercompany transactions and balances have been eliminated on consolidation.





| | (b) | Basis of Presentation
| | --- | ---------------------



These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in US dollars. The Companys fiscal year-end is November 30. On August 12, 2014, the Company incorporated a wholly-owned subsidiary, Chuma Holdings, Inc., for the sole purpose of effecting a change of name. On August 12, 2014, the Company approved an agreement and plan of merger to merge with its wholly-owned subsidiary. The Company remains the surviving company. The name change has been approved with an effective date of August 29, 2014.





| | (c) | Interim Financial Statements
| | --- | ----------------------------



These interim unaudited consolidated financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Companys financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period.





| | (d) | Use of Estimates
| | --- | ----------------



The preparation of financial statements in conformity with US generally accepted accounting principles 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 and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the collectability of amounts receivable and loans receivable, useful life and recoverability of long-lived assets, fair value of stock-based compensation, and deferred income tax valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Companys estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.





| | (e) | Cash and Cash Equivalents
| | --- | -------------------------



The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents.



F-5

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Chuma Holdings Inc.

(formerly Cannamed Corporation)

Notes to the Consolidated Financial Statements

August 31, 2014

(Expressed in US dollars)





|2. | Summary of Significant Accounting Policies (continued)
|-- | ------------------------------------------------------





| | (f) | Oil and Gas Properties
| | --- | ----------------------



The Company utilizes the full-cost method of accounting for petroleum and natural gas properties. Under this method, the Company capitalizes all costs associated with acquisition, exploration, and development of oil and natural gas reserves, including leasehold acquisition costs, geological and geophysical expenditures, lease rentals on undeveloped properties and costs of drilling of productive and non-productive wells into the full cost pool on a country-by-country basis. When the Company obtains proven oil and gas reserves, capitalized costs, including estimated future costs to develop the reserves proved and estimated abandonment costs, net of salvage, will be depleted on the units-of-production method using estimates of proved reserves. The costs of unproved properties are not amortized until it is determined whether or not proved reserves can be assigned to the properties. Until such determination is made, the Company assesses annually whether impairment has occurred, and includes in the amortization base drilling exploratory dry holes associated with unproved properties.



The Company applies a ceiling test to the capitalized cost in the full cost pool. The ceiling test limits such cost to the estimated present value, using a ten percent discount rate, of the future net revenue from proved reserves based on current economic and operating conditions. Specifically, the Company computes the ceiling test so that capitalized cost, less accumulated depletion and related deferred income tax, do not exceed an amount (the ceiling) equal to the sum of: The present value of estimated future net revenue computed by applying current prices of oil and gas reserves (with consideration of price changes only to the extent provided by contractual arrangements) to estimated future production of proved oil and gas reserves as of the date of the latest balance sheet presented, less estimated future expenditures (based on current cost) to be incurred in developing and producing the proved reserves computed using a discount factor of ten percent and assuming continuation of existing economic conditions; plus the cost of property not being amortized; plus the lower of cost or estimated fair value of unproven properties included in the costs being amortized; less income tax effects related to differences between the book and tax basis of the property. For unproven properties, the Company excludes from capitalized costs subject to depletion, all costs directly associated with the acquisition and evaluation of the unproved property until it is determined whether or not proved reserves can be assigned to the property. Until such a determination is made, the Company assesses the property at least annually to ascertain whether impairment has occurred. In assessing impairment the Company considers factors such as historical experience and other data such as primary lease terms of the property, average holding periods of unproved property, and geographic and geologic data. The Company adds the amount of impairment assessed to the cost to be amortized subject to the ceiling test. During the period ended May 31, 2014, the Company discontinued its operations in oil and gas properties.





| | (g) | Asset Retirement Obligations
| | --- | ----------------------------



The Company follows the provisions of ASC 410, Asset Retirement and Environmental Obligations, which establishes standards for the initial measurement and subsequent accounting for obligations associated with the sale, abandonment or other disposal of long-lived tangible assets arising from the acquisition, construction or development and for normal operations of such assets. As at August 31, 2014 and November 30, 2013, the Company did not have any asset retirement obligations.





| | (h) | Property and Equipment
| | --- | ----------------------



Property and equipment consists of computer hardware, and is recorded at cost and amortized on a straight-line basis over its estimated life of three years.





| | (i) | Long-lived Assets
| | --- | -----------------



In accordance with ASC 360, Property, Plant, and Equipment, the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value.



F-6

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Chuma Holdings Inc.

(formerly Cannamed Corporation)

Notes to the Consolidated Financial Statements

August 31, 2014

(Expressed in US dollars)





|2. | Summary of Significant Accounting Policies (continued)
|-- | ------------------------------------------------------



| | (j) | Revenue Recognition
| | --- | -------------------



The Company recognizes oil and gas revenue when production is sold at a fixed or determinable price, persuasive evidence of an arrangement exists, delivery has occurred and title has transferred, and collectability is reasonably assured.



The Company recognizes management fee income when fees are at a fixed or determinable price, persuasive evidence of an arrangement exists, services have been provided, and collectability is reasonably assured.



| | (k) | Stock-based Compensation
| | --- | ------------------------



The Company records stock-based compensation in accordance with ASC 718, Compensation  Stock Compensationand ASC 505, Equity Based Payments to Non-Employees,which requires the measurement and recognition of compensation expense based on estimated fair values for all share-based awards made to employees and directors, including stock options.



ASC 718 requires company to estimate the fair value of share-based awards on the date of grant using an option-pricing model. The Company uses the Black-Scholes option pricing model as its method of determining fair value. This model is affected by the Companys stock price as well as assumptions regarding a number of subjective variables. These subjective variables include, but are not limited to the Companys expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviours. The value of the portion of the award that is ultimately expected to vest is recognized as an expense in the statement of operations over the requisite service period.



All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.



| | (l) | Loss Per Share
| | --- | --------------



The Company computes loss per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing the loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.



| | (m) | Comprehensive Loss
| | --- | ------------------



ASC 220, Comprehensive Income, establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As at August 31, 2014 and November 30, 2013, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the financial statements.



| | (n) | Foreign Currency Translation
| | --- | ----------------------------



The Companys functional and reporting currency is the United States dollar. Transactions may occur in a foreign currency and management has adopted ASC 830, Foreign Currency Translation Matters. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate revenues and expenses. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income.



F-7

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Chuma Holdings Inc.

(formerly Cannamed Corporation)

Notes to the Consolidated Financial Statements

August 31, 2014

(Expressed in US dollars)



|2. | Summary of Significant Accounting Policies (continued)
|-- | ------------------------------------------------------



| | (o) | Financial Instruments and Fair Value Measures
| | --- | ---------------------------------------------



ASC 820, Fair Value Measurements and Disclosures,requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instruments categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:



Level 1



Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.



Level 2



Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.



Level 3



Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.



The Companys financial instruments consist principally of cash, amounts receivable, loans receivable, accounts payable, amounts due from and to related parties, and loans payable. Pursuant to ASC 820, Fair Value Measurements and Disclosures and ASC 825, Financial Instruments, the fair value of our cash equivalents is determined based on Level 1 inputs, which consist of quoted prices in active markets for identical assets. The Company believes that the recorded values of all of the other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.



The Company has transactions in both Canada and the United States, which results in exposure to market risks from changes in foreign currency rates.  The Companys function currency is the United States dollar. The financial risk is the risk to the Companys operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these rates.  Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk.





| | (p) | Recent Accounting Pronouncements
| | --- | --------------------------------



The Company has limited operations and is considered to be in the development stage. During the period ended August 31, 2014, the Company elected to early adopt Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this ASU allows the Company to remove the inception to date information and all references to development stage.



The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.



F-8

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Chuma Holdings Inc.

(formerly Cannamed Corporation)

Notes to the Consolidated Financial Statements

August 31, 2014

(Expressed in US dollars)





|3. | Property and Equipment
|-- | ----------------------

|                  |        |                            |                                      |                                       
|----------------- | ------ | -------------------------- | ------------------------------------ | --------------------------------------
|                  | Cost $ | Accumulated Depreciation $ | August 31, 2014 Net Carrying Value $ | November 30, 2013 Net Carrying Value $
|                  |        |                            |                                      |                                       
|Computer hardware | 4,454  | 4,382                      | 72                                   | 201                                   



|4. | Oil and Gas Property
|-- | --------------------

|                   |  |  |                                      |                                       
|------------------ |  |  | ------------------------------------ | --------------------------------------
|                   |  |  | August 31, 2014 Net Carrying Value $ | November 30, 2013 Net Carrying Value $
|                   |  |  |                                      |                                       
|Proved Property    |  |  |                                      |                                       
|                   |  |  |                                      |                                       
|Acquisition Costs  |  |  | 34,038                               | 34,038                                
|Depletion          |  |  | (27,303)                             | (27,303)                              
|Impairment         |  |  | (4,547)                              | (4,547)                               
|Disposal           |  |  | (2,188)                              |                                      
|                   |  |  |                                      |                                       
|Net Carrying Value |  |  |                                     | 2,188                                 

On August 1, 2006, the Company acquired a 2.34% non-operating interest in three oil and gas wells located in Oklahoma for $34,038.

On May 30, 2014, the Company entered into an Assignment and Conveyance of Oil and Gas Leases (the Assignment). Under the Assignments terms, the Company assigned and transferred all of its rights, title and 2.34% interest in and to the oil and gas leases located in Oklahoma in consideration for $10. As a result of the Assignment, the Company no longer owns or has interests in oil and gas properties. During the period ended August 31, 2014, the Company recognized a loss of $2,188 on disposal of the oil and gas assets.





F-9

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Chuma Holdings Inc.

(formerly Cannamed Corporation)

Notes to the Consolidated Financial Statements

August 31, 2014

(Expressed in US dollars)





|5. | Loans Receivable
|-- | ----------------



| | (a) | On June 27, 2012, the Company entered into a bridge loan agreement with D-Helix Inc. (D-Helix), whereby the Company agreed to lend $75,000 to D-Helix. Under the terms of the agreement, the principal amount will be due and payable on the earlier of September 30, 2012 or within ten business days of the closing of a potential share exchange agreement between the Company and D-Helix. The loan is unsecured, bears interest at 10% per annum, and is payable in quarterly installments from September 30, 2012. As of November 30, 2013, the Company recorded a full allowance on the principal amount and accrued interest due to uncertainty of future collection of the loan receivable.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (b) | On June 25, 2014, Cal-West received a secured promissory note from 20 Bear, LLC (20 Bear), effective as of May 29, 2014, in the principal amount of $41,865 to acquire agricultural real estate in California which is secured against the promissory note. The note bears interest at 10% per annum and is due on January 15, 2025, with monthly payments of $589 commencing on January 15, 2015. As at August 31, 2014, the Company has recognized accrued interest receivable of $1,082.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (c) | On June 25, 2014, Cal-West received a secured promissory note from Cal-Southridge, LLC (Southridge), effective as of June 2, 2014, in the principal amount of $66,380 to acquire agricultural real estate in California which is secured against the promissory note. The note bears interest at 10% per annum and is due on January 15, 2025, with monthly payments of $933 commencing on January 15, 2015. As at August 31, 2014, the Company has recognized accrued interest receivable of $1,642.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (d) | On June 25, 2014, Cal-West received a secured installment note from Orange County Growers Association (OCGA) in the principal amount of $160,000. The installment note is secured by OCGAs interest in machinery, equipment, fixtures, appliances and other assets, bears interest at 10% per annum commencing November 30, 2014, and is due on November 30, 2017, with monthly payments of $5,388 commencing on November 30, 2014. OCGA owns and operates a California medical marijuana dispensary properly organized under the California Attorney Generals guidelines. As at August 31, 2014, the Company has advanced $139,873 under this secured installment note.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (e) | On June 25, 2014, Cal-West received a secured promissory note from Rattlesnake Pine, LLC (Rattlesnake), effective as of May 22, 2014, in the principal amount of $122,039 to acquire agricultural real estate in California which is secured against the promissory note. The note bears interest at 10% per annum and is due on January 15, 2025, with monthly payments of $1,721 commencing on January 15, 2015. As at August 31, 2014, the Company has recognized accrued interest receivable of $3,392.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (f) | On June 25, 2014, Cal-West received a secured promissory note from 50 Bear, LLC (50 Bear), effective as of May 29, 2014, in the principal amount of $99,789 to acquire agricultural real estate in California which is secured against the promissory note. The note bears interest at 10% per annum and is due on January 15, 2025, with monthly payments of $1,404 commencing on January 15, 2015. As at August 31, 2014, the Company has recognized accrued interest receivable of $2,579.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (g) | On June 25, 2014, Cal-West received a secured promissory note from 3180 Dips, LLC (3180), effective as of June 9, 2014, in the principal amount of $74,309 to acquire agricultural real estate in California which is secured against the promissory note. The note bears interest at 10% per annum and is due on January 15, 2025, with monthly payments of $1,042 commencing on January 15, 2015. As at August 31, 2014, the Company has recognized accrued interest receivable of $1,693.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (h) | On July 18, 2014, Cal-West received a secured promissory note from Horizons Partners, LLC (Horizons) in the principal amount of $148,075. The note is unsecured, bears interest at 6% per annum, and is due on July 18, 2016. During the nine months ended August 31, 2014, the Company received payment of $1,700 against the note. As at August 31, 2014, the Company has recognized accrued interest receivable of $1,071.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (i) | On May 30, 2014, the Company entered into leasing and property management agreements with each of 20 Bear, Southridge, Rattlesnake, 50 Bear, and 3180 (collectively, the Owners). Under the terms of these Agreements, the Company agreed to manage various properties on behalf of the Owners in consideration for monthly management fees of $1,167 per month for an initial term of five years. Beginning as of the effective date of the Agreements and continuing for a period not exceeding 24 months, the management fees may be payable pursuant to revolving promissory notes entered into with each Owner. As at August 31, 2014, the Company has advanced an aggregate of $25,500 for management fees secured under these notes and has recognized accrued interest receivable of $211.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (j) | On July 8, 2014, the Company entered into lease agreements with each of 2131 Inc., 3231 Inc., 5301 Inc., 7141 Inc., and 5621 Inc. (collectively, the Tenants) on behalf of each the Owners. Under the terms of these Agreements, the Company agreed to lease out the Owners various properties on behalf of the Owners to the Tenants for an initial term of five years. Beginning as of the effective date of the Agreements and continuing for a period not exceeding 24 months, rent may be payable pursuant to revolving promissory notes entered into with each Tenant. As at August 31, 2014, the Company has advanced an aggregate of $24,000 for leasehold improvements secured under these notes and has recognized accrued interest receivable of $193.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

F-10



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Chuma Holdings Inc.

(formerly Cannamed Corporation)

Notes to the Consolidated Financial Statements

August 31, 2014

(Expressed in US dollars)





|6. | Loans Payable
|-- | -------------







| | (a) | On July 6, 2009, the Company entered into a loan agreement for $7,500 which is payable on the earlier of July 15, 2010 or within seven days of the Company completing a financing in excess of $800,000. The amount owing is unsecured and bears interest at 5% per annum. On June 15, 2011, the Company did not repay the note and the note became due on demand.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (b) | On July 14, 2009, the Company entered into a loan agreement for $15,000 which is payable on the earlier of July 15, 2010 or within seven days of the Company completing a financing in excess of $800,000. The amount owing is unsecured and bears interest at 5% per annum. On July 15, 2010, the loan was extended to June 15, 2011.On June 15, 2011, the Company did not repay the note and the note became due on demand.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (c) | On July 17, 2009, the Company entered into a loan agreement for $5,000 which is payable on the earlier of July 15, 2010 or within seven days of the Company completing a financing in excess of $800,000. The amount owing is unsecured and bears interest at 5% per annum. On July 15, 2010, the loan was extended to June 15, 2011.On June 15, 2011, the Company did not repay the note and the note became due on demand.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (d) | On September 9, 2009, the Company entered into a loan agreement for $7,000 which is payable on the earlier of September 9, 2011 or within seven days of the Company completing a financing in excess of $800,000. The amount owing is unsecured and bears interest at 5% per annum. On September 9, 2011, the Company did not repay the note and the note became due on demand.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (e) | On September 24, 2009, the Company entered into a loan agreement for $13,000 which is payable on the earlier of September 24, 2011 or within seven days of the Company completing a financing in excess of $800,000. The amount owing is unsecured and bears interest at 5% per annum. On September 24, 2011, the Company did not repay the note and the note became due on demand.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (f) | On October 5, 2009, the Company entered into a loan agreement for $30,000 which is payable on the earlier of October 5, 2012 or within seven days of the Company completing a financing in excess of $800,000. The amount owing is unsecured and bears interest at 5% per annum. On March 22, 2012, the Company issued 22,500,000 shares of common stock at a fair value of $5,625,000 to settle $22,500 of the loan, resulting in a loss of $5,602,500 on settlement of debt.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (g) | On December 17, 2009, the Company entered into a loan agreement for $10,000 which is payable on the earlier of December 17, 2012 or within seven days of the Company completing a financing in excess of $800,000. The amount owing is unsecured and bears interest at 5% per annum. On December 17, 2012, the Company did not repay the note and the note became due on demand.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (h) | On January 12, 2010, the Company entered into a loan agreement for $6,500 which is payable on the earlier of January 12, 2011 or within 7 days of the Company completing a financing in excess of $800,000. The amount owing is unsecured and bears interest at 2% per annum. On January 12, 2011, the Company extended the maturity date of the loan to June 15, 2011. On June 15, 2011, the Company did not repay the note and the note became due on demand.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (i) | On January 20, 2010, the Company entered into a loan agreement for $10,000 which is payable on the earlier of January 20, 2012 or within seven days of the Company completing a financing in excess of $800,000. The amount owing is unsecured and bears interest at 5% per annum. On January 20, 2012, the Company did not repay the note and the note became due on demand.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (j) | On January 21, 2010, the Company entered into a loan agreement for $1,500 which is payable on the earlier of January 21, 2012 or within 7 days of the Company completing a financing in excess of $800,000. The amount owing is unsecured and bears interest at 5% per annum. On January 21, 2012, the Company did not repay the note and the note became due on demand.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (k) | On March 25, 2010, the Company entered into a loan agreement for $20,000 which is payable on the earlier of March 25, 2012 or within seven days of the Company completing a financing in excess of $800,000. The amount owing is unsecured and bears interest at 5% per annum. On March 25, 2012, the Company did not repay the note and the note became due on demand.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



F-11

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Chuma Holdings Inc.

(formerly Cannamed Corporation)

Notes to the Consolidated Financial Statements

August 31, 2014

(Expressed in US dollars)





|6. | Loans Payable (continued)
|-- | -------------------------



| | (l) | On May 5, 2010, the Company entered into a loan agreement for $90,000 which is payable on the earlier of May 5, 2012 or within seven days of the Company completing a financing in excess of $800,000. The amount owing is unsecured and bears interest at 5% per annum. On May 5, 2012, the Company did not repay the note and the note became due on demand.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (m) | On July 16, 2010, the Company entered into a loan agreement for $20,000 which is payable on the earlier of July 1, 2012 or within seven days of the Company completing a financing in excess of $800,000. The amount owing is unsecured and bears interest at 5% per annum. On July 1, 2012, the Company did not repay the note and the note became due on demand.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (n) | On December 2, 2010, the Company entered into a loan agreement for $10,000 which is payable on the earlier of December 5, 2012 or within seven days of the Company completing a financing in excess of $800,000. The amount owing is unsecured and bears interest at 5% per annum. On December 5, 2012, the Company did not repay the note and the note became due on demand.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (o) | On March 15, 2011, the Company received a loan of $29,300, which is payable on the earlier of March 15, 2012 or within 7 days of the Company completing a financing in excess of $1,500,000. The amount owing is unsecured and bears interest at 5% per annum. On March 15, 2012, the Company did not repay the note and the note became due on demand.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (p) | On March 23, 2011, the Company entered into a loan agreement for $20,000 which is payable on the earlier of September 23, 2011 or within 7 days of the Company completing a financing in excess of $800,000. The amount owing is unsecured and bears interest at 5% per annum. On September 23, 2011, the Company did not repay the note and the note became due on demand.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (q) | On July 19, 2011, the Company entered into a loan agreement for $25,000 which is payable on the earlier of July 19, 2012 or within 7 days of the Company completing a financing in excess of $800,000. The amount owing is unsecured and bears interest at 5% per annum. On July 19, 2012, the Company did not repay the note and the note became due on demand.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (r) | On August 31, 2011, the Company entered into a loan agreement for $75,000 which is payable on the earlier of August 31, 2012 or within seven days of the Company completing a financing in excess of $800,000. The amount owing is unsecured and bears interest at 5% per annum. On August 31, 2012, the Company did not repay the note and the note became due on demand.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (s) | On November 14, 2011, the Company entered into a loan agreement for $12,500 which is payable on the earlier of November 14, 2012 or within seven days of the Company completing a financing in excess of $800,000. The amount owing is unsecured and bears interest at 5% per annum. On November 14, 2012, the Company did not repay the note and the note became due on demand.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (t) | On February 29, 2012, the Company entered into a loan agreement for $15,000 which is payable on the earlier of February 28, 2013 or within seven days of the Company completing a financing in excess of $800,000. The amount owing is unsecured, bearing interest at 5% per annum. On February 28, 2013, the Company did not repay the note and the note became due on demand.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (u) | On June 29, 2012, the Company entered into a loan agreement for proceeds of $75,000. The amount owing is unsecured, non-interest bearing, and due on demand.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (v) | On August 29, 2012, the Company entered into a loan agreement for $61,500 which is payable on the earlier of August 29, 2014 or within ten days of the Company completing a financing in excess of $2,000,000. On August 29, 2014, the Company did not repay the note and the note became due on demand.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (w) | On November 2, 2012, the Company entered into a loan agreement for $27,591 (Cdn$30,000) which is payable on the earlier of November 2, 2014 or within ten days of the Company completing a financing in excess of $2,000,000. The amount owing is unsecured and bears interest at 5% per annum.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (x) | On December 24, 2012, the Company entered into a loan agreement for $80,000 which is payable on the earlier of December 24, 2014 or within seven days of the Company completing a financing in excess of $2,000,000. The amount owing is unsecured and bears interest at 5% per annum.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (y) | On July 30, 2013, the Company entered into a loan agreement for proceeds of $54,935. The amount owing is unsecured, non-interest bearing, and due on demand.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (z) | On December 20, 2013, the Company entered into a loan agreement for $30,000 which is payable on the earlier of December 31, 2014 or within ten days of the Company completing a financing in excess of $2,000,000. The amount owing is unsecured and bears interest at 5% per annum.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (aa) | On February 6, 2014, the Company entered into a loan agreement for $10,000 which is payable on the earlier of February 6, 2016 or within ten days of the Company completing a financing in excess of $2,000,000. The amount owing is unsecured and bears interest at 5% per annum.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

F-12

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Chuma Holdings Inc.

(formerly Cannamed Corporation)

Notes to the Consolidated Financial Statements

August 31, 2014

(Expressed in US dollars)



7. Related Party Transactions



| | (a) | During the nine months ended August 31, 2014, the Company incurred $4,597 (2013 - $8,840) of management fees to the former Chief Financial Officer (CFO) of the Company and a company controlled by the former CFO of the Company. As at August 31, 2014, the Company is owed $966 (Cdn$1,050) (November 30, 2013  indebted for $6,189 (Cdn$6,573)) from the company controlled by the former CFO of the Company.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (b) | On December 4, 2009, the Company entered into a loan agreement with the former President and current Chief Executive Officer (CEO) of the Company for $7,000 which is payable on the earlier of December 4, 2010 or within seven days of the Company completing a financing in excess of $800,000. The amount is unsecured and bears interest at 5% per annum. On December 4, 2010, the Company extended the maturity date of the loan to December 4, 2013. On August 26, 2011, the Company repaid $2,000 of the loan by issuance of 20,000 common shares at $0.0001 per share resulting in a loss on settlement of $52,000.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (c) | During the nine months ended August 31, 2014, the Company incurred $15,000 (2013 - $nil) of management fees to the former President and current CEO of the Company. As at August 31, 2014, the former President and current CEO of the Company owed $12,313 to the Company (November 30, 2013  $23,893 owed from). These amounts are unsecured, non-interest bearing, and due on demand.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (d) | During the nine months ended August 31, 2014, the Company incurred $4,000 (2013 - $nil) of management fees to the Vice President of Finance of the Company. As at August 31, 2014, the Vice President of Finance owed $112 to the Company (November 30, 2013  $nil). The amount is unsecured, non-interest bearing, and due on demand.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (e) | As at August 31, 2014, the Company owed $100 (November 30, 2013  $nil) to the CFO of the Company. The amount is unsecured, non-interest bearing, and due on demand.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------





|8. | Share Capital
|-- | -------------





| | (a) | On June 13, 2014, the Company issued 1,870,000 shares of common stock at $0.50 per share for gross proceeds of $935,000.
| | --- | ------------------------------------------------------------------------------------------------------------------------





| | (b) | On July 16, 2014, the Company issued 50,000 shares of common stock at $0.50 per share for gross proceeds of $25,000.
| | --- | --------------------------------------------------------------------------------------------------------------------





| | (c) | On July 17, 2014, the Company issued 50,000 shares of common stock at $0.50 per share for gross proceeds of $25,000.
| | --- | --------------------------------------------------------------------------------------------------------------------





| | (d) | On July 18, 2014, the Company issued 50,000 shares of common stock at $0.50 per share for gross proceeds of $25,000.
| | --- | --------------------------------------------------------------------------------------------------------------------

F-13



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Chuma Holdings Inc.

(formerly Cannamed Corporation)

Notes to the Consolidated Financial Statements

August 31, 2014

(Expressed in US dollars)





|9. | Stock Options
|-- | -------------



During the nine months ended August 31, 2014, the Company granted 400,000 stock options exercisable at an exercise price of $1.85 per share for 5 years to the CFO of the Company and 400,000 stock options exercisable at an exercise price of $1.65 per share for 5 years to the Vice President of Finance of the Company. The stock options vest at a rate of 25% for the first six months from grant date, and the remainder in equal monthly installments over the next 18 months. During the nine months ended August 31, 2014, the Company recorded stock-based compensation of $357,244, which is recorded in general and administrative expenses.



The weighted average grant date fair value of stock options granted during the nine months ended August 31, 2014 was $1.74 per share.



The weighted average assumptions used for each of the nine months ended August 31, are as follows:

|                                |       |     
|------------------------------- | ----- | ----
|                                | 2014  | 2013
|                                |       |     
|Expected dividend yield         | 0%    |    
|Risk-free interest rate         | 1.69% |    
|Expected volatility             | 257%  |    
|Expected option life (in years) | 5.00  |    

The following table summarizes the continuity of the Companys stock options:

|                               |                   |                                   |                                                     |                            
|------------------------------ | ----------------- | --------------------------------- | --------------------------------------------------- | ---------------------------
|                               | Number of Options | Weighted Average Exercise Price $ | Weighted-Average Remaining Contractual Term (years) | Aggregate Intrinsic Value $
|                               |                   |                                   |                                                     |                            
|Outstanding, November 30, 2013 |                  |                                  |                                                     |                            
|                               |                   |                                   |                                                     |                            
|Granted                        | 800,000           | 1.75                              |                                                     |                            
|                               |                   |                                   |                                                     |                            
|Outstanding, August 31, 2014   | 800,000           | 1.75                              | 4.79                                                |                           
|                               |                   |                                   |                                                     |                            
|Exercisable, August 31, 2014   |                  |                                  |                                                    |                           

A summary of the changes of the Companys non-vested stock options is presented below:

|                                |                   |                                       
|------------------------------- | ----------------- | --------------------------------------
|                                | Number of Options | Weighted Average Grant Date Fair Value
|                                |                   | $                                     
|                                |                   |                                       
|Non-vested at November 30, 2013 |                  |                                      
|Granted                         | 800,000           | 1.74                                  
|                                |                   |                                       
|Non-vested at August 31, 2014   | 800,000           | 1.74                                  

As at August 31, 2014, there was $1,036,063 of unrecognized compensation cost related to non-vested stock option agreements. This cost is expected to be recognized over a weighted average period of 2.16 years.



F-14

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Chuma Holdings Inc.

(formerly Cannamed Corporation)

Notes to the Consolidated Financial Statements

August 31, 2014

(Expressed in US dollars)







|10. | Acquisition Agreement
|--- | ---------------------



On November 15, 2013, the Company entered into a Share Exchange Agreement (the Agreement) with Dyna Nutra, Inc. (Dyna), a Florida corporation, pursuant to which the Company was to acquire 100% of the shares of common stock of Dyna in exchange for the issuance of 67,500,000 restricted shares of common stock of the Company. Upon closing, Dyna was to become a wholly-owned subsidiary of the Company and the Company was to carry on the business of Dyna as its primary business. As the shareholders of Dyna were to obtain the majority of the outstanding shares of the Company upon closing, the acquisition would have been accounted for as a reverse merger or recapitalization of the Company. As such, Dyna would have been considered the acquirer for accounting purposes. The Agreement contained customary representations, warranties and conditions to closing. Closing of the Agreement was to have taken place within 14 days of delivery of audited financial statements of Dyna to the Company. The terms of the Agreement were not fulfilled and the Agreement has been terminated.



|11. | Discontinued Operations
|--- | -----------------------



On May 30, 2014, the Company disposed of all of its interests in oil and gas properties for consideration of $10 resulting in a loss of $2,188. As a result of the Companys disposal of its oil and gas properties and a change in direction for the Companys business, all revenues and expenses related to the oil and gas operations have been classified as discontinued operations.



The results of discontinued operations are summarized as follows:

|                                      |                            |                            |                           |                          
|------------------------------------- | -------------------------- | -------------------------- | ------------------------- | -------------------------
|                                      | For the Three Months Ended | For the Three Months Ended | For the Nine Months Ended | For the Nine Months Ended
|                                      | August 31,                 | August 31,                 | August 31,                | August 31,               
|                                      | 2014                       | 2013                       | 2014                      | 2013                     
|                                      | $                          | $                          | $                         | $                        
|                                      |                            |                            |                           |                          
|Revenue                               |                           |                           |                          | 56                       
|                                      |                            |                            |                           |                          
|Operating Expenses                    |                            |                            |                           |                          
|                                      |                            |                            |                           |                          
|Depletion                             |                           |                           |                          | 2                        
|Oil and gas production costs          |                           | 17                         | 23                        | 290                      
|                                      |                            |                            |                           |                          
|Total Operating Expenses              |                           | (17)                       | (23)                      | (292)                    
|                                      |                            |                            |                           |                          
|Net Loss From Discontinued Operations |                           | (17)                       | (23)                      | (236)                    
|                                      |                            |                            |                           |                          





|12. | Subsequent Events
|--- | -----------------





| | (a) | On September 3, 2014, the Company granted 400,000 stock options exercisable at an exercise price of $1.43 per share for 5 years. The stock options vest at a rate of 25% for the first six months from grant date, and the remainder in equal monthly installments over the next 18 months.
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| | (b) | On September 25, 2014, the Company received share subscription proceeds of $100,000 for 200,000 shares of common stock at $0.50 per share.
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| | (c) | On October 16, 2014, the Chief Executive Officer of the Company agreed to return 1,000,000 shares of Series A preferred stock to the Company for cancellation for no consideration.
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F-15

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Item 2.

Managements Discussion and Analysis of Financial Condition and Results of Operations.



The following discussion and analysis should be read in conjunction with our financial statements and related notes. Some of the information contained in this Managements Discussion and Analysis of Financial Condition and Results of Operations, and elsewhere in this report, includes forward-looking statements based on our current managements expectations. There can be no assurance that actual results, outcomes, or business conditions will not differ materially from those projected or suggested in such forward-looking statements. Some of the factors that may cause results to differ are described in the forward-looking statements cautionary language on page two of this report.



Organizational History



The Company was incorporated in Nevada on February 14, 2006 under the name XTOL Energy Inc. On October 11, 2007, the Company changed its name to LAUD Resources Inc. The Company became MASS Petroleum Inc. through a name change on June 23, 2008. On November 15, 2013, the Company entered into a Share Exchange Agreement (the SEA) with Dyna Nutra, Inc., a Florida corporation in the business of manufacturing and distributing energy drinks. Upon closing of the SEA, which ultimately did not occur, Dyna Nutra was to become a wholly-owned subsidiary of the Company. In connection with this transaction, the Company changed its name to Dyna Nutra, Inc. Ultimately, although the name change had gone effective on March 6, 2014, the Company and Dyna Nutra were unable to close the SEA and consummate the contemplated transaction.



On March 19, 2014, the Company requested to withdraw its application with FINRA related to the Dyna Nutra, Inc. name change. Effective April 7, 2014, the Company changed its name to Cannamed Corporation through a merger with a newly formed, wholly-owned subsidiary. During the three months ended August 31, 2014, the Company learned that another entity operating in California uses a name similar to Cannamed Corporation. In order to avoid any confusion and build a unique brand, the Company effectuated a name change to Chuma Holdings, Inc. The name change became effective on August 29, 2014. The Companys ticker symbol was changed to CHUM.



Previously, the Companys principal business was the acquisition and exploration of oil and gas properties located in the United States. However, with the same Chief Executive Officer, Jordan Shapiro, in place, the Company began its entry into the legal cannabis industry in the first half of 2014. The Company currently has two subsidiaries, 1849 Holdings, Inc., a California corporation (1849), and Cal-Westridge, LLC, a California limited liability company (Cal-West). 1849 is a direct, wholly-owned subsidiary, as all outstanding 1849 common stock was issued to the Company. Cal-West is an indirect, wholly-owned subsidiary of Chuma. 1849 is the sole member of Cal-West. The Company currently conducts most of its operations in connection with the legal cannabis industry through these two subsidiaries.





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Description of the Company



The Company, through its wholly-owned subsidiaries 1849 and Cal-West, provides financing and turnkey support solutions to lawfully operating participants in the United States legal cannabis industry. At this time, the Companys focus is on California. Although the Company provides services to the industry, it does not grow, transport, harvest, or sell cannabis. Furthermore, it does not currently maintain an ownership interest in any marijuana dispensaries. However, on the financing side, the Company, through its subsidiaries, does offer capital to dispensaries, producers, property owners, and other legal cannabis industry participants. In an industry where traditional banking opportunities are limited, the Company provides lines of credit, property financing, and commercial loans. For example, the Companys subsidiary, Cal-West, provided financing to five entities for the acquisition of agricultural property in Northern California in exchange for promissory notes. Note 5 to the consolidated financial statements provides the details of these promissory notes. The Company is especially interested in helping entrepreneurs start legal cannabis businesses, as new operations are more likely to be in need of services (e.g., compliance consulting, inventory management, and tax planning) offered by the Company and its experienced team. Some, but not all of these loans, are secured. The Company makes funding available only to those deemed compliant by the Companys management.



On the services side, the Company, through its wholly-owned subsidiaries, provides compliance solutions. Paul Shively, Chief Financial Officer, leads the Companys compliance team. The team is designed to guide clients through the complex and ever-changing legal landscape of California legal cannabis. From best-practices beginning with business entity selection to establishing inventory tracking and patient records, the Company can help design and maintain industry-leading operations. Fees for the Companys compliance solutions are currently negotiated on a case-by-case basis.



The Company also offers management, accounting, human resources, tax planning, and operational consulting. Whether it is advising on terms and conditions of financial or insurance relationships, operations design, or brand development, Chuma can design and rollout customized services for its clients. The Company currently has an Advisory and Consultancy Agreement in place with a legally operating California medical marijuana dispensary. The Company performs services under this contract on an as-needed basis and invoices the client monthly. Hourly billing rates for Company consultants are negotiated on a case-by-case basis.



Chuma, through Cal-West, also offers property management services to landowners in the legal cannabis industry. Cal-Wests property management capabilities include tenant screening, rent collection, property improvements, general maintenance and repair. The Company presently has five Exclusive Leasing and Property Management Agreements with five year terms in place with agricultural landowners. Monthly management fees equal to $1,167 are due Cal-West under each of these five agreements and may be payable by the landowner pursuant to a revolving promissory note for a period not exceeding 24 months. Property management pricing for new clients will vary depending on the type of property and the particular clients needs.





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Plan of Operations



Provided it is able to secure the necessary cash resources, the Company plans to continue its financing activities in Southern California. Specifically, it seeks to provide start-up capital, bridge loans, general working capital, or special project financing for medical marijuana dispensaries, growing operations, and others lawfully operating in Southern California. Simultaneously, the Company seeks to aggressively identify and engage legal cannabis industry participants in California that may benefit from its service offerings by leveraging relationships developed and networks accessed through financing activities. Finally, further development and deployment of the Companys compliance package is also planned over the next two to three quarters.



Liquidity and Capital Resources



As of August 31, 2014, the Company had cash in the amount of $32,284, as compared to $9,119 at November 30, 2013. The Company had a working capital deficit of $797,595 as of August 31, 2014. The Companys working deficit increased when compared to the last fiscal year end. As of November 30, 2013, the Company had a working deficit of $760,353.



The Companys net loss of $637,979 for the nine months ended August 31, 2014 was funded largely by proceeds from private placement subscriptions. For the nine months ended August 31, 2014, net cash of $1,022,200 was provided by financing activities, compared to $51,474 during the same period in 2013.



The Company used net cash of $276,405 in operating activities for the nine months ended August 31, 2014. During the same period in 2013, we used net cash of $55,442. It should also be noted that the Company used net cash of $722,630 in investing activities. During the nine months ended August 31, 2013, the Company did not use cash in connection with investing activities. Many of the Companys borrowers are not required to begin making payments to the Company until January 2015. Similarly, recipients of property management services provided revolving promissory notes in lieu of cash payments which have maturity dates up to 25 months in the future. This will impair the Companys liquidity until payments are made under these instruments. Considering the Companys net cash used in both operating and investing activities for the nine months ended August 31, 2014, the Company had a monthly cash requirement of approximately $111,004. The Company will need additional financing in order to continue with its business plan. There can be no guarantee that financing will be available. Even if available, there can be no assurances that the terms will be acceptable.



Obtaining additional financing will be subject to a number of factors including market conditions, investor acceptance of the Companys business plan in the legal cannabis industry, investor sentiment generally towards legal cannabis, legalization of medicinal and recreational use across the United States, and regulatory action in the legal cannabis industry. These factors and others may make the timing, amount, terms, and conditions of additional financing unattractive or unavailable to the Company. If the Company cannot raise enough to fund its business plan related to the legal cannabis industry, the Company will need to significantly reduce spending, slow or cease investment activities, delay or cancel planned activities, or substantially change its business plan. In such an event, the Company intends to implement expense reduction plans in a timely manner. However, these actions would have a material adverse effect on the Company, its operating results, and its prospects, resulting in a possible failure of its business and cessation of operations.





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Results of Operations for the Three Months Ended August 31, 2014 as Compared to the Three Months Ended August 31, 2013



The Company produced $33,500 in revenue during the three months ended August 31, 2014. This revenue resulted from property management and service agreements. No revenue was generated during the same period in 2013.



The Company incurred operating expenses in the amount of $497,114 for the three months ended August 31, 2014, compared to $15,087 for the same period in 2013. This represents an increase of $482,027. The change can be attributed to a $482,074 increase in general and administrative expenses. Specifically, the Company recorded stock-based compensation equal to $288,052 in connection with stock options granted to the Companys Chief Financial Officer and Vice President of Finance . In addition to stock-based compensation, general and administrative expenses consist of professional fees, management and consulting fees, bank charges, travel, meals, entertainment, rent, office maintenance, communications, postage, and office supplies.



In addition to operating expenses, the Company incurred interest expenses of $7,686 for the three months ended August 31, 2014, as compared to $7,148 for the same period in 2013. Interest income of $1,908 was recorded during the three months ended August 31, 2013 compared to $11,864 for the three months ended August 31, 2014. The details of this interest income are set forth in Note 5 to the Consolidated Financial Statements.



The Companys net loss for the three months ended August 31, 2014 was $459,436, as compared to $20,344 for the three months ended August 31, 2013. This increase can be attributed to the large increase in general and administrative expenses.



The weighted average number of shares outstanding was 54,351,299 for the three months ended August 31, 2014 and 52,656,000 for the three months ended August 31, 2013.



Results of Operations for the Nine Months Ended August 31, 2014 as Compared to the Nine Months Ended August 31, 2013



The Company generated $33,500 in revenue during the nine month period ended August 31, 2014 compared to $nil in 2013.  This revenue resulted from property management and service agreements.



The Company incurred operating expenses in the amount of $658,394 for the nine months ended August 31, 2014, compared to $69,568 for the same period in 2013. This represents an increase of $588,826. The change can be attributed to a substantial increase in general and administrative expenses during the nine months ended August 31, 2014. The Company recorded stock-based compensation equal to $357,244 in general and administrative expenses during this period. In addition to stock-based compensation, general and administrative expenses consist of professional fees, management and consulting fees, bank charges, travel, meals, entertainment, rent, office maintenance, communications, postage, and office supplies.



In addition to operating expenses, the Company incurred interest expense of $22,738 for the nine months ended August 31, 2014, as compared to $21,291 for the same period in 2013. Interest income of $11,864 was recorded during the nine months ended August 31, 2014 compared to $5,648 for the nine months ended August 31, 2013. The details of this interest income are set forth in Note 5 to the Consolidated Financial Statements.



Our net loss for the nine months ended August 31, 2014 was $637,979, as compared to $85,447 for the nine months ended August 31, 2013. This increase can be attributed to the large increase in general and administrative expenses.



The weighted average number of shares outstanding was 53,225,134 for the nine months ended August 31, 2014 and 52,656,000 for the nine months ended August 31, 2013.





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Item 3.

Quantitative and Qualitative Disclosure About Market Risk.



The Company is not required to provide the information requested by this item.



Item 4.

Controls and Procedures.



An evaluation was performed, under the supervision and with the participation of management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended). Based on that evaluation, management, including the Chief Executive Officer and Chief Financial Officer, has concluded that, as of August 31, 2014, our disclosure controls and procedures were effective.



In the quarter ended August 31, 2014, there were no changes in the Companys internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Companys internal control over financial reporting.



The Company is not required by current SEC rules to include, and does not include, an auditors attestation report.  Saturna Group Chartered Accountants LLP, the Companys independent registered public accounting firm, has not attested to Managements  reports and assertions regarding the validity and accuracy of the Companys internal controls over financial reporting.





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PART II  OTHER INFORMATION



Item 1.

Legal Proceedings.



Management is not aware of any pending legal proceedings involving the Company as a party. Additionally, Management is not aware of any governmental authorities contemplating legal action against the Company.



Item 1A  Risk Factors.



The Company is not required to provide the information requested by this item.



Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.



During the three months ended August 31, 2014, the Company conducted private placements of its common stock at $0.50 per share. The Company received proceeds from subscriptions equal to $205,000 during the reporting period as a result of these private placements of common stock. During the three months ended August 31, 2014, the Company issued 2,020,000 shares to subscribers, of which $805,000 of the subscription proceeds were received as at May 31, 2014. The Company relied upon exemptions found in Regulation S and/or Section 4(a)(2) of the Securities Act of 1933, as amended.



Item 3.

Defaults Upon Senior Securities.



There have been no defaults upon senior securities during the quarter ended August 31, 2014.



Item 4.

Mine Safety Disclosures.



Not applicable.



Item 5.

Other Information.



On October 16, 2014, the Company entered into a Share Surrender Agreement with its Chief Executive Officer and Director, Jordan Shapiro. Under the terms of the Share Surrender Agreement, Mr. Shapiro agreed to return all 1,000,000 Series A preferred shares to the Company for cancellation. Mr. Shapiro owned all issued and outstanding shares of Series A preferred stock, which had super-voting rights (i.e., 1,000 to 1). The Company did not provide cash or stock in consideration of this surrender.



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Item 6.

Exhibits.



|           |                                                                                                                      
|---------- | ---------------------------------------------------------------------------------------------------------------------
|Number     | Exhibit                                                                                                              
|10.1       | Employment Agreement between Chuma Holdings, Inc. and Jordan Shapiro                                                 
|10.2       | Employment Agreement between Chuma Holdings, Inc. and Vinisha Agnihotri                                              
|10.3       | Form of Option Agreement between Chuma Holdings, Inc. and Vinisha Agnihotri                                          
|10.4       | Share Surrender Agreement between Chuma Holdings, Inc. and Jordan Shapiro                                            
|31.1       | Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002               
|31.2       | Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002               
|32.1       | Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002               
|32.2       | Certification of Principal Financial and Accounting Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|EX-101.INS | XBRL Instance Document                                                                                               
|EX-101.SCH | XBRL Taxonomy Extension Schema                                                                                       
|EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase                                                                         
|EX-101.LAB | XBRL Taxonomy Extension Label Linkbase                                                                               
|EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase                                                                        
|EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase                                                                          





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.







|                        |  |     |                             
|----------------------- |  | --- | ----------------------------
|                        |  |     | ****CHUMA HOLDINGS, INC.****
|Date:  October 30, 2014 |  | By: | /s/ Jordan Shapiro          
|                        |  |     | Jordan Shapiro              
|                        |  |     | Chief ExecutiveOfficer      
|                        |  |     |                             
|                        |  |     |                             
|Date:  October 30, 2014 |  | By: | */s/*Paul Shively           
|                        |  |     | Paul Shively                
|                        |  |     | Chief Financial Officer     
|                        |  |     |                             
|                        |  |     |                             
|                        |  |     |                             
|                        |  |     |                             







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