Annual Report - Annual Report 2014 igniting new medical, ... igniting new medical, consumer and technology

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  • Annual Report 2014

    …igniting new medical, consumer and technology ideas with capital

  • Table of Contents

    Reports of Independent Registered Public Accounting Firms…………………………………………… 3 Statements of Assets and Liabilities as of December 31, 2014 and 2013 . . . . ………………………… 5

    Statements of Operations for the Years Ended December 31, 2014 and 2013……………………………….. 6

    Statements of Changes in Net Assets for the Years Ended December 31, 2014 and 2013……………...…...7 Statements of Cash Flows for the Years Ended December 31, 2014 and 2013 ……………………………… 8

    Schedule of Investments…………………………………………………………………………………………….. 9 Notes to the Financial Statements …………………………………………………………………………..……..11

    …igniting new medical, consumer and technology ideas with capital

  • Report of Independent Registered Public Accounting Firm

    To the Board of Directors and Stockholders Champion Investments, Inc.

    We have audited the accompanying statement of assets and liabilities of Champion Investments, Inc. including the schedule of investments as of December 31, 2014, and the related statements of operations, changes in net assets, and cash flows for the year then ended. These financial statements are the responsibility of Champion Investments, Inc.’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

    We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included verification by confirmation of securities as of December 31, 2014 by correspondence with the portfolio companies or by other appropriate auditing procedures where replies were not received. We believe that our audit provides a reasonable basis for our opinion.

    In our opinion, the financial statements and schedule of investments referred to above present fairly, in all material respects, the financial position of Champion Investments, Inc. as of December 31, 2014, and the results of its operations and its cash flows for the years in then ended in conformity with U.S. generally accepted accounting principles.

    GBH CPAs, PC www.gbhcpas.com Houston, Texas April 15, 2015

    P 713-482-0000 GBH CPAs, PC

    F 713-482-0099 6002 Rogerdale Road, Suite 500

    W gbhcpas.com Houston, Texas 77072

    A member of Kreston International | A global network of independent accounting firms

  • PANNELL KE RR

    FORSTER OF TEXAS, P.C.

    CPAs & Professional Advisors

    5847 San Felipe, Suite 2400

    Houston, Texas 77057-3092

    Main (71 3) 860-1400

    Fax: (713) 355-3909

    www.pkftexas.com

    Report of Independent Registered Public Accounting Firm

    To the

    Board of

    Directors

    and

    Stockholder

    s Champion

    Investments

    , Inc.

    We have audited the accompanying statement of asset and liabilities of

    Champion Investments, Inc. (the "Company,"), including the schedule of

    investments as of December 31, 2013, and the related statements of

    operations, changes in net assets, and cash flows for the year then ended.

    These financial statements are the responsibility of the Company's

    management. Our responsibility is to express an opinion on these

    financial statements based on our audit

    We conducted our audit in accordance with the standards of the Public

    Company Accounting Oversight Board (United States). Those standards

    require that we plan and perform the audit to obtain reasonable assurance

    about whether the financial statements are free of material misstatement.

    The Company is not required to have, nor were we engaged to perform, an

    audit of its internal control over financial

    reporting. Our audit included consideration of internal control over financial

    reporting as a basis for designing audit procedures that are appropriate in the

    circumstances, but not for the purposes of expressing an opinion on the

    effectiveness of the Company's internal control over financial

    reporting. Accordingly, we express no such opinion. An audit also includes

    examining, on a test basis, evidence supporting the amounts and disclosures

    in the financial statements, assessing the accounting principles used and

    significant estimates made by management, as well as evaluating the overall

    financial statement presentation. Our procedures included verification by

    confirmation of securities as of

    December 31, 2013 by correspondence with the portfolio companies or by

    other appropriate auditing procedures where replies were not received. We

    believe that our audit provides a reasonable basis for our opinion.

    In our opinion, the financial statements and schedule of investments referred

    to above present fairly, in all material respects, the financial position of

    Champion Investments, Inc. as of December 31, 2013, and the results of its

    operations and its cash flows for the year then ended in conformity with U.S.

    generally accepted accounting principles.

  • 2014 2013

    ASSETS

    Cash 73,657$ 200,147$

    Investments, at fair value

    Non-controlled/non-affiliate company investments 329,000 457,500

    Total investments, at fair value 329,000 457,500

    TOTAL ASSETS 402,657$ 657,647$

    LIABILITIES

    Debt -$ 29,157$

    Accounts payable and accrued expenses 2,153 -

    TOTAL LIABILITIES 2,153 29,157

    NET ASSETS

    Preferred stock, par value $0.01 per share, 80,000,000 shares

    authorized, zero shares issued and outstanding as of

    December 31, 2014 and December 31, 2013 - -

    Common stock, par value $0.001 per share, 700 million shares

    authorized, 75,297,167 and 74,081,167 shares issued and

    outstanding, respectively 75,297 74,081

    Additional Paid-in Capital 9,750,031 9,608,247

    Retained Deficit (9,424,824) (9,053,838)

    TOTAL NET ASSETS 400,504$ 628,490$

    Number of common shares outstanding 75,297,167 74,081,167

    Net asset value per common share 0.01$ 0.01$

    Champion Investments Inc

    Statements of Assets and Liabilities

    See Notes to Financial Statements.

    As of December 31,

  • Years ended December 31,

    2014 2013

    INVESTMENT INCOME

    TOTAL INCOME -$ -$

    EXPENSES

    Consulting fees 178,900 390,000

    Legal services 8,710 25,000

    Professional fees 14,427 4,360

    Administrative services expense 19,977 4,136

    Other general and administrative expenses 11,865 4,390

    Interest expense 607 -

    Total Expenses 234,486$ 427,886$

    NET LOSS (234,486)$ (427,886)$

    REALIZED AND UNREALIZED GAIN/LOSS ON

    INVESTMENTS

    Net realized gain (loss) - -

    Net change in unrealized depreciation (136,500) -

    Net realized gain (loss) from investments -$ -$

    NET DECREASE IN NET ASSETS

    RESULTING FROM OPERATIONS (370,986) (427,886)

    LOSS PER COMMON SHARE - BASIC & DILUTED (0.00)$ (0.01)$

    WEIGHTED AVERAGE NUMBER OF

    COMMON SHARES OUTSTANDING 74,958,460 67,794,300

    See Notes to Financial Statements.

    Statements of Operations

    Champion Investments Inc

  • Champion Investments, Inc.

    Years ended December 31

    2014 2013

    Increase (decrease) in net assets from operations:

    Net Loss (234,486)$ (427,886)$

    Net Change in Unrealized Depreciation/Appreciation (136,500) -

    Net Increase (Decrease) in Net Assets from Operations (370,986) (427,886)$

    Dividends and Distributions to Stockholders - -

    Capital Share Transactions:

    Net proceeds fr