Business Context and Reporting Period
This Form 8-K Current Report was filed by International Surf Resorts, Inc. (not Cocrystal Pharma, Inc.) on June 30, 2010. The registrant is a Nevada corporation focused on developing surf resort properties in Baja California, Mexico, and exploring expansion into Bali, Indonesia.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. The document is a current report regarding corporate events rather than a financial statement.
- Asset Acquisition: Purchased a wood house in Bali for $5,200.
- Operating Expense: Leased land in Bali for $400 per month.
- Capital Needs: The company explicitly states it needs to raise additional capital to fund operations in Bali and development in San Juanico, Mexico.
Material Changes
- Executive Appointment: Timothy Neely was appointed Chief Operating Officer effective June 30, 2010. Mr. Neely owns 100,000 shares of common stock and brings local expertise in San Juanico, Mexico, including contractor relationships and Spanish fluency.
- Strategic Expansion: The company launched a pilot program in Bali in June 2009 and is now assessing the feasibility of establishing a small surf resort and camp there.
- Asset Strategy: The company is assessing the feasibility of subdividing its San Juanico property to sell smaller lots or build "surf casas" for sale to generate capital.
Outlook, Risks, and Management Commentary
Management intends to pursue public or private financing, borrowings, or funding from officers and shareholders to support the Bali project and San Juanico development. The primary objective for the next three to six months is to complete the assessment of the San Juanico property opportunities.
Risks and Contingencies:
- Funding Uncertainty: The company cannot guarantee that additional funding will be available on favorable terms, if at all.
- Execution Risk: Success depends on the feasibility of subdividing land in Mexico and securing leases in Bali.
Investor Verification Checklist
- Verify the company's current cash position and ability to fund the Bali pilot and Mexico development without immediate new capital.
- Confirm the legal status and zoning feasibility of subdividing the San Juanico property.
- Assess the terms and availability of the proposed financing sources (public, private, or officer loans).
- Review the lease agreement details for the Bali land and the condition of the purchased wood house.