UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

Quarterly Report under Section 13 or 15 (d) of

Securities Exchange Act of 1934

For the quarterly period ended August 31, 2015

Commission File Number 000-54667

KOLLAGENX CORP.

(Exact name of small business issuer as specified in its charter)

INTEGRATED ELECTRIC SYSTEMS CORP.

(Former Name of small business issuer)

NEVADA	20-8624019
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

13949 Ramona Aave.

Chino Ca 91710

(Address of Principal Executive Offices & Zip Code)

(800) 641-8004

(Telephone Number)

Registered Agents of Nevada, Inc.

711 S Carson St. Ste. 4

Carson, NV 89701

(775) 882-4641

(Name, Address and Telephone Number of Agent for Service)

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) has been subject to such filing requirements for the past 90 days.

Yes [ X ] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes [ X ] No [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [ ] No [ X ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.

Large accelerated filer [ ] Accelerated Filer [ ]

Non-accelerated filer [ ] Smaller reporting company [X]

(Do not check if smaller reporting company)

There were 52,000,000 shares of Common Stock outstanding as of October 11, 2015.

KOLLAGENX CORP.

TABLE OF CONTENTS

		Page No.
	Part I

Item 1.	Unaudited Condensed Consolidated Financial Statements	4
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	19
Item 4.	Controls and Procedures	19

	Part II

Item 1.	Legal Proceedings	20
Item 1A.	Risk Factors	20
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	20
Item 3.	Defaults Upon Senior Securities	20
Item 4.	Mine Safety Disclosures	21
Item 5.	Other Information	21
Item 6	Exhibits	21

Signatures		22

- 2 -

Item 1. Financial Statements.

The following interim unaudited financial statements of KollagenX Corp. (the "Company") for the six month period ended August 31, 2015 are included with this Quarterly Report on Form 10-Q:

(a)	Unaudited Condensed Consolidated Balance Sheets as at August 31, 2015 and February 28, 2015.

(b)	Unaudited Condensed Consolidated Statements of Operations for the three and six months ended August 31, 2015 and 2014.

(c)	Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended August 31, 2015 and 2014.

(d)	Notes to Unaudited Condensed Consolidated Financial Statements.

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KollagenX Corp

Condensed Consolidated Balance Sheets

(Unaudited)

	August 31,			February 28,
	2015			2015
Assets
Current assets
Cash and cash equivalents	$	42,504		$	145
Accounts receivable - net		4,293			29,987
Inventory		56,445			68,043
Advance to vendor		3,862			6,600
Prepaid expenses and other current assets		87,441			130,385

Total current assets		194,545			235,160

Property and equipment
Equipment		19,581			18,781
Computer equipment		13,904			13,904
		33,485			32,685
Less: accumulated depreciation		(31,483	)		(31,226	)
Property and equipment, net		2,002			1,459

Total assets	$	196,547		$	236,619

Liabilities and Stockholders' Deficit
Current liabilities
Accounts payable and accrued expenses	$	93,739		$	59,676
Loans payable		105,791			112,156
Notes payable		288,308			272,023
Derivative liability		221,985			-
Convertible notes payable, net		240,297			216,537
Related party payable		189,939			167,520
Total current liabilities		1,140,059			827,912

Stockholders' deficit
Common stock, $0.001 par value, 750,000,000 shares authorized;
52,000,000 shares issued and outstanding
as of August 31 and 54,000,000 February 28, 2015, respectively		52,000			54,000
Additional paid in capital		(179,873	)		(181,873	)
Accumulated deficit		(815,639	)		(463,420	)
Total stockholders' deficit		(943,512	)		(591,293	)

Total liabilities and stockholders' deficit	$	196,547		$	236,619

See accompanying notes to unaudited condensed consolidated financial statements

- 4 -

KollagenX Corp

Condensed Consolidated Statements of Operations

(Unaudited)

	For the three months ended						For the six months ended
	August 31,						August 31,
	2015			2014			2015			2014

Revenues, net	$	37,667		$	52,506		$	135,410		$	127,198

Cost of sales
Purchases		15,385			19,383			37,744			28,644
Freight		-			788			1,448			3,156
Total cost of sales		15,385			20,171			39,192			31,800
		-
Gross profit		22,282			32,335			96,218			95,398
Operating expenses
General and administrative		97,597			15,932			172,134			38,821
Management salaries		48,000			7,800			63,000			27,300
Trade shows		28,016			24,175			80,745			48,554
Wages		16,000			9,263			24,420			17,643
Total operating expenses		189,613			57,170			340,299			132,318
		-
Loss from operations		(167,331	)		(24,835	)		(244,081	)		(36,920	)
Other expenses (income)
Derivative expense		105,739			-			105,739			-
Amortization of debt discount		23,760			-			23,760			-
Change in fair market value of derivative liability		(48,754	)		-			(48,754	)		-
Interest		12,618			1,167			27,393			2,168
Total other expenses		93,363			1,167			108,138			2,168
Net loss	$	(260,694	)	$	(26,002	)	$	(352,219	)	$	(39,088	)

Loss per common share - basic and diluted	$	(0.00	)	$	(0.00	)	$	(0.01	)	$	(0.00	)

Weighted average common shares
outstanding - basic and diluted		53,021,739			54,000,000			53,510,870			54,000,000

See accompanying notes to unaudited condensed consolidated financial statements

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KollagenX, Corp.
Condensed Consolidated Statements of Cash Flow
(Unaudited)

	For the six months ended
	August 31,
	2015			2014
Cash flows from operating activities:
Net loss	$	(352,219	)	$	(39,088	)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation		257			-
Derivative expense		105,739			-
Amortization of debt discount		23,760			-
Change in fair market value of derivative liability		(48,754	)		-
Amortization of consulting fees		42,944			-
Changes in operating assets and liabilities:
Decrease in inventory		11,598			(12,668	)
Decrease (increase) in accounts receivable		25,694			(11,497	)
Decrease in advances to vendors		2,738			-
Increase (decrease) in accounts payable and accrued liabilities		34,061			(1,120	)
Net cash used in operating activities		(154,180	)		(64,373	)
Cash flows from investing activities:
Property and equipment acquisitions		(800	)		-
Cash used in investing activities		(800	)		-
Cash flows from financing activities:
Proceeds from the sale of convertible notes payable		165,000			-
Proceeds from (repayment of) notes payable		16,285			(600	)
Proceeds from (repayment of) of loans payables		(6,365	)		2,907
Proceeds from related party payable		22,419			60,595
Net cash provided by financing activities		197,339			62,902

Net increase (decrease) in cash and cash equivalents		42,359			(1,471	)
Cash and cash equivalents, beginning of period		145			4,905
Cash and cash equivalents, end of period	$	42,504		$	3,434

Supplemental disclosure of cash flow information:
Interest paid	$	7,048		$	2,168
Income taxes paid	$	-		$	-

See accompanying notes to condensed consolidated unaudited financial statements

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KOLLAGENX CORP.

Notes to Unaudited Condensed Consolidated Financial Statements

As at August 31, 2015

NOTE 1 - ORGANIZATION AND OPERATIONS

KollagenX Corp. (formerly known as Integrated Electric Systems Corp. and previously Raider Ventures, Inc.) was incorporated in the State of Nevada on March 5, 2007 as Northern Minerals, Inc. Our original business was to engage in the acquisition, exploration and development of natural resource properties. On July 17, 2014 our board of directors approved, both, a letter of intent and the preparation of an agreement and plan to acquire 100% of the outstanding common shares of KollagenX, Inc. a California corporation, and to effect a name change from Integrated Electric Systems Corp. to KollagenX Corp., for the sole purpose of expanding the KollagenX, Inc. business plan for the distribution of personal beauty products.

KollagenX, Inc., a California corporation, was incorporated on May 15, 2009 as QWR, Inc. and changed its name to KollagenX Inc. on October 8, 2013.

Articles of Merger to effect the merger between the newly created KollagenX Corp. and Integrated, and to change the name, from Integrated to KollagenX, were filed with and became effective with the Nevada Secretary of State on July 23, 2014. The name change was reviewed by the Financial Industry Regulatory Authority (FINRA) and approved for filing with an effective date of July 30, 2014.

A Share Exchange Agreement, between the newly created KollagenX Corp., KollagenX, Inc. and the shareholders of KollagenX, Inc. became effective August 4, 2014. Pursuant to that Share Exchange Agreement, all of the outstanding shares of KollagenX, Inc., (1,000) were traded for 10,000,000 common shares of KollagenX Corp. Simultaneously, the two shareholders of KollagenX, Inc. were elected as Directors and appointed as President and CEO, of KollagenX Corp. The acquisition of KollagenX, INC. has been recorded as a reverse merger since the shareholders of KollagenX retain the control of the new company. The historical statements are those of KollagenX Inc.

KollagenX Corp.'s and KollagenX, Inc.'s respective year ends were March 31 and February 28, respectively. KollagenX, Corp. has changed its fiscal year end, via Amendments to the Articles of Incorporation in the State of Nevada, to February 28. Management believes this date, the current fiscal year end date of the Operating Company (KollagenX, Inc.), would be better suited for the company and shareholders alike.

NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

These statements reflect all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for fair presentation of the information contained therein. It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's annual report on Form 10-K for the year ended February 28, 2015. The Company follows the same accounting policies in preparation of interim reports. Results of operations for the interim periods are not indicative of annual results. All inter-company transactions have been eliminated on consolidation.

For comparative purposes, prior year's condensed consolidated financial statements have been reclassified to conform to report classifications of the current year.

- 7 -

KOLLAGENX CORP.

Notes to Unaudited Condensed Consolidated Financial Statements

As at August 31, 2015

NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)

Summary of Significant Accounting Policies

Use of estimates

The preparation of financial statements in conformity with 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

Cash and cash equivalents

Cash and cash equivalents include all highly liquid debt instruments with original maturities of three months or less which are not securing any corporate obligations. The Company maintains its cash in bank deposit accounts which, at times, may exceed federal insured limits. The Company has not experienced any losses in such accounts.

Accounts Receivable

Accounts receivable are carried at their estimated collectible amounts. Accounts receivable are periodically evaluated for collectability based on past credit history with customers and their current financial condition. The Company's management determines which accounts are past due and if deemed uncollectible, the Company charges off the receivable in the period the determination is made.

Property and Equipment

Property and equipment consists primarily of office equipment and computer equipment, and is recorded at historical cost. Major additions and improvements are capitalized as additions to the property and equipment accounts, while replacements, maintenance and repairs that do not improve or extend the life of the respective assets, are expensed as incurred. Depreciation and amortization of property and equipment are computed on a straight-line basis over the estimated useful lives ranging from 3 to 5 years.

Inventory

Substantially all inventory consists of finished goods and is valued at the lower of cost (first-in, first-out) or market. The determination of whether the carrying amount of inventory requires a write-down is based on a detailed evaluation of inventory relative to any potential slowing moving products or discontinued items as well as the market conditions for the specific inventory items.

- 8 -

KOLLAGENX CORP.

Notes to Unaudited Condensed Consolidated Financial Statements

As at August 31, 2015

NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)

Revenue Recognition

Revenue comprises of product sales at market less any discount afforded to a client or customer, and professional services and products sold.

The Company's revenue recognition policies are in compliance with Staff accounting bulletin (SAB) 104. Sales revenue is recognized at the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist and collect-ability is reasonably assured. Payments received before all of the relevant criteria for revenue recognition are satisfied are recorded as unearned revenue.

We recognize revenue for product sales upon shipment and when title is transferred to the customer.

Terms of our sales generally provide for Shipment from our facilities to customers FOB point of shipment. Title passes to customers at the time the products leave our warehouse.

Professional and consulting services related to the implementation and use of our products, are generally performed on a fixed fee basis under separate service arrangements.

Fair Value of Financial Instruments

The Company applies the provisions of ASC 820-10, "Fair Value Measurements and Disclosures." ASC 820-10 defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. For certain financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable and short-term debt, the carrying amounts approximate fair value due to their relatively short maturities. The carrying amounts of the long-term debt approximate their fair values based on current interest rates for instruments with similar characteristics.

The three levels of valuation hierarchy are defined as follows:

Level 1:

Valuations consist of unadjusted quoted prices in active markets for identical assets and liabilities and has the highest priority;

Level 2:

Valuations rely on quoted prices in markets that are not active or observable inputs over the full term of the asset or liability;

Level 3:

Valuations are based on prices or third party or internal valuation models that require inputs that are significant to the fair value measurement and are less observable and thus have the lowest priority.

- 9 -

KOLLAGENX CORP.

Notes to Unaudited Condensed Consolidated Financial Statements

As at August 31, 2015

NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)

Management analyzes all financial instruments with features of both liabilities and equity under ASC 480, "Distinguishing Liabilities From Equity" and ASC 815, "Derivatives and Hedging." Derivative liabilities are adjusted to reflect fair value at each period end, with any increase or decrease in the fair value being recorded in results of operations as adjustments to fair value of derivatives. The effects of interactions between embedded derivatives are calculated and accounted for in arriving at the overall fair value of the financial instruments. In addition, the fair values of freestanding derivative instruments such as warrant and option derivatives are valued using the Black-Scholes model.

Recent Accounting Pronouncements

In May 2014, the ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers, which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. The standard's core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In August 2015, the FASB deferred the effective date of the new revenue standard by one year, which will make it effective for the Company in the first quarter of its fiscal year ending June 30, 2019. The Company is currently in the process of evaluating the impact of adoption of this ASU on its consolidated financial statements.

In June 2014, the FASB issued Accounting Standards Update No. 2014-12, Compensation — Stock Compensation (Topic 718), Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force) (ASU 2014-12). The guidance applies to all reporting entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. For all entities, the amendments in this Update are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. The effective date is the same for both public business entities and all other entities. The Company is currently evaluating the impact of adopting ASU 2014-12 on the Company's results of operations or financial condition.

In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entities Ability to Continue as a Going Concern (ASU 2014-15). The guidance in ASU 2014-15 sets forth management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern as well as required disclosures. ASU 2014-15 indicates that, when preparing financial statements for interim and annual financial statements, management should evaluate whether conditions or events, in the aggregate, raise substantial doubt about the entity's ability to continue as a going concern for one year from the date the financial statements are issued or are available to be issued. This evaluation should include consideration of conditions and events that are either known or are reasonably knowable at the date the financial statements are issued or are available to be issued, as well as whether it is probable that management's plans to address the substantial doubt will be implemented and, if so, whether it is probable that the plans will alleviate the substantial doubt. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods and annual periods thereafter. Early application is permitted. The Company is currently evaluating the impact of adopting ASU 2014-15 on the Company's results of operations or financial condition.

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KOLLAGENX CORP.

Notes to Unaudited Condensed Consolidated Financial Statements

As at August 31, 2015

NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)

In January 2015, the FASB issued Accounting Standards Update No. 2015-01, Income Statement – Extraordinary and Unusual items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items (ASU 2015-01). The amendment eliminates from U.S. GAAP the concept of extraordinary items. This guidance is effective for the Company in the first quarter of fiscal 2017. ASU No. 2015-01 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The adoption of this guidance is not expected to have a material impact on the Company's consolidated financial statements.

In February 2015, FASB issued ASU No. 2015-02, (Topic 810): Amendments to the Consolidation Analysis. ASU No. 2015-02 provides amendments to respond to stakeholders' concerns about the current accounting for consolidation of certain legal entities. Stakeholders expressed concerns that GAAP might require a reporting entity to consolidate another legal entity in situations in which the reporting entity's contractual rights do not give it the ability to act primarily on its own behalf, the reporting entity does not hold a majority of the legal entity's voting rights, or the reporting entity is not exposed to a majority of the legal entity's economic benefits or obligations. ASU No. 2015-02 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The adoption of this guidance is not expected to have a material impact on the Company's results of operations, financial position or disclosures.

In April 2015, FASB issued ASU No. 2015-03, (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. ASU No. 2015-03 provides guidance that will require debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. ASU No. 2015-03 affects disclosures related to debt issuance costs but does not affect existing recognition and measurement guidance for these items. ASU No. 2015-03 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The Company is currently evaluating the impact of adopting ASU 2014-15 on the Company's results of operations or financial condition.

In April 2015, FASB issued ASU No. 2015-05, (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangements. ASU No. 2015-05 provides guidance on a customer's accounting for fees paid in a cloud computing arrangement, which includes software as a service, platform as a service, infrastructure as a service, and other similar hosting arrangements. ASU No. 2015-05 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The adoption of this guidance is not expected to have a material impact on the Company's results of operations, financial position or disclosures.

There are no other recent accounting pronouncements that are expected to have a material effect on the Company's financial statements.

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KOLLAGENX CORP.

Notes to Unaudited Condensed Consolidated Financial Statements

As at August 31, 2015

NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)

Earnings (Loss) per Share -

We utilize FASB ASC 260, "Earnings per Share." Basic earnings (loss) per share is computed by dividing earnings (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include additional common shares available upon exercise of stock options and warrants using the treasury stock method, except for periods of operating loss for which no common share equivalents are included because their effect would be anti-dilutive.

Income Taxes - Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of the Company's assets and liabilities at tax rates expected to be in effect when such assets or liabilities are realized or settled. Deferred income tax assets are reduced by valuation allowances when necessary.

Assessing whether deferred tax assets are realizable requires significant judgment. The Company considers all available positive and negative evidence, including historical operating performance and expectations of future operating performance. The ultimate realization of deferred tax assets is often dependent upon future taxable income and therefore can be uncertain. To the extent the Company believes it is more likely than not that all or some portion of the asset will not be realized, valuation allowances are established against the Company's deferred tax assets, which increase income tax expense in the period when such a determination is made.

Income taxes include the largest amount of tax benefit for an uncertain tax position that is more likely than not to be sustained upon audit based on the technical merits of the tax position. Settlements with tax authorities, the expiration of statutes of limitations for particular tax positions, or obtaining new information on particular tax positions may cause a change to the effective tax rate. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes on the statements of operations.

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KOLLAGENX CORP.

Notes to Unaudited Condensed Consolidated Financial Statements

As at August 31, 2015

NOTE 3 - GOING CONCERN

The accompanying financial statements have been prepared on a going concern basis which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the financial statements, during the six months ended August 31, 2015 and 2014, respectively, the Company incurred net losses of $352,219 and $39,088 as of August 31, 2015 and 2014 had an accumulated deficit of $815,639 at August 31, 2015. If the Company is unable to generate profits and is unable to continue to obtain financing for its working capital requirements, it may have to curtail its business sharply or cease business altogether. These factors raise substantial doubt about the Company's ability to continue as a going concern.

The financial statements do not include any adjustment relating to the recoverability and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

The Company is taking steps to provide the necessary capital to continue its operations. These steps include, but are not limited to: 1) focus on sales to minimize the need for capital; 2) converting part of the outstanding accounts payable to equity; 3) raising equity financing; 4) continuous focus on reductions in cost where possible.

NOTE 4 – PREPAID EXPENSES

On September 22, 2014 the Company entered into a twenty-four month consulting agreement, with a Company that has expertise in providing management advice and financial services advice. The entire fee of $160,000 was paid in advance and is being amortized in equal monthly amounts over the twenty-four months. $75,559 was amortized for the period September 22, 2014 through August 31, 2015. The consulting fee amortization for the six month periods ended August 31, 2015 and 2014 amounted to $40,002 and $0, respectively.

NOTE 5– LOANS PAYABLE

The Company had raised unsecured, non-interest bearing, due on demand loans from three individuals. The Company has been making payments to these individuals as and when demanded by the lenders. The loans payable consisted of the following as of August 31, 2015 and February 28, 2015:

	August 31,		February 28,
	2015		2015
Unsecured non interest bearing loan payable, due on demand	$	66,883	$	67,935
Unsecured non interest bearing loan payable, due on demand		13,908		19,221
Unsecured non interest bearing loan payable, due on demand		25,000		25,000
Total unsecured non interest bearing loans payable	$	105,791	$	112,156

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KOLLAGENX CORP.

Notes to Unaudited Condensed Consolidated Financial Statements

As at August 31, 2015

NOTE 6– NOTES PAYABLE

The Company had raised various notes over a period of time for working capital requirements. The notes payable consisted of the following as of August 31, 2015 and February 28, 2015:

	August 31,		February 28,
	2015		2015
4% unsecured promissory note payable, dated August 13, 2012 , due August 13, 2014	$	30,000	$	30,000
4% unsecured promissory note payable, dated December 18, 2012 due December 18, 2014.		50,000		50,000
4%Unsecured promissory note payable, dated June 13, 2013 , due June 13, 2015.		20,000		20,000
4% unsecured promissory note payable, dated October 7, 2013 , due October 7, 2014.		10,000		10,000
4% unsecured promissory note payable, dated December 18, 2013, due December 18, 2014.		5,000		5,000
4% unsecured promissory note payable, dated February 19, 2014 , due February 19, 2015.		5,000		5,000
4% unsecured promissory note payable, dated April 16, 2014 , due April 16, 2015.		10,000		10,000
4% unsecured promissory note payable, dated June 24, 2014 , due June 24, 2015.		6,000		6,000
		136,000		136,000
3% unsecured promissory note payable dated September 15, 2014, due September 15, 2015		10,000		10,000
6% unsecured promissory note payable dated July 31, due July 31, 2015		25,000		25,000
18% promissory note guaranteed by 2 directors, dated December 5, 2014 and repayable
in 189 daily payments of $249.74		49,382		28,334
Unsecured non interest bearing note payable, due on demand		67,926		72,689
	$	288,308	$	272,023

The Company recorded an interest expense of $3,807 and $0 for the three month periods ended August 31, 2015 and 2014. The Company recorded an interest expense of $7,048 and $0 for the six month periods ended August 31, 2015 and 2014.

NOTE 7– CONVERTIBLE NOTES PAYABLE, NET

On July 31, 2014, the Company entered into a non-negotiable convertible promissory note payable for a principal sum of $16,562 with interest thereon at the rate of 6% per annum. The whole principal sum and accrued, but unpaid, interest thereon was due six months from the date of note on January 31, 2015. The note is convertible, at the option of the Company, after six months from the date of note, as to both interest and principal, into common shares of the Company at a price per share of $0.001. Since the note is convertible at the option of the Company and not at the option of the holder, no beneficial conversion feature has been recorded in the accompanying consolidated financial statements. The Company recorded an interest expense of $263 and $0 on the note for the three months ended August 31, 2015. The Company recorded an interest expense of $513 and $0 on the note for the six months ended August 31, 2015.

- 14 -

KOLLAGENX CORP.

Notes to Unaudited Condensed Consolidated Financial Statements

As at August 31, 2015

NOTE 7– CONVERTIBLE NOTES PAYABLE, NET (continued)

In September 2014, the Company entered into another non-negotiable convertible promissory note payable for a principal sum of $199,975 with interest thereon at the rate of 3% per annum. The whole principal sum and accrued, but unpaid, interest thereon is due eighteen months from the date of note in March 2016. The note is convertible, at the option of the Company, after six months from the date of note, as to both interest and principal, into common shares of the Company at a 10% discount to the closing bid price on the date of notice of conversion as reported on the OTC Electronic Bulletin Board, or any successor exchange. Since the note is convertible at the option of the Company and not at the option of the holder, no beneficial conversion feature has been recorded in the accompanying consolidated financial statements. The Company recorded an interest expense of $1,543 and $0 on the note for the three months ended August 31, 2015. The Company recorded an interest expense of $3,055 and $0 on the note for the six months ended August 31, 2015.

The Company entered into a convertible note agreement on July 20, 2015 for an original principal amount of $107,000. Pursuant to the agreement, the Company received $100,000 against the $107,000 note, after the original issue discount of $7,000. The Maturity Date of the note is one year from the date of advance. The Lender has the right, at any time after the issuance date, at its election, to convert all or part of the outstanding and unpaid original principal sum and accrued interest (and any other fees) into shares of fully paid and non-assessable shares of common stock of the Company as per the conversion formula. The conversion price shall be equal to 60% of the lowest trade price in the 20 trading days previous to the conversion. The note holder cannot beneficially own more than 4.99% of the number of common shares, immediately after giving effect to such conversion. The Company shall at all times reserve enough shares to effect the conversion of all the principal amount on the Note then outstanding. The initial number of shares of Common Stock reserved for conversions of the Notes shall be calculated as four times the number of shares necessary to convert the entire value of the Note on the day it was executed. The Company has reserved 3,005,000, which was the initial number of shares to be reserved. The note is unsecured and accrues interest at the rate of 8% Since, the note did not have a conventional conversion feature and had a variable conversion price indexed to the market price, the conversion feature was separately valued and was recorded as a derivative liability. The Company computed the initial derivative liability on the date of issuance to be $130,981. The Company recorded $17,000 as loan fee for the note which comprised of the initial issue discount of $7,000 and the broker fee of $10,000. Of the $130,981 of derivative liability, the Company recorded $90,000 as a discount on debt and the balance of $40,981 as initial derivative liability. They recalculated the derivative liability on the date of balance sheet as $114,238 and recorded the difference of $16,743 as a change in fair value of derivative liability on the income statement. The loan fee and debt discount is being amortized over the term of the note. For the three month period ended August 31, 2015 and 2014, the Company recorded an amortization of loan fee and debt discount of $12,279 and $0, respectively. For the three month period ended August 31, 2015 and 2014, the Company recorded an interest expense of $987 and $0, respectively.

The Company entered into a convertible note agreement on August 7, 2015 for an original principal amount of $84,500. The Maturity Date of the note is six months from the date of advance. The Lender has the right, at any time after the issuance date, at its election, to convert all or part of the outstanding and unpaid original principal sum and accrued interest (and any other fees) into shares of fully paid and non-assessable shares of common stock of the Company as per the conversion formula. The conversion price shall be equal to 47% of the lowest trade price in the 25 trading days previous to the conversion. The note holder cannot beneficially own more than 4.99% of the number of common shares, immediately after giving effect to such conversion. The Company will at all times reserve at least 3,200,000 shares of common stock for conversion. The note is unsecured and accrues interest at the rate of 12% Since, the note did not have a conventional conversion feature and had a variable conversion price indexed to the market price, the conversion feature was separately valued and was recorded as a derivative liability. The Company computed the initial derivative liability on the date of issuance to be $139,758. The Company recorded $9,500 as loan fee paid to the broker. Of the $139,758 of derivative liability, the Company recorded $75,000 as a discount on debt and the balance of $64,758 as initial derivative liability. They recalculated the derivative liability on the date of balance sheet as $107,747 and recorded the difference of $32,011 as a change in fair value of derivative liability on the income statement. The loan fee and debt discount is being amortized over the term of the note. For the three month period ended August 31, 2015 and 2014, the Company recorded an amortization of loan fee and debt discount of $11,481 and $0, respectively. For the three month period ended August 31, 2015 and 2014, the Company recorded an interest expense of $417 and $0, respectively.

Following is a summary of the convertible notes payable:

	August 31,			February 28,
	2015			2015
Convertible at the option of the Holder
8% unsecured note payable, dated July 20, 2015 due July 20, 2016	$	107,000			-
12% unsecured note payable, dated August 6, 2015 due February 6, 2016		84,500			-
		191,500			-
Less: Loan fee		(22,938	)		-
Less: Debt discount		(144,802	)		-
		23,760			-
Convertible at the option of the Company
6% unsecured note payable, dated July 31, 2014 due January 31, 2015		16,562			16,562
3% unsecured note payable, dated September 22, 2014 due March 22, 2016		199,975			199,975
		216,537			216,537
Convertible notes payable, net	$	240,297		$	216,537

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KOLLAGENX CORP.

Notes to Unaudited Condensed Consolidated Financial Statements

As at August 31, 2015

NOTE 8 - STOCKHOLDERS' DEFICIT

As of August 31, 2015, there were 52,000,000 shares of common stock outstanding.

Preferred Stock

As of December 31, 2014, there were 25,000,000 preferred shares authorized and 1,000,000 preferred shares outstanding.

On January 20, 2015 the Board of Directors resolved to withdraw the Certificate of Designation for the Class A preferred, which shares had been returned to the Company. Appropriate documents were completed and filed with the State of Nevada to amend the Company's Articles of Incorporation to delete the preferred share designation.

Common Stock

On August 4, 2014 pursuant to the Stock Exchange Agreement, for the acquisition of 100% of the outstanding common shares of KollagenX Inc., the Company agreed to issue 10,000,000 of its Common Shares to the shareholders of KollagenX Inc. The shares were issued on November 14, 2014.

On July 17, 2015, a shareholder contributed 2,000,000 shares of its restricted common stock back to the Company for cancellation.

NOTE 9 - RELATED PARTY TRANSACTIONS

The Company borrows funds from its two directors from time to time for its working capital requirements and sometimes utilizes their credit cards to pay some expenses. These loans are unsecured, non-interest bearing and due on demand. As at August 31, 2015 and February 28, 2015 the Company owed $189,939 and $167,520 to the directors and a related third party, respectively.

NOTE 10 - SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the date the financial statements were issued and has not identified any reportable events.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act. The words "believes," "anticipates," "plans," "seeks," "expects," "intends" and similar expressions identify some of the forward-looking statements. Forward-looking statements are not guarantees of performance or future results and involve risks, uncertainties and assumptions. The factors discussed elsewhere in this Form 10-Q could also cause actual results to differ materially from those indicated by the Company's forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements.

Business and Plan of Operation

KollagenX Corp. (formerly known as Integrated Electric Systems Corp. and previously Raider Ventures, Inc.) was incorporated in the State of Nevada on March 5, 2007 as Northern Minerals, Inc.

Our original business was to engage in the acquisition, exploration and development of natural resource properties. We received the results of Phase 1 and Phase 1A of the exploration program from the consulting geologist. The findings were not promising and management determined it was in the best interests of the shareholders to allow the claim to lapse.

On July 17, 2014, our board of directors approved an agreement and plan of merger to merge with our wholly-owned subsidiary KollagenX Corp., a Nevada corporation, to effect a name change from Integrated Electric Systems Corp. to KollagenX Corp. KollagenX Corp. was formed solely for the change of name and business plan for the distribution of personal beauty products.

Articles of Merger to effect the merger and change of name were filed and became effective with the Nevada Secretary of State on July 23, 2014.

The name change has been reviewed by the Financial Industry Regulatory Authority (FINRA) and was approved for filing with an effective date of July 30, 2014.

The name change became effective with the Over-the-Counter Bulletin Board at the opening of trading on July 30, 2014 under the symbol "KGNX". Our new CUSIP number is 50043U107.

On August 4, 2014 KollagenX Corp. exchanged 10,000,000 of its Common Shares with the shareholders of KollagenX Inc. in return for 1,000 Common Shares, of KollagenX Inc., which were all the issued and outstanding common shares of KollagenX Inc., whose business plan is based on the distribution of personal beauty products.

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The acquisition of KollagenX, Inc. has been recorded as a reverse merger. As such, the historical statements of KollagenX, Corp. have replaced those of KollagenX, Inc., except for the outstanding stock of the Company.

KollagenX Corp.'s and KollagenX, Inc.'s respective year ends were March 31 and February 28. KollagenX, Corp. has changed its fiscal year end to February 28.

During the next twelve months we anticipate spending approximately $20,000 on professional fees, including fees payable in complying with reporting obligations, and general administrative costs.

Liquidity and Capital Resources

Total current assets at August 31, 2015 were $194,545, a decrease of $40,615 compared to $235,160 at February 28, 2015. Included in current assets were trade accounts receivable of $4,293 the proceeds of which were expected to be collected in the normal course of business, compared to $29,987 accounts receivable at February 28, 2015; inventory of $56,445 compared to $68,043 at February 28, 2015; advances to a vendor for product to be shipped of $3,862 compared to $6,600 at February 28, 2015; and prepaid expenses of $87,441 compared to $130,385 at February 28, 2015. The decrease in prepaid expenses, of $25,943 is the amortization cost resulting from the prepayment of a two year consulting agreement.

Our cash in the bank at August 31, 2015 was $42,504 compared to $145 at February 28, 2015. Outstanding accounts payable and accrued expenses were $93,739 plus other current liabilities, consisting of loans and notes payable totaling $584,038 compared to $59,676 and $551,699 in other current liabilities as of February 28, 2015. These notes and loans are unsecured and bear no maturity dates. No lender has demanded payment. The Company had two notes convertible at the option of the Company adding up to $216,537 outstanding as of August 31, 2015 and February 28, 2015.

During the quarter ended August 31, 2015, the Company signed two convertible notes totaling $191,500 and recorded a derivative liability of $245,745.

KollagenX Corp. had $42,504 cash on hand at August 31, 2015, which would be adequate, assuming the current level of sales, to sustain operations for approximately ten months. The Company is taking steps to provide the necessary capital to continue its operations. These steps include, but are not limited to: 1) focus on sales to minimize the need for capital; 2) converting part of the outstanding accounts payable to equity; 3) raising equity financing; 4) continuous focus on reductions in cost where possible. Without that funding, the Company will not be able to maintain operations at the current level.

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Results of Operations

Although KollagenX Corp. has not generated any revenue, our wholly owned subsidiary KollagenX Inc., recorded $135,410 in net revenue for the six months ended August, 31, 2015 with a gross margin of $96,218 or 71%, compared to net revenue of $127,198 for the six months ended August 31, 2014 with a gross margin of 75%. During the three months ended August 31, 2015 and 2014 net revenue of $ 37,667 produced a gross margin of $22,282 compared to $52,506 net revenue generating $32,234 of gross margin. The overall increase in revenue is due to additional emphasis on marketing and sales, while the diminution of revenue during the three month period is due to seasonal factors and the normal order filing process. Our loss for the six months ended August 31, 2015 was $352,219 compared to a loss of $39,088 for the same period in 2014. The loss was due, in part, to the added costs of KollagenX Corp. associated with the required filings and audits as well as the total cost of maintaining the publically traded Company. In addition, KollagenX Corp. sold two convertible notes and recorded a derivative liability cost of $105,739, during the three months ended August 31, 2015, compared to no such cost during the same period in 2014. Our accumulated deficit since inception, including KollagenX Inc. through August 31, 2015 was $815,639.

Operating expenses during the three and six months ended August 31, 2015 increased from $57,710 to $189,613 and from $132,821 in 2014 to $340,299, in 2015, due to the inclusion of KollagenX Corp. in the 2015 period and the increased emphasis on marketing.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

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

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Management maintains "disclosure controls and procedures," as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act"), that are designed to ensure that information required to be disclosed in KollagenX Corp.'s Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

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In connection with the preparation of this quarterly report on Form 10-Q, an evaluation was carried out by management, with the participation of the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of August 31, 2015.

Based on that evaluation, management concluded, as of the end of the period covered by this report, that KollagenX Corp.'s disclosure controls and procedures were ineffective in recording, processing, summarizing, and reporting information required to be disclosed, within the time periods specified in the Securities and Exchange Commission's rules and forms.

Changes in Internal Controls over Financial Reporting

As of the end of the period covered by this report, there have been no changes in KollagenX Corp.'s internal controls over financial reporting during the quarter ended August 31, 2015, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting subsequent to the date of management's last evaluation.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

There has been no change to the Risk Factors disclosed in our Form 10-K filed with the Securities and Exchange Commission for the year ended February 28, 2015.

Item 1A. Risk Factors

There has been no change to the Risk Factors disclosed in our Form 10-K filed with the Securities and Exchange Commission for the year ended February 28, 2015.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

There were no sales of unregistered securities during the period covered by this report.

Item 3. Defaults upon Senior Securities.

There were no defaults upon senior securities during the period covered by this report.

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Item 4. Mine Safety Disclosures

Not Applicable.

Item 5. Other Information.

None.

Item 6. Exhibits.

The following exhibits are included with this quarterly filing. Those marked with an asterisk and required to be filed hereunder, are incorporated by reference and can be found in their entirety in our original Form SB-2 Registration Statement, filed under SEC File Number 333-144840, at the SEC website at www.sec.gov:

Exhibit No.	Description

3.1	Articles of Incorporation*
3.2	Bylaws*
31	Rule 13a-14(a)/15d-14(a) Certification
32	Certification Pursuant to 18 U.S.C. 1350
101	Interactive data files pursuant to Rule 405 of Regulation S-T

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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.


October 15, 2015
	By	/s/ Rondell Fletcher
		Rondell Fletcher
		Secretary, Treasurer

	By	/s/ George Huerta
		George Huerta President

In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


/s/ Rondell Fletcher		October 15, 2015
Rondell Fletcher, Secretary, Treasurer		Date

/s/ George Huerta
George Huerta, President

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KollagenX Corp. 10-Q