UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

Amendment No. 1

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

For the quarterly period ended November 30, 2014

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

For the transition period from ______________ to ______________

Commission File Number: 000-55172

SEALAND NATURAL RESOURCES INC.

(Exact name of registrant as specified in its charter)

Nevada

45-2416474

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer Identification No.)

50 W. Liberty Street #880

Reno, Nevada

89501

(Address of principal executive offices)

(Zip Code)

(702) 530-8665

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, 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) 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 large accelerated filer, an 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.

Large accelerated filer ¨	Accelerated filer ¨

Non-accelerated filer ¨ (do not check if smaller reporting company)	Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

As of January 20, 2015, the registrant had 2,736,375 shares of common stock issued and outstanding.

EXPLANATORY NOTE

This Amendment No. 1 to Sealand Natural Resources Inc.’s (the “Company”) Quarterly Report on Form 10-Q/A (this "Amendment") is being filed in response a discovery on January 21, 2015 the Company determined the Statement of Shareholders Equity should not have been included in Company’s Quarterly Report filed on January 20, 2015.

Except for the changes made in connection with this adjustment, no other changes have been made to the Original Quarterly Report. The Original Quarterly Report continues to speak as of the date of the Original Quarterly Report, and we have not updated any other disclosures contained therein to reflect any events which occurred at a date subsequent to the filing of the Original Quarterly Report. Currently dated certifications from the Company’s Chief Executive Officer and Chief Financial Officer have been included as exhibits to this Amendment.

SEALAND NATURAL RESOURCES INC.

TABLE OF CONTENTS

FORM 10-Q REPORT

November 30, 2014

		Page Number
PART I - FINANCIAL INFORMATION		F-1

Item 1.	Financial Statements.	F-1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	3
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	6
Item 4.	Controls and Procedures.	7

PART II - OTHER INFORMATION		8

Item 1.	Legal Proceedings.	8
Item 1A.	Risk Factors.	8
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	8
Item 3.	Defaults Upon Senior Securities.	8
Item 4.	Mine Safety Disclosures	8
Item 5.	Other Information.	8
Item 6.	Exhibits.	9

SIGNATURES		10

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

SEALAND NATURAL RESOURCES, INC.

FORMERLY VITAS GROUP, INC.

(A Development Stage Enterprise)

Table of Contents

Balance Sheets:
November 30, 2014 and May 31, 2014	F-2

Statements of Operations:
For the three and six months ended November 30, 2014 and 2013	F-3

Statements of Cash Flows:
For the six months ended November 30, 2014 and 2013	F-4

Notes to Financial Statements	F-5

F-1

SEALAND NATURAL RESOURCES, INC.

FORMERLY VITAS GROUP, INC.

(A Development Stage Enterprise)

Balance Sheets

	November 30,			May 31,
	2014			2014
	Unaudited			Audited
ASSETS
Current assets:
Cash	$	65,008		$	810,433
Accounts receivable, net of allowance		166,887			530,637
Other receivable		30,000
Inventory		135,038			109,628
Prepaids		42,926			48,086
Total current assets		439,859			1,498,784

Fixed assets
Furniture and Equipment, net		82,133			85,579

Other assets
Security deposits on land usage		150,000			150,000


Total assets	$	671,992		$	1,734,363

LIABILITIES
Current liabilities:
Accounts payable and accrued taxes	$	172,728		$	49,198
Notes payable		108,000			108,000
Notes payable, related party		5,000
Accounts receivable holdback liability		-			250,000

Total current liabilities		285,728			407,198

Total liabilities		285,728			407,198

STOCKHOLDERS' DEFICIT
Common stock, $0.001 par value, 75,000,000 authorized, 2,723,375 and 2,678,515 shares issued and outstanding		2,723			2,679
Capital in excess of par value		4,201,561			3,898,776
Stock subscription		1,245,730			1,003,575
Deficit accumulated during the development stage		(5,063,750	)		(3,577,865	)
Total stockholders' deficit		386,264			1,327,165
Total liabilities and stockholders' deficit	$	671,992		$	1,734,363

The accompanying notes are an integral part of these statements.

F-2

SEALAND NATURAL RESOURCES, INC.

FORMERLY VITAS GROUP, INC.

(A Development Stage Enterprise)

Statements of Operations

Unaudited

	Three months			Three months			Six months			Six months
	ended			ended			ended			ended
	November 30,			November 30,			November 30,			November 30,
	2014			2013			2014			2013

Sales	$	145,585		$	221,368		$	270,788		$	263,435

Cost of Sales		139,325			146,367			272,091			194,973

Gross Profit		6,260			75,001			(1,303	)		68,462

General and administrative expenses:
Wages and salaries		111,216			170,906			284,124			290,740
Advertising and marketing		22,203			32,372			104,896			40,426
Legal and professional		157,963			78,911			224,466			133,122
Bad debts		50,000						275,000
Stock based professional fees		(62,800	)					221,658
Computer and internet		6,852			4,887			18,204			7,715
Travel and entertainment		42,853			21,867			97,571			43,970
Product development costs		2,332			21,180			5,590			26,001
Bank charges		1,559			2,535			3,237			4,657
Rent		27,600			18,908			66,386			37,992
Depreciation and amortization		3,175			1,681			6,118			3,208
Other office and miscellaneous		52,143			9,693			122,441			11,563
Total operating expenses		415,096			362,940			1,429,691			599,394
(Loss) from operations		(408,836	)		(287,939	)		(1,430,994	)		(530,932	)

Other income (expense):
Interest (expense)		(7,911	)		(27,248	)		(54,891	)		(31,948	)
Income/(Loss) before taxes		(416,747	)		(315,187	)		(1,485,885	)		(562,880	)

Provision/(credit) for taxes on income		-			-			-			-
Net Income/(loss)	$	(416,747	)	$	(315,187	)	$	(1,485,885	)	$	(562,880	)

Basic earnings/(loss) per common share	$	(0.15	)	$	(0.13	)	$	(0.55	)	$	(0.24	)

Weighted average number of shares outstanding		2,708,589			2,373,125			2,708,589			2,372,125

The accompanying notes are an integral part of these statements.

F-3

SEALAND NATURAL RESOURCES, INC.

FORMERLY VITAS GROUP, INC.

(A Development Stage Enterprise)

Statements of Cash Flows

Unaudited

	Six months			Six months
	ended			ended
	November 30,			November 30,
	2014			2013

Cash flows from operating activities:
Net income (loss)	$	(1,485,885	)	$	(562,880	)

Adjustments to reconcile net (loss) to cash
provided (used) by developmental stage activities:
Common stock issued for services		289,472			55,500
Depreciation and amortization		6,118			3,208
Amortization of note discount		42,712			17,650
Stock option plan		(37,200	)
Change in current assets and liabilities:
Accounts receivable		88,750			(61,813	)
Inventory		(25,410	)		20,636
Prepaids		(24,840	)		278
Accounts receivable holdback liability
Allowance for doubtful accounts		275,000
Accounts payable and accrued expenses		123,530			(267,183	)
Net cash flows from operating activities		(747,753	)		(794,604	)

Cash flows from investing activities:
Purchase of fixed assets		(2,672	)
					-
Net cash flows from investing activities		(2,672	)		-

Cash flows from financing activities:
Proceeds from sale of common stock					560,000
Deposits paid
Notes payable					(27,000	)
Notes payable, related party		5,000
Stock subscription receivable					369,763
Related party transactions					(20,000	)
Net cash flows from financing activities		5,000			882,763
Net cash flows		(745,425	)		88,159

Cash and equivalents, beginning of period		810,433			34,297
Cash and equivalents, end of period	$	65,008		$	122,456

SUPPLEMENTAL DISCLOSURE OF CASH FLOWS FOR:
Interest	$	-		$	-
Income taxes	$	-		$	-
SUPPLEMENTAL DISCLOSURE OF
NON-CASH FINANCING AND INVESTING:
Shares issued for Services		110,410			6,000
Shares issued to settle interest expense		-
Shares issued to settle convertible notes		-

The accompanying notes are an integral part of these statements.

F-4

SEALAND NATURAL RESOURCES, INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO FINANCIAL STATEMENTS

November 30, 2014

Note 1 - Summary of Significant Accounting Policies

General Organization and Business

Sealand Natural Resources, Inc. (“Sealand ” or the “Company”) is a Nevada corporation in the development stage. The Company was incorporated under the laws of the State of Nevada on May 23, 2011. The Company engages in the manufacture, distribution, sales and marketing of all natural functional beverages, nutriceuticals, health supplements and the harvesting of organic raw materials. The Company integrates critical scientific, environmental and medical competencies in three core areas: exploration/discovery, characterization of health benefits, and the ability to scale up new and natural consumer products for commercial use. The principal markets for the natural function beverages are primarily Europe and Southeast Asia. The product is primarily sold to wholesale and retail distributors worldwide.

The Company’s activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize the Company’s market penetration before another company develops a similar product.

The Company is in the development stage as defined under Statement on Financial Accounting Standards Accounting Standards Codification FASB ASC 915-205 "Development-Stage Entities.” The Company has adopted the new provision of FASB ASC 915-275 and is not reporting inception to date activities as previously required.

Basis of presentation

The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position as of November 30, 2014 and May 31, 2014 and the results of operations and cash flows of the Company for the three and six months ended November 30, 2014 and 2013.

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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and cash equivalents

The Company maintains a cash balance in an interest and non-interest-bearing accounts. At times, cash balances may be in excess of the FDIC Insurance limit. For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. There were no cash equivalents as of November 30, 2014 and May 31, 2014.

Property and Equipment

The Company values its investment in property and equipment at cost less accumulated depreciation. Depreciation is computed primarily by the straight line method over the estimated useful lives of the assets ranging from three to five years. As of November 30, 2014 and 2013 the company had recognized total depreciation expense of $6,118 and $3,208, respectively.

Inventory

Inventory is recorded at lower of cost or market; cost is computed on a first-in first-out basis. The inventory consists of imported flavoring , bottle caps, and labels used to produce the Company’s all natural, organic birch tree beverage.

F-5

SEALAND NATURAL RESOURCES, INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO FINANCIAL STATEMENTS

November 30, 2014

Accounts receivable

Trade receivables are carried at original invoice amount. Management has determined that an allowance for uncollectible accounts is necessary. The allowance for doubtful accounts is based on management estimates of accounts that will not be collected in the future. Receivables past due for more than 90 days are considered delinquent. Management determines uncollectible accounts by regularly evaluating individual customer receivables and considering a customer’s financial condition, credit history, and current economic conditions and by using historical experience applied to an aging of accounts. Recoveries of trade receivables previously written off are recorded when received. Any account over 90 days past due is now analyzed and any risk of collection is added to allowance for doubtful accounts.

On February 20, 2014, The Company entered into a factoring agreement and received $250,000 for certain accounts listed on their accounts receivable. The Company has an obligation to repurchase these accounts if the receivable is never collected. Due to this obligation the Company has recorded an accounts receivable holdback liability. In August 2014, the Company and the factoring agent determined to eliminate this agreement. The Company is issuing share of stock for the monies received by the factoring agent. As of August 31, 2014, the Company has recorded $250,000 as a stock subscription.

As of November 30, 2014 the Company has a receivable with the Internal Revenue Service of $30,000. This is listed as an other receivable on the balance sheets of the financial statements.

Revenue Recognition Policy

Revenue from the sale of goods is recognized when the following conditions are satisfied:

The Company has transferred to the buyer the significant risks and rewards of ownership of the goods;

The Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

The amount of revenue can be measured reliably;

It is probable that the economic benefits associated with the transaction will flow to the entity; and

The costs incurred or to be incurred in respect to the transaction can be measured reliably

The time that all of the conditions listed above are satisfied varies with each vendor depending on the specific terms to which the Company and each vendor agree. The range of terms varies from pre-paid sales to 120 day payment.

Federal income taxes

Deferred income taxes are reported for timing differences between items of income or expense reported in the financial statements and those reported for income tax purposes in accordance with Accounting Standards Codification regarding Accounting for Income Taxes, which requires the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for tax loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred taxes are provided for the estimated future tax effects attributable to temporary differences and carryforwards when realization is more likely than not.

Net Income Per Share of Common Stock

We have adopted Accounting Standards Codification regarding Earnings per Share, which requires presentation of basic and diluted EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. In the accompanying financial statements, basic earnings per share of common stock is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. We do not have a complex capital structure requiring the computation of diluted earnings per share.

F-6

SEALAND NATURAL RESOURCES, INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO FINANCIAL STATEMENTS

November 30, 2014

Convertible Debentures:

Beneficial Conversion Features – If the conversion features of conventional convertible debt provides for a rate of conversion that is below market value, this feature is characterized as a beneficial conversion feature (“BCF”). A BCF is recorded as a debt discount pursuant to FASB ASC Topic 470-20 “Debt with Conversion and Other Options.” In those circumstances, the convertible debt is recorded net of the discount related to the BCF and the Company amortizes the discount to interest expense over the life of the debt using the effective interest method.

Debt Discount – The Company determines of the convertible debenture should be accounted for as liability or equity under FASB ASC 480, Liabilities – Distinguishing Liabilities from Equity. FASB ASC 480, applies to certain contract involving a company’s own equity, and requires that issuers classify the following freestanding financial instruments as liabilities. Mandatorily redeemable financial instruments, Obligations that require or may require repurchase of the issuer’s equity shares by transferring assets (e.g., written put options and forward purchase contracts), and Certain obligations where at inception the monetary value of the obligation is based solely or predominantly on:

A fixed monetary amount known at inception, for example, a payable settleable with a variable number of the issuer’s equity shares with an issuance date fair value equal to a fixed dollar amount.

Variations in something other than the fair value of the issuer’s equity shares for example, a financial instrument indexed to the S&P 500 and settleable with a variable number of the issuer’s equity shares, or

Variations inversely related to changes in fair value of the issuer’s equity shares, for example, a written put that could be net share settled.

Fair value of financial instruments and derivative financial instruments

We have adopted Accounting Standards Codification regarding Disclosure About Derivative Financial Instruments and Fair Value of Financial Instruments. The carrying amounts of cash, accounts payable, accrued expenses, and other current liabilities approximate fair value because of the short maturity of these items. These fair value estimates are subjective in nature and involve uncertainties and matters of significant judgment, and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect these estimates. We do not hold or issue financial instruments for trading purposes, nor do we utilize derivative instruments in the management of foreign exchange, commodity price or interest rate market risks.

The Company does not use derivative financial instruments to hedge exposures to cash-flow, market or foreign-currency risks. However, the Company has issued financial instruments including senior convertible notes payable with features that are either (i) not afforded equity classification, (ii) embody risks not clearly and closely related to host contracts, or (iii) may be net-cash settled by the counterparty. As required by FASB ASC 815, in certain circumstances, these instruments are required to be carried as derivative liabilities, at fair value, in our financial statements.

Determination of fair value:

The Company’s financial instruments consist of convertible notes payable. The Company believes all of the financial instruments’ recorded values approximate their fair values because of their nature and respective durations.

The Company complies with the provisions of FASB ASC 820-10, “Fair Values Measurements and Disclosures.” FASB ASC 820-10 relates to financial assets and financial liabilities. FASB ASC 820-10 defines fair value, establishes a framework for measuring fair value in accounting principles generally accepted in the Unites States of America (GAAP), and expands disclosures about fair value measurements. The provisions of this standard apply to other accounting pronouncements that require or permit fair value measurements and are to be applied prospectively with limited exceptions.

FASB ASC 820-10 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. FASB ASC 820-10 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions, about market participant assumptions, that are developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 and Level 2) and the lowest priority to unobservable inputs (Level 3).

F-7

SEALAND NATURAL RESOURCES, INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO FINANCIAL STATEMENTS

November 30, 2014

Internal Website Development Costs

Under ASC350-50, Website Development Costs, costs and expenses incurred during the planning and operating stages of the Company's website are expensed as incurred. Under ASC 350-50, costs incurred in the website application and infrastructure development stages are capitalized by the Company and amortized to expense over the website's estimated useful life or period of benefit.

Impairment of Long-Lived Assets

The Company evaluates the recoverability of long-lived assets and the related estimated remaining lives at each balance sheet date. The Company records an impairment or change in useful life whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or the useful life has changed.

Deferred Offering and Acquisition Costs

The Company defers as other assets the direct incremental costs of raising capital until such time as the offering is completed. At the time of the completion of the offering, the costs are charged against the capital raised. Should the offering be terminated, deferred offering costs are charged to operations during the period in which the offering is terminated.

Common Stock Registration Expenses

The Company considers incremental costs and expenses related to the registration of equity securities with the SEC, whether by contractual arrangement as of a certain date or by demand, to be unrelated to original issuance transactions. As such, subsequent registration costs and expenses are reflected in the accompanying financial statements as general and administrative expenses, and are expensed as incurred.

Development Stage Enterprise

The Company’s financial statements are prepared as defined under Statement on Financial Accounting Standards Accounting Standards Codification FASB ASC 915-205 "Development-Stage Entities”pursuant to the provisions of Topic 26, “Accounting for Development Stage Enterprises,” as it devotes substantially all of its efforts to acquiring and developing functional beverages that will eventually provide sufficient net profits to sustain the Company’s existence. Until such interests are engaged in major commercial production, the Company will continue to prepare its financial statements and related disclosures in accordance with entities in the development stage.

Stock Based Compensation

The Company recognizes stock-based compensation in accordance with ASC Topic 718 “Stock Compensation”, which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors including employee stock options and employee stock purchases related to an Employee Stock Purchase Plan based on the estimated fair values.

For non-employee stock-based compensation, we have adopted ASC Topic 505 “Equity-Based Payments to Non-Employees”, which requires stock-based compensation related to non-employees to be accounted for based on the fair value of the related stock or options or the fair value of the services on the grant date, whichever is more readily determinable in accordance with ASC Topic 718.

Concentration of Credit Risk and Significant Vendor

The Company has no significant off-balance sheet risks related to foreign exchange contracts, options contracts or other foreign hedging arrangements. The Company does maintain its supplier relationship with one vendor. The Company, by policy, routinely assesses the financial strength of this vendor.

F-8

SEALAND NATURAL RESOURCES, INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO FINANCIAL STATEMENTS

November 30, 2014

Recently Issued Accounting Pronouncements

As of November 30, 2014 and May 31, 2014, the Company does not expect any of the recently issued accounting pronouncements to have a material impact on its financial condition or results of operations.

Note 2 - Uncertainty, going concern:

The Company’s financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs to allow it to continue as a going concern. As of November 30, 2014, the Company had an accumulated deficit of $5,063,750. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations.

In order to continue as a going concern, the Company will need, among other things, additional capital resources. The Company is contemplating conducting an offering of its debt or equity securities to obtain additional operating capital. The Company is dependent upon its ability, and will continue to attempt, to secure equity and/or debt financing. There are no assurances that the Company will be successful and without sufficient financing it would be unlikely for the Company to continue as a going concern.

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.

Note 3 – Restatement:

First Restatement:

The financial statements have been revised to correct an error in accounting for the Company’s cash, accounts receivable, inventory, accounts payable and accrued expenses, sales, cost of sales, general and administrative expenses and earnings per share. In accordance with applicable Generally Accepted Accounting Principles (GAAP), the Company calculated and recognized adjustments accordingly.

On October 15, 2013, the Company filed with the Securities and Exchange Commission (“SEC”) its reviewed financial statements for the quarter ended August 31, 2013. Following the discovery of various material errors the Company informed the SEC on January 10, 2014, that these financial statements could not be relied upon, and on January 20, 2014 filed its restated audited financial statements for the above mentioned periods.

The following table represents the effects of the subsequent and first restated statements as of August 31, 2013.

F-9

SEALAND NATURAL RESOURCES, INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO FINANCIAL STATEMENTS

November 30, 2014

	Restated			Original
	8/31/2013			8/31/2013
Cash	$	131,310		$	104,481

Accounts receivable	$	142,016		$	219,027

Inventory	$	127,776		$	137,237

Deposits	$	55,214		$	57,189

Accounts payable and accrued expenses	$	118,668		$	135,302

Sales	$	42,067		$	12,753

Cost of Sales	$	48,605		$	30,431

General and Administrative expenses	$	236,454		$	180,330

Accumulated deficit	$	(1,185,172	)	$	(1,140,188	)

Earnings per share	$	(0.12	)	$	(0.09	)

Second Restatement:

The financial statements have been revised to correct an error for incorrect accounting on discounted stock issuances, prepaid rent contract, fixed asset reporting error and an omitted foreign bank account and related transactions. The effects of these errors are listed throughout the footnotes to the financial statements and reflected in total below. In accordance with applicable Generally Accepted Accounting Principles (GAAP), the Company calculated and recognized adjustments accordingly.

Following the discovery of various material errors the Company informed the SEC on July 14, 2014, that the financial statements for the quarter ended February 28, 2014 could not be relied upon, and on July 16, 2014 filed its restated unaudited financial statements for the above mentioned periods. Following the discovery of various material errors the Company informed the SEC on August 11, 2014, that the financial statements for the quarter ended February 28, 2014, as restated, could not be relied upon, and the Company restated their unaudited financial statement for the above mentioned period in September 2014.

The following table represents the effects of the subsequent and first restated statements for the three months ended February 28, 2014.

F-10

SEALAND NATURAL RESOURCES, INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO FINANCIAL STATEMENTS

November 30, 2014

	Second Restatement						First Restatement						Original Filing
	Period			Year to date			Period			Year to date			Period			Year to date
Cash	$	739,143					$	582,695					$	582,695

Fixed Assets	$	74,794					$	132,795					$	132,795

Deposits	$	292,435					$	142,435					$	142,435

Prepaid Rent	$	-					$	138,833					$	138,833

Accounts Payable	$	103,686					$	104,623					$	104,623

Accounts Receivable Holdback Liability	$	250,000					$	-					$	-

Additional Paid in Capital	$	3,311,606					$	4,110,627					$	4,110,627

Stock Subscription	$	521,635					$	854,131					$	854,131

Retained Deficit	$	(2,738,573	)				$	(3,730,641	)				$	(3,730,641	)

Total Assets	$	1,666,944					$	1,557,330					$	1,557,330

Total Liabilities	$	569,686					$	320,623					$	320,623

Total Equity	$	1,097,258					$	1,236,707					$	1,236,707

Cost of Sales	$	158,442		$	353,415		$	153,643		$	348,616		$	153,643		$	348,616

General and Administrative	$	1,155,437		$	1,754,831		$	2,152,304		$	2,751,698		$	1,745,179		$	2,751,698

Net Loss	$	(1,238,213	)	$	(1,801,093	)	$	(2,230,281	)	$	(2,793,161	)	$	(1,823,156	)	$	(2,793,161	)

Earnings per share	$	(0.53	)	$	(0.77	)	$	(0.95	)	$	(1.19	)	$	(0.78	)	$	(1.19	)

Note 4 – Service Agreements

On June 1, 2011, the Company entered into a Service Agreement with Greg May. The agreement requires the Company to pay Mr. May a sum of $9,800 monthly fee plus de-minimus fringe benefits. The agreement is cancellable by either party with written notice of termination. In May of 2013, the Company modified this Service Agreement to include the issuance of 1,500 shares of the Company’s common stock paid out quarterly basis (on an annual basis). The modified agreement was effective January 1, 2013 and the 1,500 shares to be issued on March 31, 2013, June 30, 2013, September 30, 2013, December 31, 2013, March 31, 2014, June 30, 2014 and September 30, 2014 have not been issued but have been accounted for as a stock subscription payable. Additionally, Mr. May has not been paid his November payment of $9,800. This amount has been accrued.

On June 1, 2011, the Company entered into a Service Agreement with Lars Poulsen. The agreement requires the Company to pay Mr. Poulsen a sum of $7,500 monthly fee plus de-minimus fringe benefits. The agreement is cancellable by either party with written notice of termination. In May of 2013, the Company modified this Service Agreement to include the issuance of 1,500 shares of the Company’s common stock paid out quarterly basis (on an annual basis). The modified agreement was effective January 1, 2013 and the 1,500 shares to be issued on March 31, 2013, June 30, 2013, September 30, 2013, December 31, 2013, March 31, 2014, June 30, 2014 and September 30, 2014 have not been issued but have been accounted for as a stock subscription payable.

On January 1, 2013, the Company entered into a Service Agreement with Steven Matteson. The agreement requires the Company to pay Mr. Matteson a sum of $2,500 monthly fee plus de-minimus fringe benefits. The agreement is cancellable by either party with written notice of termination. Additionally, the contract requires 1,500 shares of common stock paid out quarterly (on an annual basis). The 1,500 shares to be issued on March 31, 2013, June 30, 2013 and September 30, 2013 were issued in October 2013. On October 1, 2013, the Company modified this contract. The modified contract now requires the issuance of 3,000 shares of stock a quarter (on an annual basis) and the Company will pay all related taxes on these shares through a payroll deduction. Additionally, this officer can earn an additional 10,000 shares when the Company achieves $2.0 million in net sales, an additional 10,000 shares with the Company achieves $3.0 million in net sales and an additional 10,000 shares when the Company achieves $5.0 million in net sales. On December 31, 2013, the Company issued 1,500 shares of the 3,000 shares to be issued. The remaining 1,500 shares have been accounted for as a stock subscription payable. Additionally, the 3,000 shares to be issued on March 31, 2014 and June 30, 2014 have not been issued and have been added to the stock subscription payable. On August 1, 2014, the Company terminated the current agreement with Mr. Matteson. The Company terminated these shares and offset the stock subscription to the related expense. The new agreement dated July 18, 2014 pays Mr. Matteson a monthly amount of $6,000 and grants 1,500 shares per quarter starting on September 30, 2014. The 1,500 shares on September 30, 2014 were issued on October 1, 2014. Additionally, Mr. Matteson has not been paid his November payment of $6,000. This amount has been accrued.

F-11

SEALAND NATURAL RESOURCES, INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO FINANCIAL STATEMENTS

November 30, 2014

On July 2, 2013, the Company entered into a Service Agreement with Peter Kuhn. The agreement is cancellable by either party with written notice of termination. The Contract requires 1,500 shares of common stock paid out quarterly (on an annual basis). Additionally, this officer can earn an additional 5,000 shares when the Company achieves $2.0 million in net sales and an additional 5,000 shares with the Company achieves $3.0 million in net sales. The Shares earned on September 30, 2013 were issued in October 2013, the 1,500 shares were issued on December 31, 2013, the 1,500 for the quarter ending March 31, 2014 were issued on April 2, 2014, the June 30, 2014 shares were issued on July 1, 2014 and the September 30, 2014 shares were issued on October 1, 2014.

On March 1, 2014, the Company restructured these service agreements. The Company eliminated the restricted nature of the shares earned and converted those to fully tradable shares.

Note 5 – Security Deposit on Land Usage

On February 12, 2014, The Company entered into an agreement with Tuomo Forest for the sole right to all raw organic birch sap to be harvested in the 42 hectares land owned by Tuomo Forest. This exclusive agreement is valid for (10) ten years unless canceled in writing with a (4) four month notice. The Company has a minimum order of 100,000 liters of birch sap per year. The agreement called for a deposit for usage of $150,000.

Note 6 – Cumulative sale of Common Stock

In 2011, the Company authorized the issuance of 7,048 founder shares at par value. The Company formally issued these shares in 2012.

In 2012, the Company issued 704,796 shares of founder shares at par value. The Company has also recorded a stock subscription receivable of $63,698 for the remaining outstanding balance.

In 2012, the Company issued 466,357 shares at an average value of $0.314 per share.

On February 13, 2013, The Company consummated a revised merger agreement with Vitas Group, Inc. The majority shareholders purchased 2,500,000 shares of Vitas Group Inc. (a Shell Company), which equates to 83.19% of its outstanding shares. These owners agreed to cancel 1,300,000 shares rather than the original 800,000 of the Vitas Group shares. The shareholders of Sealand Natural Resources received 1 share of Vitas for every 50.00 shares of Sealand stock rather than 28.377 shares based on a cancellation of 800,000 shares per the original agreement. The shareholders of Sealand received 1,200,000 shares of Vitas Group Inc. and the total outstanding shares were 2,105,000.

During the year ended May 31, 2013, The Company received $350,000 for 87,500 shares of common stock. These shares were issued during the 1^st fiscal quarter.

The Company has recorded a stock subscription payable on March 31, 2013 for 4,500 shares that are required to be issued per the service agreements listed above. The amount of this subscription is $28,800.

During the period March 1, 2013 through May 31, 2013, the Company issued 60,000 shares for cash at a price of $4.00 per share. The Company received $240,000.

F-12

SEALAND NATURAL RESOURCES, INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO FINANCIAL STATEMENTS

November 30, 2014

On June 3, 2013, the Company issued 52,625 shares to Northstar to settle an open accounts payable. The value of these shares is $210,500.

During the month of June 2013, the Company issued 87,500 shares of common stock for $350,000 cash.

During the month of July 2013, the Company issued 12,500 shares of common stock for $50,000 cash.

During the month of August 2013, the Company issued 47,500 shares of common stock for $190,000 cash.

During the month of September 2013, the Company issued 130,000 shares of common stock for $520,000.

During September 2013, the Company issued 1,500 shares are part of their consulting agreement and recognized stock based compensation expense of $13,875.

During October 2013, the Company issued 4,500 shares are part of their consulting agreement and recognized stock based compensation expense of $34,380.

As of November 30, 2013, the Company has not issued the shares applicable to the Service Agreements for two individuals. The Company has recorded a stock subscription of $68,760 for the 9,000 shares that have not been issued.

On December 1, 2013 the Company issued 51,000 shares of stock to Michael Larkin for consultancy services and recognized $538,949 in expense.

During the month of December 2013, the Company issued 94,500 shares of common stock for $567,000 cash.

During the month of January 2014, the Company issued 3,000 shares are part of their consulting agreement and recognized stock based compensation expense of $35,250.

The Company received $550,000 in cash but has not issued the shares of stock. This amount has been recorded as a stock subscription as of February 28, 2014. These 83,340 shares were issued in May 2014.

On March 31, 2014, the Company recorded stock based compensation expense for three key individuals. The Company recorded an expense of $71,940 but did not issue the 6,000 shares. The Company has recorded these shares as a stock subscription payable.

During the month of April 2014, the Company received cash of $810,000 for shares of common stock. These shares have not been issued and the amounts have been recorded as a stock subscription payable.

On April 1, 2014, the Company issued 1,500 shares of stock as part of their service agreements with one key individuals. The Company recognized $17,985 in stock based compensation expense.

On April 12, 2014, the Company issued 3,250 shares of common stock for professional services rendered. The Company recorded an expense of $39,975.

During the month of April 2014, the Company issued 800 shares of common stock that was purchased in February 2012 but never issued.

During the month of June 2014, the Company issued 17,600 share of stock. The Company issued 8,300 shares and recorded an expense of $96,858 for stock based professional fees and issued 9,300 share of common stock that was purchased in February 2012 but never issued.

During the month of July 2014, the Company issued 20,914 share of stock. The Company issued 1,500 shares as part of their consultancy agreement and recorded an expense of $15,150. The Company also issued 18,000 shares of stock for professional services and recorded an expense of $162,000. Additionally, the Company issued 1,414 shares that were purchased in February 2012 but never issued.

F-13

SEALAND NATURAL RESOURCES, INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO FINANCIAL STATEMENTS

November 30, 2014

On September 10, 2014, The Company issued 3,346 shares of stock that was purchased in September 2012 and never issued.

On September 30, 2014, the Company recorded stock based compensation expense for two key individuals. The Company recorded an expense of $15,450 but did not issue the 3,000 shares. The Company has recorded these shares as a stock subscription payable.

On October 1, 2014, the Company issued 3,000 shares of stock as part of their service agreements with two key individuals. The Company recognized $15,450 in stock based compensation expense.

Note 7 – Convertible Notes Payable

Larkin Family Trust

In July 2012, the Company received a convertible notes payable in the amount of $10,000. The note carries an 8% rate of interest and can be converted into common stock at a strike price of $10.00 per share (adjusted for post-merger value).

In September 2012, the Company received a convertible notes payable in the amount of $125,000. The note carries an 8% rate of interest and can be converted into common stock at a strike price of $10.00 per share (adjusted for post-merger value).

On November 22, 2013, the Company paid off $25,000 of these notes payable and paid an additional $3,500 of accrued interest.

In December 2012, the Company received a convertible notes payable in the amount of $100,000. The note carries an 8% rate of interest and can be converted into common stock at a strike price of $12.50 per share (adjusted for post-merger value). On December 1, 2013, the Company re-negotiated this convertible note. The Company renewed the note at $108,000, which includes accrued interest of $8,000. There is also a conversion factor that allows the holder to convert these shares at $3 per share. The Company has recorded a beneficial conversion feature of $258,840. This note matured and the beneficial conversion feature had been fully amortized. The balance of the accrued interest at November 30, 2014 was $8,640.

Note 8 – Related Party

On November 18, 2014, the Company received a related party short term loan of $5,000. The note is payable on demand and carries no stated amount of interest. The balance of this note on November 30, 2014 was $5,000.

Note 9 – Consulting Agreement

The Company has entered into an agreement with DASH Advisors, LLC (“DASH”) to provide strategic direction and marketing strategy. The Company will pay a monthly retainer of $3,000 per month and grant 51,532 stock options to DASH, exercisable at $6.00 per share until January 1, 2024. The options vest over time at the rate of 4,294 per month, until fully vested.

Note 10 – Joint Venture

On March 1, 2014, The Company entered into a joint venture with KeeSan Family Co, Ltd. The purpose of the joint venture is the development and growth of Birk brand in Asia. The Joint Venture is called Sealand Natural Resources Korea Co, Ltd. It calls for the investment of $22,500 for an ownership of 45%. As of September 30, 2014, the Company has not funded this joint venture and there is no activity.

Note 11 – Return of Capital

During the period ending May 31, 2014, The Company reimbursed two investors for monies that were given for stock purchases in 2011 and 2012 that was never issued.

On March 18, 2014, The Company refunded $8,600 and on March 21, 2014, the Company also refunded an additional $18,500, for a total of $27,100.

F-14

SEALAND NATURAL RESOURCES, INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO FINANCIAL STATEMENTS

November 30, 2014

Note 12 – Service Condition Stock Options

The Company has initiated a stock option agreement with one of its vendors (See Note 7). Compensation cost is recognized on a graded basis.

The fair market value of the stock options is estimated using the Black-Scholes-Merton valuation model and the Company uses the following methods to determine its underlying assumptions: expected volatilities are based on implied volatilities of the monthly closing price of the Company’s common stock; the expected term of options granted is based on the SAB 107 simplified method of using the mid-pint between the vesting term and the original contractual term; the risk-free interest rate is based on the U.S. Treasury bonds issued with similar life terms to the expected life of the grant; and the expected dividend yield is based on dividend trends. Forfeitures are estimated at the time of the grant and adjusted, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The forfeiture rate is based on historical experience.

The following key assumptions were used in the valuation model to value stock option grants for the respective period.

	Period Ended
	November 30,
	2014

Expected volatility		91.43	%
Weighted-average volatility		81.83	%
Expected dividends		-
Expected term (in years)		10.00
Weighted-average risk-free interest rate		2.18	%
Expected Forfeiture rate		-

Stock option transactions under the Company’s plans for the period ending November 30, 2014 are summarized as follows:

					Weighted-
			Weighted-		Average
			Average		Remaining
			Exercise		Contractual
Options	Shares		Price		Term (years)
Balance, beginning of period		-	$	-
Granted		51,532		6.00		9.00
Exercised		-
Forfeited		-
Outstanding at November 30, 2014		51,532		6.00		9.00
Exercisable at November 30, 2014		47,234	$	6.00		9.00

During the period ending November 30, 2014, the company recorded stock based professional fees of $25,600.

Note 13 – Prepaid expenses

During the course of the year the Company prepaid vendors for Inventory. The balance of this prepaid balance as of November 30, 2014 is $42,926.

Note 14 – Subsequent Events

Management has reviewed events between November 30, 2014 and the date the financials were issued, January 20, 2015, and there were no significant events identified for disclosure.

On December 22, 2014, the Company issued 10,000 shares of stock for cash.

On January 2, 2015, The Company issued 3,000 shares to two individuals as part of their employment agreements.

F-15

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

Cautionary Notice Regarding Forward Looking Statements

The information contained in Item 2 contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results may materially differ from those projected in the forward-looking statements as a result of certain risks and uncertainties set forth in this report. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual results will not be different from expectations expressed in this report.

This filing contains a number of forward-looking statements which reflect management’s current views and expectations with respect to our business, strategies, products, future results and events, and financial performance. All statements made in this filing other than statements of historical fact, including statements addressing operating performance, events, or developments which management expects or anticipates will or may occur in the future, including statements related to distributor channels, volume growth, revenues, profitability, new products, adequacy of funds from operations, statements expressing general optimism about future operating results, and non-historical information, are forward looking statements. In particular, the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “may,” variations of such words, and similar expressions identify forward-looking statements, but are not the exclusive means of identifying such statements, and their absence does not mean that the statement is not forward-looking. These forward-looking statements are subject to certain risks and uncertainties, including those discussed below. Our actual results, performance or achievements could differ materially from historical results as well as those expressed in, anticipated, or implied by these forward-looking statements. We do not undertake any obligation to revise these forward-looking statements to reflect any future events or circumstances.

Readers should not place undue reliance on these forward-looking statements, which are based on management’s current expectations and projections about future events, are not guarantees of future performance, are subject to risks, uncertainties and assumptions (including those described below), and apply only as of the date of this filing. Our actual results, performance or achievements could differ materially from the results expressed in, or implied by, these forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, the risks to be discussed in our Annual Report on Form 10-K and in the press releases and other communications to shareholders issued by us from time to time which attempt to advise interested parties of the risks and factors which may affect our business. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Overview

Sealand Natural Resources Inc. (the “Company”, “We”, or “Us”) is a research and new product development company that manufactures, markets and sells “new age functional beverages”, organic nutriceuticals, health supplements, organic raw materials and health food worldwide with the goal of delivering beneficial health effects to those who enjoy our 100% natural and organic products. Our mission is to become a leader in this category and we see the future as a growing market segment which fits our mission. The principal markets for the natural function beverages are primarily Europe and Southeast Asia. The product is primarily sold to wholesale and retail distributors worldwide.

The Company’s initial focus is the “alternative” beverage category, which combines non-carbonated ready-to-drink iced teas, lemonades, juice cocktails, single-serve juices and fruit beverages, ready-to-drink dairy and coffee drinks, energy drinks, sports drinks, and single-serve still water (flavored, unflavored and enhanced) with “new age” beverages, including sodas that are considered natural, sparkling juices and flavored sparkling beverages. Additionally, the Company has other products in development to add to the Company’s product sales pipeline. We believe that one of the keys to success in the beverage industry is differentiation, making our brands research proven and visually distinctive from other beverages on the shelves of retailers.

Plan of Operations

We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business.

Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next six months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) acquisition of inventory; (ii) developmental expenses associated with a start-up business; and (iii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations.

Over the next 12 months, our aim to drive sales growth of our flagship product, BIRK, focuses on three targets: 1) ongoing brand awareness via tradeshows, in store promotion, and other marketing campaigns; 2) additional consumer education on health information and the differentiation of our product vs. traditional soda and sports juices, and; 3) increasing our distribution network – being available in more retail outlets and increasing our presence online. It may be necessary to obtain additional working capital, via additional private placement proceeds or debt instruments in order to accomplish those goals, if working cash flow is not sufficient to sustain the efforts. However, we cannot make any assurance that we will be successful in obtaining additional financing or if the financing terms will be favorable to the Company.

Results of Operations

Comparison for the three and six months ended November 30, 2014 and 2013

Revenues

For the three months ended November 30, 2014 and 2013, we generated revenues of $145,585 and $221,368, respectively. For the six months ended November 30, 2014 and 2013, we generated revenues of $270,788 and $263,435, respectively. Revenue decrease for the current three months was attributable to establishing fewer sales contracts with fewer vendors, both domestic and international, and fewer repeat orders from existing customers as compared to the same period in 2013.

Operating Expenses

Operating costs for the three months ended November 30, 2014 and 2013 were $415,096 and $362,940, respectively. Operating costs for the six months ended November 30, 2014 were $1,429,691, as compared to $599,394 for the same period in 2013. These costs are connected to general and administrative expenses, which are comprised of wages and salaries, advertising, professional fees, and other related expenses. Expenses increased primarily due to: a) increased scale and scope of business operations; b) increased travel expenses for business operation; c) increased use of professional and related consulting services, and d) an allowance for bad debts.

Specifically, our legal and professional expenses, both cash and stock, for the three months ended November 30, 2014 were $95,163, as compared to $78,911 for the three months ended November 30, 2013. Legal and professional expenses, both cash and stock, for the six months ended November 30, 2014 were $446,124, as compared to $133,122 for the six months ended November 30, 2013. The reasons for the increase were: 1) increased compliance and regulatory expense of being a public company; and 2) increased distribution presence and the hiring of professionals in the beverage industry as well as other consultants.

In the current quarter, as in prior quarters, we used common stock as a method of payment for certain services as incentive to its key employees. We expect to continue these arrangements.

Net Loss

Our operating results have recognized losses in the amount of $408,836 and $287,939 for the three months ended November 30, 2014 and 2013, respectively. Our operating results have recognized losses in the amount of $1,430,994 and $530,932 for the six months ended November 30, 2014 and 2013, respectively. The increase in the losses was attributable to additional expenditures in salaries, increase in travel expenses, and growth of the operations through expansion of the production/distribution channels.

Liquidity and Capital Resources

As of November 30, 2014, our current assets were $439,859 and our total liabilities were $285,728. As of November 30, 2014, current assets were comprised of $65,008 in cash, $166,887 of receivables, $135,038 of inventory, and $72,926 in prepaids. As of November 30, 2014, total liabilities were comprised of $172,728 in accounts payable and accrued taxes, and $113,000 of notes payable.

As of November 30, 2014, our total assets were $671,992 comprised of current assets, furniture/equipment of $82,133, and $150,000 of deposits. Stockholders’ deficit decreased from $702,027 as of November 30, 2013 to $386,264 as of November 30, 2014.

Cash Flows From Operating Activities

We have not generated positive cash flows from operating activities. Net cash flows used in operating activities were $747,753 and $794,604 for the six months ended November 30, 2014 and 2013, respectively.

Cash Flows From Financing Activities

We have financed our operations primarily from either advancements or the issuance of equity and debt instruments. Net cash provided by financing activities were $5,000 and $882,763 for the six months ended November 30, 2014 and November 30, 2013, respectively.

Going Concern

The financial statements for the period ended November 30, 2014 contain an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared “assuming that we will continue as a going concern,” which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.

Recent Accounting Pronouncements

As of November 30 and May 31, 2014, the Company does not expect any of the recently issued accounting pronouncements to have a material impact on its financial condition or results of operations.

Critical Accounting Policies

Our significant accounting policies are presented in our notes to financial statements for the: a) period ended November 30, 2014 contained in this Form 10-Q; b) fiscal year ended May 31, 2014, which are contained in the Company’s 2014 Annual Report on Form 10-K. The significant accounting policies that are most critical and aid in fully understanding and evaluating the reported financial results include the following:

The Company prepares its financial statements in conformity with GAAP. These principles require 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. Management believes that these estimates are reasonable and have been discussed with our board of directors; however, actual results could differ from those estimates.

We issue restricted stock to consultants for various services. Cost for these transactions are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The value of the common stock is measured at the earlier of (i) the date at which a firm commitment for performance by the counterparty to earn the equity instruments is reached or (ii) the date at which the counterparty's performance is complete.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

Item 4. Controls and Procedures.

Disclosure of Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports, filed under the Securities Exchange Act of 1934, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable and not absolute assurance of achieving the desired control objectives. In reaching a reasonable level of assurance, management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. In addition, the design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, a control may become inadequate because of changes in conditions or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

As required by the SEC Rule 13a-15(b), we carried out an evaluation under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on that evaluation, the Company's principal executive officer and principal financial officer concluded that due to the material weakness discussed below, the Company's disclosure controls and procedures were not effective, as of the end of the three months ended November 30, 2014, to provide reasonable assurance that information required to be disclosed in the Company’s reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or detected on a timely basis. In its assessment of the effectiveness of internal control our financial reporting as of November 30, 2014, the Company determined that the following items constituted material weaknesses:

•

The Company does not have policies and procedures in place to ensure the timely review, disclosure and accurate financial reporting for significant agreements and transactions.

•

The Company does not have an independent audit committee in place, which would provide oversight of the Company’s officers, operations and financial reporting function.

Changes in Internal Controls Over Financial Reporting

There has been no change in our internal control over financial reporting that occurred during the quarter covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

We are not currently involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our company or any of our subsidiaries, threatened against or affecting our company, our common stock, any of our subsidiaries or of our companies or our subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.

Item 1A. Risk Factors.

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

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

None.

Item 3. Defaults Upon Senior Securities.

None

Item 4. Mine Safety Disclosures.

Not applicable

Item 5. Other Information.

None

Item 6. Exhibits

Exhibit Number		Exhibit Title

31.1*		Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*		Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1+		Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2+		Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

101.INS *		XBRL Instance Document

101.SCH *		XBRL Taxonomy Schema

101.CAL *		XBRL Taxonomy Calculation Linkbase

101.DEF *		XBRL Taxonomy Definition Linkbase

101.LAB *		XBRL Taxonomy Label Linkbase

101.PRE *		XBRL Taxonomy Presentation Linkbase

* Filed herewith.

+ In accordance with SEC Release 33-8238, Exhibits 32.1 and 32.2 are being furnished and not filed.

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.

Sealand Natural Resources Inc.

Date: January 22, 2015	By:	/s/ Lars Poulsen
		Lars Poulsen
		President and Chief Executive Officer
		(Principal Executive Officer)

Date: January 22, 2015	By:	/s/ Steve Matteson
		Steve Matteson
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

Sealand Natural Resources Inc 10-Q/A