UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 10-Q

(Mark one)

☒ Quarterly Report under Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended ~~June~~September 30, 2016

☐ Transition Report under Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ______________ to _____________

Commission File Number: 000-52237

BTHC X, Inc.

(Exact name of registrant as specified in its charter)

Delaware		20-5456047
(State of incorporation)		(IRS Employer ID Number)

2 ARGYROKASTROU STREET VOULA

16673, ATHENS, GREECE

(Address of principal executive offices)

+30 210 899 2896

(Issuer's telephone number)

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 ☒ NO ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES ☒ NO ☐

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. (Check one):

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): YES ☒ NO ☐

State the number of shares outstanding of each of the issuer's classes of common equity as of the latest practicable date: ~~June~~ 30November 14, 2016: 5,839,933

BTHC X, Inc.

Form 10-Q for the Quarter ended ~~June~~September 30, 2016

Table of Contents

	Page
Part I - Financial Information

Item 1 - Financial Statements	1

Item 2 - Management's Discussion and Analysis or Plan of Operation	2

Item 3 - Quantitative and Qualitative Disclosures About Market Risk	6

Item 4 - Controls and Procedures	6

Part II - Other Information

Item 1 - Legal Proceedings	7

Item 1A - Risk Factors	7

Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds	7

Item 3 - Defaults Upon Senior Securities	7

Item 4 - Mine Safety Disclosures	7

Item 5 - Other Information	7

Item 6 - Exhibits	7

Signatures	8

Part I

BTHC X, Inc.

Contents

	Page
Financial Statements
Balance Sheets as of June 30, 2016 and December 31, 2015	F-1
Balance Sheets as of September 30, 2016 and December 31, 2015	F-1
Statements of Operations and Comprehensive Loss for the six and three months ended June 30, 2016 and 2015	F-2
Statements of Operations and Comprehensive Loss for the nine and three months ended September 30, 2016 and 2015	F-2
Statements of Cash Flows for the six months ended June 30, 2016 and 2015	F-3
Statements of Cash Flows for the nine months ended September 30, 2016 and 2015	F-3
Notes to Financial Statements	F-4

BTHC X, Inc.

Balance Sheets

~~June~~September 30, 2016 and December 31, 2015

	June 30,			December 31,
	September 30,			December 31,
	2016 (unaudited)			2015 (audited)
ASSETS
Current Assets
Cash on hand and in bank	$	-		$	-
Total Assets	$	-		$	-
Current Liabilities
Accounts payable - trade	$	166,~~787~~316		$	143,661
Due to controlling stockholder		~~273~~288,~~666~~882			266,693
Total Liabilities		~~440~~455,~~453~~198			410,354
Commitments and Contingencies
Stockholders' Deficit
Preferred stock - $0.001 par value 10,000,000 shares authorized None issued and outstanding		-			-
Common stock - $0.001 par value 40,000,000 shares authorized 5,839,933 issued and outstanding		5,840			5,840
Additional paid-in capital		65,140			65,140
Accumulated deficit		(~~511~~526,~~433~~178	)		(481,334	)
Total Stockholders' Deficit		(~~440~~455,~~453~~198	)		(410,354	)
Total Liabilities and Stockholders’ Deficit	$	-		$	-

The accompanying notes are in integral part of these financial statements.

F-1

BTHC X, Inc.

Statements of Operations and Comprehensive Loss

~~Six~~Nine and three months ended ~~June~~September 30, 2016 and 2015

	Six months ended June 30,			Six months ended June 30,			Three months ended June 30,			Three months ended June 31,
	Nine months ended September 30,			Nine months ended September 30,			Three months ended September 30,			Three months ended September 31,
	2016			2015			2016			2015
	2016(unaudited)			2015(unaudited)			2016(unaudited)			2015(unaudited)
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Revenues	$	-		$	-		$	-		$	-
Operating expenses
		-			-			-			-
Professional fees		2233,~~742~~992			2132,~~000~~200			1211,~~242~~250			1011,~~500~~200
General and administrative expenses		710,~~357~~852			710,~~340~~805			3,~~573~~495			3,~~354~~465
Total operating expenses		3044,~~099~~844			2843,~~340~~005			1514,~~815~~745			1314,~~854~~665
Loss from operations		(3044,~~099~~844	)		(2843,~~340~~005	)		(1514,~~815~~745	)		(1314,~~854~~665	)
Other Expense
Loss before Provision of Income Taxes		(3044,~~099~~844	)		(2843,~~340~~005	)		(1514,~~815~~745	)		(1314,~~854~~665	)
Provision for income taxes		-			-			-			-
Net loss	$	(3044,~~099~~844	)	$	(2843,~~340~~005	)	$	(1514,~~815~~745	)	$	(1314,~~854~~665	)
Other comprehensive income		-			-			-			-
Comprehensive loss	$	(3044,~~099~~844	)	$	(2843,~~340~~005	)	$	(1514,~~815~~745	)	$	(1314,~~854~~665	)
Loss per weighted-average share of common stock outstanding, computed on net loss – basic and fully diluted.		(0.~~005~~008	)		(0.~~005~~007	)		(0.~~002~~003	)		(0.~~002~~003	)
Weighted- average number of shares of common stock outstanding – basic and fully diluted.		5,839,933			5,839,933			5,839,933			5,839,933

The accompanying notes are in integral part of these financial statements.

F-2

BTHC X, Inc.

Statements of Cash Flows

~~Six~~Nine months ended ~~June~~September 30, 2016 and 2015

	Six months ended June 30, 2016			Six months ended June 30, 2015
	Nine months ended September 30, 2016(unaudited)			Nine months ended September 30, 2015(unaudited)
	(unaudited)			(unaudited)
Cash Flows from Operating Activities
Net loss for the period	$	(3044,~~099~~844	)	$	(2843,~~340~~005	)
Adjustments to reconcile net loss to net cash provided by operating activities
Increase / Decrease in accounts payable-trade		23,126			12,897
.		-			-
Net cash used in operating activities		(6,973	)		(15,443	)
Increase / Decrease in accounts payable-trade		22,655			26,036
Net cash used in operating activities		(22,189	)		(16,969	)
Cash Flows from Investing Activities		-			-
Cash Flows from Financing Activities
Cash provided by current controlling stockholder		622,~~973~~189			1516,~~443~~969
Net cash provided by financing activities		622,~~973~~189			1516,~~443~~969
Decrease/ Increase in Cash		-			-
Cash at beginning of period		-			-
Cash at end of period	$	-		$	-
Supplemental Disclosure of Interest and Income Taxes Paid
Interest paid during the period	$	-		$	-
Income taxes paid during the period	$	-		$	-
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Debt due former controlling stockholder contributed as additional paid-in capital	$	-		$	-

The accompanying notes are in integral part of these financial statements.

F-3

BTHC X, Inc.

Notes to Financial Statements

~~June~~September 30, 2016 and 2015

Note A - Background and Description of Business

BTHC X, Inc. (“Company”) was incorporated on August 16, 2006, in accordance with the Laws of the State of Delaware. The Company is the U. S. Bankruptcy Court mandated reincorporation of and successor to BTHC X, LLC, a Texas Limited Liability Company which was discharged from bankruptcy on November 29, 2004. The effective date of the merger of BTHC X, Inc. and BTHC X, LLC was August 16, 2006.

The Company’s emergence from Chapter 11 of Title 11 of the United States Code on November 29, 2004 created the combination of a change in majority ownership and voting control - that is, loss of control by the then-existing stockholders, a court-approved reorganization, and a reliable measure of the entity’s fair value - resulting in a fresh start, creating, in substance, a new reporting entity. Accordingly, the Company, post-bankruptcy, has no significant assets, liabilities or operating activities.

On May 21, 2009, the Company entered into a Share Exchange Agreement (“Share Exchange Agreement”) with Sur-America Ventures, Inc., a Delaware corporation (“SAV”), and the sole stockholder of SAV. Pursuant to the Share Exchange Agreement, the stockholder of SAV exchanged 100% of the issued and outstanding shares of the capital stock of SAV for 1,576,782 newly issued shares of the Company’s common stock that, in the aggregate, constituted approximately 90% of our then-issued and outstanding capital stock on a fully-diluted basis as of and immediately after the consummation of such exchange. As a result of this transaction, 1,751,980 shares of our common stock were then issued and outstanding.

SAV was organized on May 19, 2009 as a Delaware corporation and was formed to seek and identify a privately-held operating company located in Latin America desiring to become a publicly held company with access to United States capital markets through a reverse merger or acquisition transaction.

On September 18, 2009, the Company entered into a Securities Purchase Agreement (“SPA”), with Magellan Alpha Investments Corp., a Marshall Islands corporation (“Magellan”) and Pierre Galoppi, the Company’s then-sole director and officer (“Seller”). Pursuant to the SPA, Magellan purchased from the Seller an aggregate of 1,576,782 shares of the Company’s issued and outstanding common stock. In addition, on October 9, 2009, pursuant to a subscription agreement (the “SA”), the Company closed a transaction by which Magellan subscribed for an additional 4,087,953 newly issued shares of the Company’s common stock for $60,000 cash. After the closing of both the SPA and SA (the “Magellan Transaction”), Magellan then owned an aggregate of approximately 5,664,735 shares common stock of the Company and approximately 5,839,933 shares of the Company’s common stock were then issued and outstanding. Magellan subsequently sold a portion of its shares to certain third parties in a private transaction.

The Company is currently considering alternative business plans and focuses on locating and combining with an existing company, which is profitable or, in management's view, has growth potential, irrespective of the industry in which it is engaged, desiring to become a publicly held company with access to United States capital markets through a combination transaction with us. We do not restrict our search for investment opportunities to any particular geographical area or industry. However, the Company does not intend to combine with a company which may be deemed to be an investment company subject to the Investment Company Act of 1940. A combination may be structured as a merger, consolidation, exchange of our common stock for stock or assets or any other form which will result in the combined enterprises becoming a publicly-held corporation.

F-4

BTHC X, Inc.

Notes to Financial Statements - Continued

~~June~~September 30, 2016 and 2015

Note B - Bankruptcy Action

Commencing on March 28, 2003, BTHC X, LLC filed for protection under Chapter 11 of the Federal Bankruptcy Act in the United States Bankruptcy Court, Northern District of Texas - Dallas Division (“Bankruptcy Court”). The Company’s bankruptcy action was part of a combined case (Case No. 03-33152-HDH-11) encompassing the following related entities: Ballantrae Healthcare, LLC; Ballantrae Texas, LLC; Ballantrae New Mexico, LLC; Ballantrae Missouri, LLC; Ballantrae Illinois, LLC; BTHC I, LLC; BTHC II, LLC; BTHC III, LLC; BTHC IV, LLC; BTHC V, LLC; BTHC VI, LLC; BTHC VIII, LLC; BTHC VIIII, LLC; BTHC X, LLC; BTHC XI, LLC; BTHC XII, LLC; BTHC XIV, LLC; BTHC XV, LLC; BTHC XVII, LLC; BTHC XIX, LLC; BTHC XX, LLC; BTHC XXI, LLC; BNMHC I, LLC; BMOHC II, LLC; BILHC I, LLC, BILHC II, LLC; BILHC III, LLC; BILHC IV, LLC; BILHC V, LLC.

All assets, liabilities and other claims against the Company and its affiliated entities were combined for the purpose of distribution of funds to creditors. Each of the entities otherwise remained separate corporate entities. From the commencement of the bankruptcy proceedings through November 29, 2004 (the effective date of the Plan of Reorganization), all secured claims and/or administrative claims during this period were satisfied through either direct payment or negotiation.

A Plan of Reorganization (the “Plan”) was approved by the United States Bankruptcy Court, Northern District of Texas - Dallas Division on November 29, 2004. The Plan, which contemplates the Company entering into a reverse merger transaction, provided that certain identified claimants as well as unsecured creditors, in accordance with the allocation provisions of the Plan, and the Company’s new controlling stockholder would receive “new” shares of the Company’s post-reorganization common stock, pursuant to Section 1145(a) of the Bankruptcy Code. As a result of the Plan’s approval, all liens, security interests, encumbrances and other interests, as defined in the Plan, attach to the creditor’s trust. Specific injunctions prohibit any of these claims from being asserted against the Company prior to the contemplated reverse merger.

The cancellation of all existing shares of common stock outstanding at the date of the bankruptcy filing and the issuance of all “new” shares of the reorganized entity caused an issuance of shares of common stock and a related change of control of the Company with more than 50.0% of the “new” shares being held by persons and/or entities which were not pre-bankruptcy stockholders. Accordingly, per the Reorganization topic of the FASB Accounting Standards Codification (Reorganization topic), the Company adopted “fresh-start” accounting as of the bankruptcy discharge date whereby all continuing assets and liabilities of the Company were restated to the fair market value. The Reorganization topic further states that fresh start financial statements prepared by entities emerging from bankruptcy will not be comparable with those prepared before their plans were confirmed because they are, in fact, those of a new entity. For accounting purposes, the Company adopted fresh start accounting in accordance with the Reorganization topic as of November 29, 2004, the confirmation date of the Plan.

As of November 29, 2004, by virtue of the confirmed Plan, the only asset of the Company was approximately $1,000 in cash due from the bankruptcy estate.

Note C - Preparation of Financial Statements

The Company follows the accrual basis of accounting in accordance with generally accepted accounting principles and retains the Company’s pre-bankruptcy year-end of December 31.

F-5

BTHC X, Inc.

Notes to Financial Statements - Continued

~~June~~September 30, 2016 and 2015

Note C - Preparation of Financial Statements - Continued

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company’s system of internal accounting control is designed to assure, among other items, that 1) recorded transactions are valid; 2) valid transactions are recorded; and 3) transactions are recorded in the proper period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the Company for the respective periods being presented.

~~The~~Interim ~~interim~~Financial ~~financial statements include all adjustments that, in the opinion of management, are necessary to make the financial statements not misleading.~~Statements

The interim financial statements should be read in conjunction with the Company’s latest annual financial statement. The interim financial statement disclosures may not repeat those in the annual financial statement.

The interim financial statements include all adjustments that, in the opinion of management, are necessary to make the financial statements not misleading. All adjustments are of a normal recurring nature.

Note D - Going Concern Uncertainty

The Company has no post-bankruptcy operating history and has a business plan with inherent risk. Because of these factors, the Company’s auditors have issued an audit opinion on the Company’s financial statements which includes a statement describing our going concern status. This means, in the auditor’s opinion, substantial doubt about our ability to continue as a going concern exists ~~for~~ at ~~least one year from~~ the date of their opinion.

The Company’s majority stockholder has maintained the corporate status of the Company and has provided all nominal working capital support on the Company's behalf since the bankruptcy discharge date. Because of the Company's lack of operating assets, its continuance is fully dependent upon the majority stockholder's continuing support. The majority stockholder intends to continue the funding of nominal necessary expenses to sustain the corporate entity. However, the Company is at the mercy of future economic trends and business operations for the Company’s majority stockholder to have the resources available to support the Company. Should we fail to obtain financing, the Company has not identified any alternative sources of working capital to support the Company.

The Company's continued existence is dependent upon its ability to generate sufficient cash flows from operations to support its daily operations as well as provide sufficient resources to retire existing liabilities and obligations on a timely basis. Further, the Company faces considerable risk in its business plan and a potential shortfall of funding due to our inability to raise capital in the equity securities market.

The Company’s business plan is to seek an acquisition or merger with a private operating company which offers an opportunity for growth and possible appreciation of our stockholders’ investment in the then issued and outstanding common stock. However, there is no assurance that the Company will be able to successfully consummate an acquisition or merger with a private operating company or, if successful, that any acquisition or merger will result in the appreciation of our stockholders’ investment in the then outstanding common stock.

The Company remains dependent upon additional external sources of financing; including being dependent upon its management and/or significant stockholders to provide sufficient working capital in excess of the Company’s initial capitalization to preserve the integrity of the corporate entity.

Conditions that raise substantial doubt about anthe ~~entity~~Company’s ability to continue as a going concern has not changed from prior reporting periods.

F-6

BTHC X, Inc.

Notes to Financial Statements - Continued

~~June~~September 30, 2016 and 2015

Note D - Going Concern Uncertainty - Continued

The Company anticipates offering future sales of equity in connection with a business combination. However, there is no assurance that the Company will be able to obtain additional funding through the sales of additional equity securities or, that such funding, if available, will be obtained on terms favorable to or affordable by the Company.

The Company’s certificate of incorporation authorizes the issuance of up to 10,000,000 shares of preferred stock and 40,000,000 shares of common stock. The Company’s ability to issue preferred stock may limit the Company’s ability to obtain debt or equity financing as well as impede potential takeover of the Company, which takeover may be in the best interest of stockholders. The Company’s ability to issue these authorized but unissued securities may also negatively impact our ability to raise additional capital through the sale of our debt or equity securities.

It is the intent and belief of management and the majority stockholder to provide sufficient working capital necessary to support and preserve the integrity of the corporate entity. However, other than interest free loans of an aggregate of $~~273~~288,~~666~~882 as of ~~June~~September 30, 2016 provided by Magellan, no formal commitments or arrangements to advance or loan funds to the Company or ~~repay~~ repay any such advances or loans exist. There is no legal obligation for either management or the majority stockholder to to provide additional future funding.

In such a restricted cash flow scenario, the Company would be unable to complete its business plan steps, and would, instead, delay all cash intensive activities. Without necessary cash flow, the Company may become dormant during the next twelve months, or until such time as necessary funds could be raised in the equity securities market.

While the Company is of the opinion that good faith estimates of the Company’s ability to secure additional capital in the future to reach its goals have been made, there is no guarantee that the Company will receive sufficient funding to sustain operations or implement any future business plan steps.

Note E - Summary of Significant Accounting Policies

1.	Cash and cash equivalents

The Company considers all cash on hand and in banks, certificates of deposit and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents.

2.	Reorganization costs

The Company has adopted the provisions required by the Start-up Activities Topic of the FASB Accounting Standards Codification whereby all costs incurred with the incorporation and organization of the Company were charged to operations as incurred.

3.	Income taxes

The Company files income tax returns in the United States and may file, as applicable and appropriate, in various state(s). The Company does not anticipate any examinations of returns filed since 2006 or to be filed in future periods.

F-7

BTHC X, Inc.

Notes to Financial Statements - Continued

~~June~~September 30, 2016 and 2015

Note E - Summary of Significant Accounting Policies - Continued

3.	Income taxes – continued

The Company uses the asset and liability method of accounting for income taxes. At ~~June~~September 30, 2016 and 2015, respectively, the deferred tax asset and deferred tax liability accounts, as recorded when material to the financial statements, are entirely the result of temporary differences. Temporary differences generally represent differences in the recognition of assets and liabilities for tax and financial reporting purposes, primarily accumulated depreciation and amortization, allowance for doubtful accounts and vacation accruals.

The Company has adopted the provisions required by the Income Taxes topic of the FASB Accounting Standards Codification. The Codification Topic requires the recognition of potential liabilities as a result of management’s acceptance of potentially uncertain positions for income tax treatment on a “more-likely-than-not” probability of an assessment upon examination by a respective taxing authority. As a result of the implementation of Codification’s Income Tax Topic, the Company did not incur any liability for unrecognized tax benefits.

As of ~~June~~September 30, 2016 and 2015, respectively, the deferred tax asset related to the Company’s net operating loss carry forward is fully reserved. Due to the provisions of Internal Revenue Code Section 338, the Company may have limited net operating loss carry forwards available to offset financial statement or tax return taxable income in future periods as a result of a change in control involving 50 percentage points or more of the issued and outstanding securities of the Company.

4.	Income (Loss) per share

Basic earnings (loss) per share is computed by dividing the net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding during the respective period presented in our accompanying financial statements.

Fully diluted earnings (loss) per share are computed similar to basic income (loss) per share except that the denominator is increased to include the number of common stock equivalents (primarily outstanding options and warrants).

Common stock equivalents represent the dilutive effect of the assumed exercise of the outstanding stock options and warrants, using the treasury stock method, at either the beginning of the respective period presented or the date of issuance, whichever is later, and only if the common stock equivalents are considered dilutive based upon the Company’s net income (loss) position at the calculation date.

As of ~~June~~September 30, 2016 and 2015, respectively, and subsequent thereto, the Company had no outstanding stock warrants, options or ~~convertible~~ convertible securities which could be considered as dilutive for purposes of the loss per share calculation.

5.	Pending and/or New Accounting Pronouncements

On June 2014 the FASB issued an accounting standards update to topic 915 “Development stage entities”. The amendment removes all incremental reporting requirements from US GAAP for development stage entities. The Company has complied with the provisions of the update for the ~~year~~period ended ~~December~~September 3130, ~~2015~~2016.

In August 2014, the FASB issued ASU 2014-15 “Disclosure ~~of Uncertainties~~ about an Entities Ability to Continue as a Going Concern”. ~~The~~ The update establishes management’s responsibility to evaluate whether there is substantial doubt about an entities ability to continue as a going concern including related disclosures. The Company has complied with the provisions of the update for the period ended ~~June~~September 30, 2016.

F-8

BTHC X, Inc.

Notes to Financial Statements - Continued

~~June~~September 30, 2016 and 2015

Note F - Fair Value of Financial Instruments

The carrying amount of cash, accounts receivable, accounts payable and notes payable, as applicable, approximates fair value due to the short term nature of these items and/or the current interest rates payable in relation to current market conditions.

Note G - Acquisition of Sur-America Ventures, Inc.

On May 21, 2009, the Company entered into a Share Exchange Agreement with SAV and the sole stockholder of SAV. Pursuant to the Share Exchange Agreement, the stockholder of SAV exchanged 100% of the issued and outstanding shares of the capital stock of SAV for 1,576,782 newly issued shares of the Company’s common stock that, in the aggregate, constituted approximately 90% of our then-issued and outstanding capital stock on a fully-diluted basis as of and immediately after the consummation of such exchange. As a result of this transaction, 1,751,980 shares of our common stock were then issued and outstanding.

The goodwill of approximately $4,500 arising from the acquisition consists largely of the synergies and access to new business contacts that the management of SAV brings to the Company in order to more effectively implement the Company’s business plan. Concurrent with the Magellan Transaction, as previously discussed in Note A, the Company’s management changed the Company’s business plan as established through the SAV transaction and, accordingly, charged the $4,500 in goodwill to operations on that date.

The following table summarizes the consideration paid for SAV and the amounts of the assets acquired and liabilities assumed recognized at the May 21, 2009 acquisition date.

Equity interest (1,576,782 shares of common stock)	$	6,000

Fair value of total consideration transferred	$	6,000

Acquisition-related costs (included in professional fees in the accompanying financial statements for the three months ended March 31, 2009)	$	20,000

Recognized amounts of identifiable assets acquired and liabilities assumed Cash	$	1,500

Total net identifiable assets		1,500
Goodwill		4,500

	$	6,000

F-9

BTHC X, Inc.

Notes to Financial Statements - Continued

~~June~~September 30, 2016 and 2015

Note G - Acquisition of Sur-America Ventures, Inc. - Continued

The fair value of the 1,576,782 shares given in consideration for the acquisition of SAV was determined using approximately the average of the transaction value of the shares of common stock of the Company issued at the date of the bankruptcy settlement ($1,000) using both the initial number of shares (500,000) and the post-reverse split number of shares outstanding (175,198). There were no contingent consideration arrangements and no contingent liabilities assumed by the Company. SAV had no operations prior to the acquisition.

Note H - Income Taxes

The components of income tax (benefit) expense for each of the ~~six~~nine months ended ~~June~~September 30, 2016 and 2015 are as follows:

		Six months ended		Six months ended
		Nine months ended		Nine months ended
		June 30,		June 30,
		September 30,		September 30,
		2016		2015
Federal:
Current	$	-	$	-
Deferred		-		-
		-		-
State:
Current		-		-
Deferred		-		-
		-		-
Total	$	-	$	-

As of ~~June~~September 30, 2016, and after the Magellan Transaction, the Company has a net operating loss carry forward of approximately $~~467~~482,000 to offset future taxable income. The amount and availability of any net operating loss carry forwards will be subject to the limitations set forth in the Internal Revenue Code. Such factors as the number of shares of common stock ultimately issued within a three year look-back period; whether there is a deemed more than 50 percent change in control; the applicable long-term tax exempt bond rate; continuity of historical business; and subsequent income of the Company all enter into the annual computation of allowable annual utilization of any net operating loss carry forward(s).

(Remainder of this page left blank intentionally)

F-10

BTHC X, Inc.

Notes to Financial Statements - Continued

~~June~~September 30, 2016 and 2015

Note H - Income Taxes - Continued

The Company's income tax expense for each of the ~~six~~nine months ended ~~June~~September 30, 2016 and 2015 is as follows:

	Six months ended June 30, 2016			Six months ended June 30, 2015
	Nine months ended September 30, 2016			Nine months ended September 30, 2015
Statutory rate applied to income before income taxes	$	(46,~~515~~727	)	$	(46,~~251~~451	)
Increase (decrease) in income taxes resulting from: State income taxes		-			-
Other, including reserve for deferred tax asset and application of net operating loss carryforward		46,~~515~~727			46,~~251~~451
Income tax expense	$	-		$	-

The Company’s only temporary difference as of ~~June~~September 30, 2016 and 2015, respectively, relates to the Company’s net ~~operating~~ operating loss pursuant to the applicable Federal Tax Law. As of ~~June~~September 30, 2016 and 2015, respectively, the deferred tax asset is as follows:

	June 30,			June 30,
	September 30,			September 30,
	2016			2015
Deferred tax assets
Net operating loss carry forwards	$	7982,~~972~~184		$	7072,~~415~~615
Less valuation allowance		(7982,~~972~~184	)		(7072,~~415~~615	)
Net Deferred Tax Asset	$	-		$	-

As of ~~June~~September 3130, 2016 and 2015, respectively, the valuation allowance against the deferred tax asset increased by approximately $46,~~515~~ 727 and $46,~~251~~451.

The Company's U.S. Federal and state income tax returns prior to 2012 are closed and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. The statute of limitations on the 2012 tax year returns expired in March 2016.

The Company recognizes interest and penalties associated with uncertain tax positions as part of the income tax provision and would include accrued interest and penalties with the related tax liability in the consolidated balance sheets. There were no interest or penalties paid during 2016 and 2015.

Note I - Capital Stock Transactions

Pursuant to the First Amended Joint Plan of Reorganization proposed by the debtors and affirmed by the U. S. Bankruptcy Court - Northern District of Texas - Dallas Division on November 29, 2004, the Company “will include the issuance of a sufficient number of Plan shares to meet the requirements of the Plan. Such number is estimated to be approximately 500,000 Plan Shares relative to each Post Confirmation Debtor. The Plan Shares shall all be of the same class.” As provided in the Plan, 70.0% of the Plan Shares of the Company were issued to the Company’s then-controlling stockholder, in exchange for the release of its Allowed Administrative Claims and for the performance of certain services and the payment of certain fees related to an anticipated reverse merger or other acquisition transaction(s) described in the Plan. The remaining 30.0% of the Plan Shares of the Company were issued to other holders of various claims as defined in the Order Confirming First Amended Joint Plan of Reorganization.

F-11

BTHC X, Inc.

Notes to Financial Statements - Continued

~~June~~September 30, 2016 and 2015

Note I - Capital Stock Transactions – Continued

On December 31, 2007, the Company amended its Certificate of Incorporation through the filing of a Certificate of Amendment of Certificate of Incorporation with the State of Delaware for the purpose of effecting a 1-for-2.86 reverse split of its $0.001 par value common stock. This action was approved on November 29, 2007 by written consent of stockholders holding a majority of the Company's outstanding common stock in lieu of a special meeting. As a result of the reverse split, the Company then had 175,198 shares of common stock outstanding. The effect of this action is reflected in the accompanying Statement of Changes in Stockholders’ Equity (Deficit) as of the first day of the period ended December 31, 2004.

On May 21, 2009, the Company entered into the Share Exchange Agreement with SAV, and the sole stockholder of SAV. Pursuant to the Share Exchange Agreement, the stockholder of SAV exchanged 100% of the issued and outstanding shares of the capital stock of SAV for 1,576,782 newly issued shares of the Company’s common stock that, in the aggregate, constituted approximately 90% of our then-issued and outstanding capital stock on a fully-diluted basis as of and immediately after the consummation of such exchange. As a result of this transaction, 1,751,980 shares of our common stock were then issued and outstanding. The Company relied upon Section 4(2) of the Securities Act of 1933, as amended, for an exemption from registration of these shares and no underwriter was used in this transaction.

On September 18, 2009, the Company entered into the SPA, with Magellan (“Purchaser”) and Pierre Galoppi, the Company’s then-sole director and officer (“Seller”). Pursuant to the SPA, the Purchaser purchased from the Seller an aggregate of 1,576,782 shares of the Company’s issued and outstanding common stock and, concurrent with the execution of the SPA, the Purchaser purchased an additional 4,087,953 newly issued shares of our common stock pursuant to the SA, for $60,000 cash. Immediately after closing of both the SPA and SA, the Purchaser then owned an aggregate of approximately 5,664,735 shares common stock of the Company and approximately 5,839,933 shares of the Company’s common stock were then issued and outstanding. These transactions closed on October 9, 2009. The Company relied upon Section 4(2) of the Securities Act of 1933, as amended, for an exemption from registration of the newly issued shares and no underwriter was used in this transaction. The Purchaser subsequently sold a portion of its shares to certain third parties in a private transaction.

Note J - Subsequent Events

Management has evaluated all activity of the Company through ~~August~~November 814, 2016 (the issue date of the financial statements) and concluded ~~that~~ that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to financial statements.

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F-12

Part I - Item 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

(1) Caution Regarding Forward-Looking Information

Certain statements contained in this quarterly filing, including, without limitation, statements containing the words "believes", "anticipates", "expects", “intend”, “estimate”, “plan” and words of similar import, constitute forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Forward-looking statements are based on our current expectations and assumptions regarding our business, potential target businesses, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore that you should not rely on any of these forward-looking statements as statements of historical fact or as guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include changes in local, regional, national or global political, economic, business, competitive, market (supply and demand) and regulatory conditions and the following:

	●	our selection of a prospective target business or asset;
	●	our issuance of our capital shares or incurrence of debt to complete a business combination;
	●	removal of our securities from OTC Bulletin Board quotation system, or the ability to have our securities quoted on OTC Bulletin Board or listed on another exchange following our business combination;
	●	our ability to consummate an attractive business combination due to our limited resources and the significant competition for business combination opportunities;
	●	conflicts of interest of our officers and directors;
	●	potential current or future affiliations of our officers and directors with competing businesses;
	●	our ability to obtain additional financing if necessary;
	●	the control by our existing stockholders of a substantial interest in us;
	●	our being deemed an investment company;
	●	our dependence on our key personnel;
	●	our dependence on a single company after our business combination;
	●	business and market outlook;
	●	our and our customers’ business strategies following the consummation of a business combination;
	●	environmental, obtaining permits and other regulatory risks following the consummation of a business combination;
	●	foreign currency fluctuations and overall political risk in foreign jurisdictions following the consummation of a business combination;
	●	operating and capital expenditures by us following the consummation of a business combination;
	●	our competitive position following the consummation of a business combination;
	●	outcomes of legal proceedings following the consummation of a business combination;
	●	expected results of operations and/or financial position following the consummation of a business combination;
	●	future effective tax rates; and
	●	compliance with applicable laws.

These risks are not exhaustive.

Given these uncertainties, readers of this Form 10-Q and investors are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.

(2) Results of Operations

The Company had no revenue for either of the ~~six~~nine month periods ended ~~June~~September 30, 2016 and 2015 or for the period from November 29, 2004 (date of bankruptcy settlement) through ~~June~~September 30, 2016.

Operating expenses, including general and administrative expenses for the respective ~~six~~nine month periods ended ~~June~~September 30, 2016 and 2015 ~~were~~ were $(3044,~~099~~844) and $(2843,~~340~~005) respectively. These expenses were directly related to the maintenance of the corporate entity and ~~the~~ the preparation and filing of periodic reporting requirements. It is anticipated that future expenditure levels may increase as ~~the~~ the Company intends to fully comply with its periodic reporting requirements. Loss per share for the respective ~~six~~nine month periods ended ~~June~~September 30, 2016 and 2015, respectively, were $(0.~~005~~008), $(0.~~005~~007), based on the weighted-average shares issued and outstanding at the end of each respective period.

It is anticipated that future expenditure levels will remain in line relatively consistent until such time that the Company completes a business combination transaction. Upon completion of a business combination transaction, it is anticipated that the Company’s expenses will increase significantly.

On May 21, 2009, the Company entered into a Share Exchange Agreement (the “Share Exchange Agreement”) with Sur-America Ventures, Inc., a Delaware corporation (“SAV”), and the sole stockholder of SAV. Pursuant to the Share Exchange Agreement, the stockholder of SAV transferred 100% of the issued and outstanding shares of the capital stock of SAV in exchange for 1,576,782 newly issued shares of our common stock that, in the aggregate, constituted approximately 90% of our issued and outstanding capital stock on a fully-diluted basis as of and immediately after the consummation of such exchange. As a result of this transaction, 1,751,980 shares of our common stock were then issued and outstanding.

On May 28, 2009, the Company filed a certificate of compliance with reverse acquisition requirements, as required by the Plan for a discharge from bankruptcy.

On September 18, 2009 the Company entered into a Securities Purchase Agreement (the “SPA”) with Magellan Alpha Investments, Corp., a Marshall Islands corporation (“Magellan”) and Pierre Galoppi, the Company’s then sole director and officer (“Seller”). Pursuant to the SPA and upon its consummation, Magellan purchased from the Seller an aggregate of 1,576,782 shares of our issued and outstanding common stock that, in the aggregate, constituted 90% of our then issued and outstanding capital stock on a fully-diluted basis as of and immediately prior to the consummation of the SPA. Following consummation of the SPA, Pierre Galoppi resigned as our sole director and officer.

In addition, on October 9, 2009, pursuant to a subscription agreement (the “SA”), the Company closed a transaction by which Magellan subscribed for an additional 4,087,953 newly issued shares of our common stock, which newly issued shares constituted 70% of our issued and outstanding common stock on a fully diluted basis following the consummation of the transaction contemplated by the SA. As a result of these transactions, 5,839,933 shares of our common stock are issued and outstanding. Immediately upon the closing of the SPA and SA, Magellan then owned an aggregate of 5,664,735 shares, or 97% of the issued and outstanding common stock of the Company. Subsequently, Magellan sold an aggregate of 2,032,656 shares of common stock to certain third parties, thereby reducing Magellan’s ownership to 3,682,079 shares, or 63.05% of the issued and outstanding common stock of the Company.

George Syllantavos, our President, Secretary, Treasurer and sole director, is the President and majority shareholder of Magellan.

The Company is a shell company with minimal operations. The Company does not expect to generate any revenue or incur operating expenses for purposes other than fulfilling the obligations of a reporting company under the Securities Exchange Act of 1934 unless and until such time that the Company completes a reverse acquisition transaction with an operating entity.

At ~~June~~September 30, 2016 and December 31, 2015, the Company had working capital (deficit) of $ (~~440,453~~455.198) and $(410,354), respectively.

It is the belief of management and significant stockholders that they will provide sufficient working capital necessary to support and preserve the integrity of the corporate entity. However, there is no legal obligation for either management or significant stockholders to provide additional future funding. Further, the Company is at the mercy of future economic trends and business operations for the Company’s majority stockholder to have the resources available to support the Company. Should such persons fail to provide financing, the Company has not identified any alternative sources. Consequently, there is substantial doubt about the Company's ability to continue as a going concern.

(3) Plan of Business

General

This Company is currently considering alternative business plans and focuses on locating and combining with an existing company, and which is profitable or, in management's view, has growth potential, irrespective of the industry in which it is engaged, desiring to become a publicly held company with access to United States capital markets through a combination transaction with us. We do not restrict our search for investment opportunities to any particular geographical area or industry. However, the Company does not intend to combine with a company which may be deemed to be an investment company subject to the Investment Company Act of 1940. A combination may be structured as a merger, consolidation, exchange of our common stock for stock or assets or any other form which will result in the combined enterprises becoming a publicly-held corporation.

The Company does not expect to generate any revenue or incur operating expenses for purposes other than fulfilling the obligations of a reporting company under the Securities Exchange Act of 1934 unless and until such time that the Company completes a transaction with an operating entity.

Pending negotiation and consummation of a combination, the Company anticipates that it will have, aside from carrying on its search for a combination partner, no business activities, and, thus, will have no source of revenue. Should the Company incur any significant liabilities prior to a combination, it may not be able to satisfy such liabilities as are incurred.

If the Company's management pursues one or more combination opportunities beyond the preliminary negotiations stage and those negotiations are subsequently terminated, it is foreseeable that such efforts will exhaust the Company's ability to continue to seek such combination opportunities before any successful combination can be consummated. In that event, the Company's common stock will become worthless and holders of the Company's common stock will receive a nominal distribution, if any, upon the Company's liquidation and dissolution.

Search for Business Opportunities

We are currently considering alternative business plans and focus on locating and combining with an existing company which is profitable or, in management's view, has growth potential, irrespective of the industry in which it is engaged, desiring to become a publicly held company with access to United States capital markets through a combination transaction with us. We do not restrict our search for investment opportunities to any particular geographical area or industry and may, therefore, engage in essentially any business, to the extent of the Company’s limited resources. The Company’s discretion in the selection of business opportunities is unrestricted, subject to the availability of such opportunities, economic conditions, and other factors. No assurance can be given that the Company will be successful in finding or acquiring a desirable business opportunity, and no assurance can be given that any acquisition, which does occur, will be on terms that are favorable to the Company or its current stockholders.

The Company may merge with a company that has retained one or more consultants or outside advisors. In that situation, the Company expects that the business opportunity will compensate the consultant or outside advisor. As of the date of this filing, there have been no discussions, agreements or understandings with any party regarding the possibility of a merger or acquisition between the Company and such other company. Consequently, the Company is unable to predict how the amount of such compensation would be calculated at this time. It is anticipated that any finder that the target company retains would be a registered broker-dealer.

The Company will not restrict its search to any specific kind of business, but may acquire a venture, which is in its preliminary or development stage, one which is already in operation, or in a more mature stage of its corporate existence. The acquired business may need to seek additional capital, may desire to have its shares publicly traded, or may seek other perceived advantages which the Company may offer. The Company does not intend to obtain funds to finance the operation of any acquired business opportunity until such time as the Company has successfully consummated the merger or acquisition transaction. There are no loan arrangements or arrangements for any financing whatsoever relating to any business opportunities.

Evaluation of Business Opportunities

The analysis of business opportunities will be under the supervision of the Company’s sole officer and director, who is not a professional business analyst. In analyzing prospective business opportunities, management will consider such matters as available technical, financial and managerial resources; working capital and other financial requirements; history of operations, if any; prospects for the future; nature of present and expected competition; the quality and experience of management services which may be available and the depth of that management; the potential for further research, development, or exploration; specific risk factors not now foreseeable, but which then may be anticipated to impact the proposed activities of the Company; the potential for growth or expansion; the potential for profit; the perceived public recognition or acceptance of products, services, or trades; name identification; and other relevant factors. In many instances, it is anticipated that the historical operations of a specific business opportunity may not necessarily be indicative of the potential for the future because of a variety of factors, including, but not limited to, the possible need to expand substantially, shift marketing approaches, change product emphasis, change or substantially augment management, raise capital and the like. Management intends to meet personally with management and key personnel of the target business entity as part of its investigation. To the extent possible, the Company intends to utilize written reports and personal investigation to evaluate the above factors. Prior to making a decision to participate in a business opportunity, the Company will generally request that it be provided with written materials regarding the business opportunity containing as much relevant information as possible. Including, but not limited to, such items as a description of products, services and company history; management resumes; financial information; available projections, with related assumptions upon which they are based; an explanation of proprietary products and services; evidence of existing patents, trademarks, or service marks, or rights thereto; present and proposed forms of compensation to management; a description of transactions between such company and its affiliates during the relevant periods; a description of present and required facilities;, an analysis of risks and competitive conditions; a financial plan of operation and estimated capital requirements; audited financial statements, or if they are not available at that time, unaudited financial statements, together with reasonable assurance that audited financial statements would be able to be produced within a required period of time; and the like.

Management believes that various types of potential merger or acquisition candidates might find a business combination with the Company to be attractive. These include acquisition candidates desiring to create a public market for their shares in order to enhance liquidity for current stockholders, acquisition candidates which have long-term plans for raising capital through public sale of securities and believe that the possible prior existence of a public market for their securities would be beneficial, and acquisition candidates which plan to acquire additional assets through issuance of securities rather than for cash, and believe that the possibility of development of a public market for their securities will be of assistance in that process. Acquisition candidates, who have a need for an immediate cash infusion, are not likely to find a potential business combination with the Company to be an attractive alternative. Nevertheless, the Company has not conducted market research and is not aware of statistical data which would support the perceived benefits of a merger or acquisition transaction for the owners of a business opportunity. The Company is unable to predict when it may participate in a business opportunity. It expects, however, that the analysis of specific proposals and the selection of a business opportunity may take several months or more. There can also be no assurances that we are able to successfully pursue a business opportunity. In that event, there is a substantial risk to the Company that failure to complete a business combination will significantly restrict its business operation and force management to cease operations and liquidate the Company.

(4) Liquidity and Capital Resources

Magellan has loaned us (interest free) funds that were used to cover our expenses and provide us with working capital. The aggregate of such loans amounted to $266,693 as of December 31, 2015 and $~~273~~288,~~666~~882 as of ~~June~~September 30, 2016.

It is the intent and belief of management and significant stockholders that they will provide sufficient working capital necessary to support and preserve the integrity of the corporate entity. However, there is no legal obligation for either management or significant stockholders to provide additional future funding and other than the loans described above, no formal commitments or arrangements to advance or loan funds to the Company or repay any such advances or loans exist. Further, the Company is at the mercy of future economic trends and business operations for the Company’s majority stockholder to have the resources available to support the Company. Should such persons fail to provide financing, the Company has not identified any alternative sources. Consequently, there is substantial doubt about the Company's ability to continue as a going concern.

The Company has no current plans, proposals, arrangements or understandings with respect to the sale or issuance of additional securities. Accordingly, there can be no assurance that sufficient funds will be available to the Company to allow it to cover its expenses.

Regardless of whether the Company’s cash assets prove to be inadequate to meet the Company’s operational needs, the Company might seek to compensate providers of services by issuances of common stock in lieu of cash.

(5) Critical Accounting Policies

Our financial statements and related public financial information are based on the application of accounting principles generally accepted in the United States (“GAAP”). GAAP requires the use of estimates; assumptions, judgments and subjective interpretations of accounting principles that have an impact on the assets, liabilities, revenue and expense amounts reported. These estimates can also affect supplemental information contained in our external disclosures including information regarding contingencies, risk and financial condition. We believe our use of estimates and underlying accounting assumptions adhere to GAAP and are consistently and conservatively applied. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ materially from these estimates under different assumptions or conditions. We continue to monitor significant estimates made during the preparation of our financial statements.

Our significant accounting policies are summarized in Note E of our financial statements. While all these significant accounting policies impact our financial condition and results of operations, we view certain of these policies as critical. Policies determined to be critical are those policies that have the most significant impact on our financial statements and require management to use a greater degree of judgment and estimates. Actual results may differ from those estimates. Our management believes that given current facts and circumstances, it is unlikely that applying any other reasonable judgments or estimate methodologies would cause effect on our consolidated results of operations, financial position or liquidity for the periods presented in this report.

Item 3 - Quantitative and Qualitative Disclosures About Market Risk

In future periods, the Company may become subject to certain market risks, including changes in interest rates and currency exchange rates. At the present time, the Company has no identified exposure and does not undertake any specific actions to limit exposures, if any.

Item 4 - Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

Our management, under the supervision and with the participation of our certifying officer, who is our sole officer and acts as our chief executive officer and chief financial officer (the “Certifying Officer”), has evaluated the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15 promulgated under the Exchange Act as of ~~June~~September 30, ~~2016~~2015. ~~Based~~ Based on such evaluation, our Certifying Officer has concluded that, as of the end of the period covered by this Quarterly Report, ~~our~~ our disclosure controls and procedures are effective.

(b) Changes in Internal Controls

There were no significant changes (including corrective actions with regard to significant deficiencies or material weaknesses) in our internal controls over financial reporting that occurred during the quarter ended ~~June~~September 30, 2016 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

None.

Item 1A – Risk Factors

Not applicable.

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

None.

Item 3 - Defaults Upon Senior Securities

None.

Item 4 - Mine Safety Disclosures

None.

Item 5 - Other Information

None.

Item 6 - Exhibits

31.1*	Certification pursuant to Section 302 of Sarbanes-Oxley Act of 2002
32.1**	Certification pursuant to Section 906 of Sarbanes-Oxley Act of 2002
101.INS*	XBRL Instance Document
101.SCH*	XBRL Taxonomy Extension Schema Document
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	XBRL Taxonomy Extension Label Linkbase Document
101.PRE *	XBRL Taxonomy Extension Presentation Linkbase Document

* Filed herewith

** Furnished herewith

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BTHC X, Inc.
Dated: August 11, 2016	/s/ George Syllantavos
Dated: November 14, 2016	/s/ George Syllantavos
	George Syllantavos
	President, Chief Executive Officer, and Certifying Officer

Filing Compare · BTHC X INC