ITEM 1. BUSINESS.
Photoamigo, Inc. (“("the Company”’ “we”Company"' "we", “us”"us" or our”our") was incorporated in the State of Nevada on April 2, 2008 (“("Inception) and since then we have been engaged in activities to formulate and implement our business plan as explained below.
We provide social networking and photo sharing from the website PhotoAmigo.com. As of July 31, 2014,2015, our website had 4,6154,710 users using our free photo sharing products. We also maintain the domain names PhotoAmigo.net, fotoamigo.com and fotoamigo.net. These domain names all redirect incoming traffic to our main website, PhotoAmigo.com.
Our website currently allows users to upload photos, share comments via photo blogs, and print photos through third-party vendors. Our free services allow users to upload up to ten photos per day. We offer a premium service which is priced at $19.99 per year and allows for unlimited uploading of photos. As of the date of this prospectus, all of our users are using our free service.
In addition to our photo sharing services, we offer display advertising on our site through Google Adsense. We do not currently generate any revenue through advertising, and we estimate that we will require a minimum of six months to begin generating revenue from display advertising. In order to generate revenue from advertising, we will need to increase traffic to our website.
Our business strategy is to engage users by offering free photo sharing and social networking services. We believe that by offering a full suite of services for free, we can eventually get users to upgrade their membership for more photo sharing storage space. Currently, we offer the following services to our members:
· | Cell phone uploads—users are able to send images from their mobile phone directly to their PhotoAmigo pages; |
· | In-house mail program allowing users to send and receive email originated within the site; |
· | Image printing—we have integrated with Shutterfly to allow users to print their photos directly from our website. |
Marketing
We will use a variety of marketing strategies to build overall traffic to the site and intend to emphasize our marketing efforts. We plan to gain new members by offering the free subscription level but will use marketing efforts within the site to upgrade our members to a paid program. To cultivate new members, we plan to use the following marketing strategies:
· | Search Engine Optimization |
· | Google adwords (purchasing key words such as “free"free photo sharing”sharing") |
· | International Craigslist postings |
· | Guerrilla marketing: handing out postcards and installing street posters |
· | Harvesting existing photo sharing sites (direct email invites) |
· | Press releases to mass publications (magazines, newspapers, radio and TV) |
· | Friends, family and word of mouth. |
We also believe that our success is dependent on viral marketing, which is implicit in photo sharing since our domain name is presented each time a member shares a photo.
In addition to viral marketing strategies, we intend to rely on search engine optimization techniques to increase traffic to our website over the next twelve months. Search engine optimization, or SEO, is the process of improving the volume of traffic generated from search engines such as Google or Yahoo. We intend to optimize our website for key terms such as "photo sharing", "photo blogs", and "free photo hosting." There is significant competition for these keywords and other keywords that direct traffic to photo sharing websites. Given our limited capital resources, we may be unable to optimize our site in order to generate significant traffic from search engines.
Competition
Several online sites allow for storage and printing of digital photos. Many of these sites have grown to recognized brand names and receive millions of uploaded photos each day. We believe that some users are interested in using a smaller site in which their photos can be featured.
Flickr was acquired by Yahoo! When it had approximately 300,000 members. According to a 2007 article in the weblog TechCrunch.com, “Flickr"Flickr now has over 1 billion photos and 37.7 million unique monthly visitors. 2.5 million new photos are uploaded daily by 15 million registered users.
Fotolog: A February 2007 press release from the company cited 6.5 million member accounts from more than 200 countries that have shared more than 200 million photos since the site’ssite's inception in October 2002. The press release went on to call Fotolog “the world’s"the world's largest photo-blogging community and the third most trafficked social media network on the Internet.”" It added, “Fotolog"Fotolog has grown 100 percent virally since its founding in 2002, with no marketing or member incentives.”"
Photobucket was founded in 2003. $15 million was invested before Photobucket was acquired by Fox Interactive Media’sMedia's MySpace for $250 million in May of 2007, according to crunchbase.com. “Their"Their main revenue streams are through premium accounts and advertising.”"
Reports to Security Holders.
Photoamigo is subject to reporting obligations under the Exchange Act. These obligations include an annual report under cover of Form 10-K, with audited financial statements, unaudited quarterly reports and the requisite proxy statements with regard to annual shareholder meetings. The public may read and copy any materials Photoamigo files with the SEC at the SEC's Public Reference Room at 100 F Street, NE, Washington, DC 20549. The public may obtain information of the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0030.The SEC maintains an Internet site (http://www.sec.gov) that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC.
Office
We are provided rent-free office space by our Chief Executive Officer at 2532 Foothill Rd. Santa Barbara, CA93105.
Employees
At September 15, 2014,2015, we had -0- employees, as our Chief Executive Officer no longer receives compensation for his services.
ITEM 1A. RISK FACTORS
As a "smaller reporting company" as defined by Item 8 of Regulation S-K, the Company is not required to provide information required by this Item.
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.
ITEM 2. PROPERTIES
Photoamigo owns no property.
Photoamigo uses the offices of its Chief Executive Officer for its minimal office facility needs for no consideration.
ITEM 3. LEGAL PROCEEDINGS
We were not subject to any legal proceedings during the twelve months ended July 31, 20142015 and 20132014 and are not currently subject to any legal proceedings, and to the best of our knowledge, no such proceeding is threatened, the results of which would have a material impact on our results of operation or financial condition. Nor, to the best of our knowledge, are any of our officers or directors involved in any legal proceedings in which we are an adverse party.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable to our Company.
PART II
ITEM 5. MARKET FOR COMMON EQUITY. RELATED STOCKHOLDER MATTERS AND PURCHASES OF EQUITY SECURITIES
Market Information
There is currently no market for Photoamigo’sPhotoamigo's common stock and there can be no assurance that a market will develop in the future. The Company has submitted a 15c211 application to the OTC Bulletin Board to have the Company’sCompany's common stock quoted on the OTC Bulletin Board. Such application is currently pending.
Holders
As of November 5, 2014,1, 2015, a total of 3,018,000 shares of our common stock were outstanding and there were approximately 33 holders of record.
Penny Stock Rules
Due to the price of our common stock, as well as the fact that we are not listed on Nasdaq or a national securities exchange, our stock is characterized as "penny stocks" under applicable securities regulations. Our stock will therefore be subject to rules adopted by the Securities and Exchange Commission (“SEC”("SEC") regulating broker-dealer practices in connection with transactions in penny stocks. The broker or dealer proposing to effect a transaction in a penny stock must furnish his customer a document containing information prescribed by the SEC and obtain from the customer an executed acknowledgment of receipt of that document. The broker or dealer must also provide the customer with pricing information regarding the security prior to the transaction and with the written confirmation of the transaction. The broker or dealer must also disclose the aggregate amount of any compensation received or receivable by him in connection with such transaction prior to consummating the transaction and with the written confirmation of the trade. The broker or dealer must also send an account statement to each customer for which he has executed a transaction in a penny stock each month in which such security is held for the customer's account. The existence of these rules may have an effect on the price of our stock, and the willingness of certain brokers to effect transactions in our stock.
Transfer Agent
We have appointed Corporate Stock Transfer, Inc. (“CST”("CST") as the transfer agent for our common stock. The principal office of CST is located at 3200 Cherry Creek Drive South, Suite 430, Denver, CO 80209 and its telephone number is (303) 282-4800.
Dividend Policy
We have never declared or paid dividends on our common stock. Payment of future dividends, if any, will be at the discretion of our Board of Directors after taking into account various factors, including the terms of any credit arrangements, our financial condition, operating results, current and anticipated cash needs and plans for expansion. At the present time, we intend to retain any earning in our business, and therefore do not anticipate paying dividends in the foreseeable future.
Recent Sales of Unregistered Securities; Use of Proceeds From Unregistered Securities
No unregistered securities were sold during the twelve months ended July 31, 20142015 and 2013.2014.
ITEM 6. SELECTED FINANCIAL DATA
As a "smaller reporting company" as defined by Item 8 of Regulation S-K, the Company is not required to provide information required by this Item..
ITEM 7. MANAGEMENTS’SMANAGEMENTS'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION
The following discussion and analysis was prepared to supplement information contained in the accompanying financial statements and is intended to explain certain items regarding the financial condition as of July 31, 2014,2015, and the results of operations for the years ended July 31, 2014,2015, and 2013.2014. It should be read in conjunction with the audited financial statements and notes thereto contained in this report.
Overview of the Business
We were incorporated in the State of Nevada on April 2, 2008. Since inception, we have engaged in activities to formulate and implement our business plan.
Ability to continue as a “going"going concern”".
The independent registered public accounting firms’firms' reports on our financial statements as of July 31, 20142015 and 2013, includes a “going concern”"going concern" explanatory paragraph that describes substantial doubt about the Company’sCompany's ability to continue as a going concern. Management’sManagement's plans in regard to the factors prompting the explanatory paragraph are discussed in the financial statements, including footnotes thereto.
Development Stage Company.
The Company is a development stage company as defined by section 915-10-20 of the FASB Accounting Standards Codification. Although the Company has recognized nominal amounts of revenue, it is still devoting substantially all of its efforts on establishing the business. Among the additional disclosures required as a development stage company are that our financial statements were identified as those of a development stage company, and that the statements of operations, stockholders’stockholders' deficit and cash flows disclosed activity since the date of our inception (April 2, 2008) as a development stage company All losses accumulated since Inception (April 2, 2008) have been considered as part of the Company’sCompany's development stage activities. Effective June 10, 2014 FASB changed its regulations with respect to Development Stage Entities and these additional disclosures are no longer required for annual reporting periods beginning after December 15, 2014 with the option for entities to early adopt these new provisions. The Company has not elected to early adopt these provisions and consequently these additional disclosures are included in these financial statements.
Plan of Operation
We plan to provide social networking and photo sharing from our website PhotoAmigo.com. We also maintain the domain names PhotoAmigo.net, fotoamigo.com and fotoamigo.net. These domain names all redirect incoming traffic to our main website, PhotoAmigo.com.
We believe that we can generate significant revenue from the services provided by our website. We need to continue development of the features on the website and attract additional subscribers. PhotoAmigo believes that its brand, product offering and future enhancements will continue to attract users and will make it a premier destination for photo sharing. While there are established photo sharing sites on the Internet, we believe that the continued growth of sharing photos and photo blogging will create an opportunity for additional sites. Our strategy is to engage users by offering free photo sharing and social networking services. We believe that by offering a full suite of services for free, we can eventually get users to upgrade their membership for more photo sharing storage space.
As shown in the following table, we have slowly increased the total number of members using our free services.
| | July 31, 2011 | | | July 31, 2012 | | | July 31, 2013 | | | July 31, 2014 | |
| | 4,553 | | | 4,583 | | | 4,606 | | | 4,615 | |
| | July 31, 2012 | | | July 31, 2013 | | | July 31, 2014 | | | July 31, 2015 | |
| | 4,583 | | | 4,606 | | | 4,615 | | | 4,710 | |
To become a viable enterprise, we must further increase the number of members visiting our site and convert members from free membership to paid membership. We did not generate revenue from any members using our paid services in any of these periods.
Liquidity and Capital Resources
As of July 31, 2014,2015, we had working capital of $687$2,217 comprised of current assets (cash) of $2,327$3,399 and current liabilities (accounts payable and advances from officer)payable) of $1,640$1,182 This represents a decreasean increase in working capital of $781$1,530 from the July 31, 20132014 balance of $1,468.$687. During the year-ended July 31, 20142015 our working capital decreased asincreased because we usedreceived more cash in operatingfinancing activities than we received from financingused in operating activities.
We believe that our funding requirements for the next twelve months will be approximately $20,000, and we do not currently have these financial resources. We estimate that our cash resources will allow us to operate for approximately one and a half month.
We have not yet reported any revenue from operations. To fund our operations, we issued 750,000 shares of common stock on April 2, 2008 for cash proceeds of $70,500. On April 28, 2008, we issued an additional 138,000 shares of common stock for cash proceeds of $11,500. On January 25, 2010, an additional 24,000 shares of common stock were issued for cash proceeds of $400.
In addition, our Chief Executive Officer has periodically advanced funds to us to meet our working capital needs. As of July 31, 2014,2015, we no longer owe our Chief Executive Officer $226 for advances which are non-interest bearing and due on demand. This obligation is now -0-
From inception to July 31, 2014,2015, cash used in operating activities was $156,405.$177,840. We have reduced our operating activities so that we can conserve cash.
Our lack of capital resources will require us to obtain additional funding to achieve our photo sharing website development goals. In the past we have relied on issuances of common stock to fund our operations.
We will seek additional financing in the form of debt or equity. There is no assurance that we will be able to obtain any needed financing on favorable terms, or at all, or that we will find qualified purchasers for the sale of our stock. Any sales of our securities would dilute the ownership of our existing investors.
We currently have no written or firm agreement regarding future funding requirements, and we may curtail our efforts or cease activities entirely.
Future Capital Expenditures
As of and subsequent to July 31, 2014,2015, we have no plans or commitments to acquire capital assets.
Off-Balance Sheet Arrangements
As of and subsequent to July 31, 2014,2015, we have no off-balance sheet arrangements.
Contractual Commitments
As of July 31, 2014,2015, we have no material contractual commitments.
Results of Operations- Year Ended July 31, 20142015 Compared to Year Ended July 31, 20132014
Revenue
We did not report any revenues from sales or services either during the year ended July 31, 20142015 or 20132014 as we are a development stage company that has not commenced revenue generating activities as yet.
Operating expenses
Operating expenses totaled $20,779$21,074 for the year ended July 31, 2014,2015, compared to $17,233$20,782 for the comparable period in 2013,2014, an increase of $3,548$292 or 211 %. We incur website development expenses in connection with activities to develop our business. We incur professional fees in connection with the activities required to prepare disclosure documents. Consistent with our current need to conserve capital resources, we have reduced our website development, marketing, and certain general and administrative expenses. Investor relations expenses increaseddecreased slightly during 20142015 in connection with preparation of information to be included in our registration statement.
Net loss
We reported a net loss of $(21,074) or $ (0.01) per share for the year ended July 31, 2015, compared to a net loss of $(20,782) or $ (0.01) per share for the year ended July 31, 2014, compared to a net loss of $(17,233) or $ (0.01) per share for the year ended July 31, 2013, an increase of $3,549$292 due to the factors discussed above.
CRITICAL ACCOUNTING POLICIES
Use of Estimates
Preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates have been used by management in conjunction with the measurement of the valuation allowance relating to deferred tax assets and future cash flows associated with long-lived assets. Actual results could differ from those estimates.
Revenue Recognition
We recently commenced operations, and have not yet generated any revenues from operations as yet. Revenues are expected to be derived principally from subscriptions to our website. Revenue will be recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service is performed and collectability of the amount is reasonably assured. Certain insignificant amounts collected during the development, testing, and implementation phases are recorded as a recovery of development expense.
Deferred revenue will be recorded when amounts are received from customers for future subscriptions. Amounts received are recorded as income each month based on the pro-rata portion of the prepaid subscription that has been fulfilled.
Cash and Cash Equivalents
For financial statement presentation purposes, we consider short-term, highly liquid investments with original maturities of three months or less to be cash and cash equivalents.
Contingencies
We are not currently a party to any pending or threatened legal proceedings. Based on information currently available, management is not aware of any matters that would have a material adverse effect on our financial condition, results of operations or cash flows.
Fair Value of Financial Instruments
Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management. These financial instruments include cash, accounts payable and advances from officer, and. Fair values are assumed to approximate carrying values for these financial instruments because they are short term in nature, or are receivable or payable on demand.
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 using 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 carry-forwards. 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. PhotoAmigo provides for deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is more likely than not.
Income (Loss) Per Share
We provide for the calculation of "Basic" and "Diluted" earnings per share. Basic earnings per share includes no dilution and is computed by dividing net income (or loss) by the weighted-average number of shares outstanding during the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of the Company, assuming the issuance of an equivalent number of common shares pursuant to options, warrants, or convertible debt arrangements. Diluted earnings per share is not shown for periods in which the Company incurs a loss because it would be anti-dilutive. Similarly, potential common stock equivalents are not included in the calculation if the effect would be anti-dilutive. During the twelve months ended July 31, 20142015 and 2013,2014, no potentially dilutive debt or equity instruments were issued or outstanding.
Impairment of Long Lived Assets
PhotoAmigo periodically reviews the carrying amount of long lived assets to determine whether current events or changes in circumstances warrant adjustments to such carrying amounts. If an impairment adjustment is deemed necessary, such loss is measured by the amount that the carrying value of such assets exceeds their fair value. Considerable management judgment is necessary to estimate the fair value of assets; accordingly, actual results could vary significantly from such estimates. Assets to be disposed of are carried at the lower of their financial statement carrying amount or fair value less costs to sell.
Recent Accounting Pronouncements.
The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on our financial condition or the results of its operations other than in respect of our status as a Development Stage Entity as discussed above.
Item 7A. Quantative and Qualatative Disclosures About Market Risk
As a "smaller repoRing Company" as defined by Item 8 of Regulation S-K, the Company is not required to provide information required by this Item.
ITEM 8. FINANCIAL STATEMENTS
PRITCHETT, SILER & HARDY, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
A PROFESSIONAL CORPORATION
1438 NORTH HIGHWAY 89, SUITE 130
FARMINGTON, UTAH 84025
_______________
(801) 447-9572 FAX (801) 447-9578
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board of Directors
Photoamigo,PhotoAmigo, Inc.
Santa Barbara, California
We have audited the accompanying consolidatedbalance sheet of PhotoAmigo, Inc. as of July 31, 2015 and the related statements of operations, stockholders' equity and cash flows for the year then ended. PhotoAmigo, Inc.s' management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of PhotoAmigo, Inc. as of July 31, 2015 and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements the Company has suffered recurring losses from operations, and has minimal working capital which raises substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
PRITCHETT, SILER & HARDY, P.C.
/s/ PRITCHETT, SILER & HARDY, P.C.
Farmington, Utah
November 11, 2015
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board of Directors
Photoamigo, Inc.
Santa Barbara, California
We have audited the accompanying balance sheet of Photoamigo, Inc. (a development stage company) as of JuneJuly 31, 2014, and the related consolidated statements of operations, changes in stockholders' equity and cash flows for the year then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements as of July 31, 2013, for the year then ended and the period from April 2, 2008 (inception) to July 31, 2013 were audited by another auditor who expressed an unqualified opinion on October 28, 2013. Our opinion, in so far as it relates to the period from April 2, 2008 (inception) through July 31, 2013, is based solely on the report of other auditors.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includesstatements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Photoamigo, Inc. as of July 31, 2014, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements the Company has suffered recurring losses from operations and has a working capital deficit that raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
/s/
Cutler & Co., LLC
CUTLER & CO., LLC
Arvada, Colorado
November 12, 2014
RONALD R. CHADWICK, P.C.
Certified Public Accountant
2851 South Parker Road, Suite 720
Aurora, Colorado 80014
Telephone (303)306-1967
Fax (303)306-1944
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board of Directors
PhotoAmigo, Inc.
Santa Barbara, California
I have audited the accompanying balance sheet of PhotoAmigo, Inc. (a development stage company) as of July 31, 2013 and the related statements of operations, stockholders’ equity and cash flows for the year then ended, and for the period from April 2, 2008 (inception) through July 31, 2013. These financial statements are the responsibility of the Company's management. My responsibility is to express an opinion on these financial statements based on my audit.
I conducted my audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of PhotoAmigo, Inc. as of July 31, 2013 and the results of its operations and its cash flows for the year then ended, and for the period from April 2, 2008 (inception) through July 31, 2013 in conformity with accounting principles generally accepted in the United States of America.
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements the Company has suffered losses from operations that raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Aurora, Colorado | /s/ Ronald R. Chadwick, P.C.
|
October 28, 2013 | RONALD R. CHADWICK, P.C. |
PHOTOAMIGO,
POTOAMIGO, INC.
(A Development Stage Company)
BALANCE SHEETS
| | July 31,2015 | | | July 31, 2014 | |
| | | | | | |
| | | | | | |
ASSETS | | | | | | |
| | | | | | |
Current assets: | | | | | | |
Cash and cash equivalents | | $ | 3,399 | | | $ | 2,327 | |
Total current assets | | | 3,399 | | | | 2,327 | |
| | | | | | | | |
Fixed Assets | | | | | | | | |
Computer equipment | | | 2,792 | | | | - | |
Accumulated depreciation | | | (396 | ) | | | - | |
Net book value | | | 2,396 | | | | - | |
| | | | | | | | |
Total assets | | $ | 5,795 | | | $ | 2,327 | |
| | | | | | | | |
| | | | | | | | |
LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | |
| | | | | | | | |
Current liabilities: | | | | | | | | |
Accounts payable | | $ | 1,182 | | | $ | 1,413 | |
Advances from officer | | | - | | | | 227 | |
Total current liabilities | | | 1,182 | | | | 1,640 | |
| | | | | | | | |
Total liabilities | | | 1,182 | | | | 1,640 | |
| | | | | | | | |
Commitments and contingencies (Notes 2 and 4) | | | | | | | | |
| | | | | | | | |
Stockholders' equity: | | | | | | | | |
Preferred stock - $0.001 par value, 5,000,000 shares authorized: | | | | | | | | |
No shares issued or outstanding | | | - | | | | - | |
Common stock - $0.001 par value, 100,000,000 shares authorized: | | | | | | | | |
3,018,000 shares issued and outstanding | | | 3,018 | | | | 3,018 | |
Additional paid-in capital | | | 260,613 | | | | 235,613 | |
(Deficit) accumulated during the development stage | | | (259,018 | ) | | | (237,944 | ) |
Total stockholders' equity | | | 4,613 | | | | 687 | |
| | | | | | | | |
Total liabilities and stockholders' equity | | $ | 5,795 | | | $ | 2,327 | |
The accompanying notes are an integral part of these financial statements.
PHOTOAMIGO, INC.
he accompanying notes are an integral part of these financial statements.
PHOTOAMIGO, INC.