☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE EXCHANGE ACT |
NEVADA | 20-5422795 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Page | |||
Part I - FINANCIAL INFORMATION | |||
Item 1. | Unaudited Financial Statements | ||
Condensed Balance Sheets (unaudited) as of | 3 | ||
Condensed Statements of Operations (unaudited) for the three and six month periods ended | 4 | ||
Condensed Statement of Changes in Stockholders' Equity (Deficit) (unaudited) for the periods ended | 5 | ||
Condensed Statements of Cash Flows (unaudited) for the | 6 | ||
Notes to Condensed Financial Statements (unaudited) | 7 | ||
Item 2. | Management's Discussion and Analysis or Plan of Operation | ||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 14 | |
Item 4. | Controls and Procedures | 14 | |
Part II - OTHER INFORMATION | |||
Item 1. | Legal Proceedings | ||
Item 1A. | Risk Factors | ||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | ||
Item 3. | Defaults Upon Senior Securities | ||
Item 4. | Mine Safety Disclosures | ||
Item 5. | Other Information | ||
Item 6. | Exhibits | ||
SIGNATURES |
Jan 31, 2016 | July 31, 2015 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 701 | $ | 3,399 | ||||
Total current assets | 701 | 3,399 | ||||||
Fixed Assets | ||||||||
Computer equipment | 2,792 | 2,792 | ||||||
Accumulated depreciation | (866 | ) | (396 | ) | ||||
Net book value | 1,926 | 2,396 | ||||||
Total assets | $ | 2,627 | $ | 5,795 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 1,641 | $ | 1,182 | ||||
Advances from officer | - | - | ||||||
Total current liabilities | 1,641 | 1,182 | ||||||
Total liabilities | 1,641 | 1,182 | ||||||
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 | 275,613 | 260,613 | ||||||
Accumulated (Deficit) | (277,645 | ) | (259,018 | ) | ||||
Total stockholders' equity | 986 | 4,613 | ||||||
Total liabilities and stockholders' equity | $ | 2,627 | $ | 5,795 |
Oct 31,2015 | July 31, 2015 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 1,052 | $ | 3,399 | ||||
Total current assets | 1,052 | 3,399 | ||||||
Fixed Assets | ||||||||
Computer equipment | 2,792 | 2,792 | ||||||
Accumulated depreciation | (631 | ) | (396 | ) | ||||
Net book value | 2,161 | 2,396 | ||||||
Total assets | $ | 3,213 | $ | 5,795 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 1,439 | $ | 1,182 | ||||
Advances from officer | - | - | ||||||
Total current liabilities | 1,439 | 1,182 | ||||||
Total liabilities | 1,439 | 1,182 | ||||||
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 | 265,613 | 260,613 | ||||||
Accumulated (Deficit) | (266,857 | ) | (259,018 | ) | ||||
Total stockholders' equity | 1,774 | 4,613 | ||||||
Total liabilities and stockholders' equity | $ | 3,213 | $ | 5,795 |
Three Months | Three Months | Three Months | Three Months | Six Months | Six Months | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
October 31, 2015 | October 31, 2014 | January 31, 2016 | January 31, 2015 | January 31, 2016 | January 31, 2015 | |||||||||||||||||||
Revenues | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Website development | 274 | 174 | 799 | 192 | 1,073 | 366 | ||||||||||||||||||
Employee compensation | - | - | - | - | - | - | ||||||||||||||||||
Sales and marketing | - | - | - | - | - | - | ||||||||||||||||||
Legal and accounting fees | 788 | 506 | 7,450 | 5,506 | 8,238 | 6,013 | ||||||||||||||||||
Investor relations | 609 | 306 | 2,191 | 2,199 | 2,800 | 2,504 | ||||||||||||||||||
Other general and administrative | 5,933 | 25 | 113 | 39 | 6,046 | 64 | ||||||||||||||||||
Impairment | - | - | - | - | - | - | ||||||||||||||||||
Depreciation Expense | 235 | - | 235 | - | 470 | - | ||||||||||||||||||
Total operating expenses | 7,839 | 1,011 | 10,788 | 7,936 | 18,627 | 8,947 | ||||||||||||||||||
Operating (loss) | (7,839 | ) | (1,011 | ) | (10,788 | ) | (7,936 | ) | (18,627 | ) | (8,947 | ) | ||||||||||||
Other income(expense): | ||||||||||||||||||||||||
Interest expense | - | - | - | - | - | - | ||||||||||||||||||
Interest income | - | - | - | |||||||||||||||||||||
Other income (expense) net | - | - | - | - | - | - | ||||||||||||||||||
Net (loss) | $ | (7,839 | ) | $ | (1,011 | ) | $ | (10,788 | ) | $ | (7,936 | ) | $ | (18,627 | ) | $ | (8,947 | ) | ||||||
Net (loss) per common share: | ||||||||||||||||||||||||
Basic and Diluted | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) * | $ | (0.00 | ) | $ | (0.01 | ) * | $ | (0.00 | )* | ||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||
Basic and Diluted | 3,018,000 | 3,018,000 | 3,018,000 | 3,018,000 | 3,018,000 | 3,018,000 |
Additional | Total | |||||||||||||||||||
Common Stock | Paid - in | Accumulated | Stockholders' | |||||||||||||||||
Shares | Amount | Capital | (Deficit) | Equity (Deficit) | ||||||||||||||||
Balance, July 31 , 2014 | 3,018,000 | 3,018 | 235,613 | (237,944 | ) | 687 | ||||||||||||||
Net (loss) for the year | - | - | - | (21,074 | ) | (21,074 | ) | |||||||||||||
Additional paid in capital - related parties | - | - | 25,000 | - | 25,000 | |||||||||||||||
Balance, July 31 , 2015 | 3,018,000 | 3,018 | 260,613 | (259,018 | ) | 4,613 | ||||||||||||||
Net (loss) for the year | - | - | - | (18,627 | ) | (18,627 | ) | |||||||||||||
Additional paid in capital - related parties | - | - | 15,000 | - | 15,000 | |||||||||||||||
Balance, January 31 , 2016 | 3,018,000 | $ | 3,018 | $ | 275,613 | $ | (277,645 | ) | $ | 986 |
Additional | Total | |||||||||||||||||||
Common Stock | Paid - in | Accumulated | Stockholders' | |||||||||||||||||
Shares | Amount | Capital | (Deficit) | Equity (Deficit) | ||||||||||||||||
Balance, July 31 , 2014 | 3,018,000 | $ | 3,018 | $ | 235,613 | $ | (237,944 | ) | $ | 687 | ||||||||||
Net (loss) for the year | - | - | - | (21,074 | ) | (21,074 | ) | |||||||||||||
Additional paid in capital - related parties | - | - | 25,000 | - | 25,000 | |||||||||||||||
Balance, July 31 , 2015 | 3,018,000 | 3,018 | 260,613 | (259,018 | ) | 4,613 | ||||||||||||||
Net (loss) for the year | - | - | - | (7,839 | ) | (7,839 | ) | |||||||||||||
Additional paid in capital - related parties | - | - | 5,000 | - | 5,000 | |||||||||||||||
Balance, October 31 , 2015 | 3,018,000 | $ | 3,018 | $ | 265,613 | $ | (266,857 | ) | $ | 1,774 |
Six Months | Six Months | |||||||
ended | ended | |||||||
January 31, 2016 | January 31, 2015 | |||||||
Cash flows from operating activities: | ||||||||
Net (loss) | $ | (18,627 | ) | $ | (8,947 | ) | ||
Adjustments to reconcile net (loss) to net cash | ||||||||
used by operating activities: | ||||||||
Impairment | - | - | ||||||
Depreciation | 470 | - | ||||||
Stock issued for services | - | - | ||||||
Changes in operating assets and liabilities: | ||||||||
Increase/(decrease) in accounts payable | 459 | (1,413 | ) | |||||
Increase/(decrease) in advances from officer | (227 | ) | ||||||
Net cash (used in) operating activities | (17,698 | ) | (10,587 | ) | ||||
Cash flows from investing activities: | ||||||||
Purchase of fixed assets | - | - | ||||||
Net cash (used in) investing activities | - | - | ||||||
Cash flows from financing activities: | ||||||||
Capital contribution from shareholders | 15,000 | 10,000 | ||||||
Cash Proceeds from sale of stock | - | - | ||||||
Net cash provided by financing activities | 15,000 | 10,000 | ||||||
Net increase (decrease) in cash and equivalents | (2,698 | ) | (587 | ) | ||||
Cash and equivalents at beginning of period | 3,399 | 2,327 | ||||||
Cash and equivalents at end of period | $ | 701 | $ | 1,740 | ||||
Supplemental Cash Flow Information | ||||||||
Interest paid | $ | - | $ | - | ||||
Income taxes paid | $ | - | $ | - | ||||
Non-cash investing and financing activities: | ||||||||
Shares issued in exchange for website domain names, | ||||||||
membership base and software | $ | - | $ | - |
Three Months | Three Months | |||||||
ended | ended | |||||||
October 31, 2015 | October 31, 2014 | |||||||
Cash flows from operating activities: | ||||||||
Net (loss) | $ | (7,839 | ) | $ | (1,011 | ) | ||
Adjustments to reconcile net (loss) to net cash | ||||||||
used by operating activities: | ||||||||
Impairment | - | - | ||||||
Depreciation | 235 | - | ||||||
Stock issued for services | - | - | ||||||
Changes in operating assets and liabilities: | ||||||||
Increase/(decrease) in accounts payable | 257 | (180 | ) | |||||
Increase/(decrease) in advances from officer | (227 | ) | ||||||
Net cash (used in) operating activities | (7,347 | ) | (1,418 | ) | ||||
Cash flows from investing activities: | ||||||||
Purchase of fixed assets | - | |||||||
Net cash (used in) investing activities | - | - | ||||||
Cash flows from financing activities: | ||||||||
Capital contribution from shareholders | 5,000 | (6 | ) | |||||
Cash Proceeds from sale of stock | - | 6 | ||||||
Net cash provided by financing activities | 5,000 | - | ||||||
Net increase (decrease) in cash and equivalents | (2,347 | ) | (1,418 | ) | ||||
Cash and equivalents at beginning of period | 3,399 | 2,327 | ||||||
Cash and equivalents at end of period | $ | 1,052 | $ | 909 | ||||
Supplemental Cash Flow Information | ||||||||
Interest paid | $ | - | $ | - | ||||
Income taxes paid | $ | - | $ | - | ||||
Non-cash investing and financing activities: | ||||||||
Shares issued in exchange for website domain names, | ||||||||
membership base and software | $ | - | $ | - |
1. | Nature of Operations and Summary of Significant Accounting Policies |
2. | Going Concern |
3. | Related Party Transactions |
4. | Income Taxes |
Period Ending | Estimated NOL carry-forward | NOL expires | Estimated tax benefit from NOL | Valuation allowance | Change in valuation allowance | Net tax asset | ||||||||||||||||||
July 31, 2008 | $ | 86,500 | 2028 | $ | 17,300 | $ | (17,300 | ) | $ | (17,300 | ) | $ | - | |||||||||||
July 31, 2009 | $ | 36,200 | 2029 | $ | 6,900 | $ | (6,900 | ) | $ | (6,900 | ) | $ | - | |||||||||||
July 31, 2010 | $ | 25,000 | 2030 | $ | 3,500 | $ | (3,500 | ) | $ | (3,500 | ) | $ | - | |||||||||||
July 31, 2011 | $ | 30,400 | 2031 | $ | 4,600 | $ | (4,600 | ) | $ | (4,600 | ) | $ | - | |||||||||||
July 31, 2012 | $ | 22,000 | 2032 | $ | 4,000 | $ | (4,000 | ) | $ | (4,000 | ) | $ | - | |||||||||||
July 31, 2013 | $ | 17,000 | 2033 | $ | 3,400 | $ | (3,400 | ) | $ | (3,400 | ) | $ | - | |||||||||||
July 31, 2014 | $ | 21,000 | 2034 | $ | 4,000 | $ | (4,000 | ) | $ | (4,000 | ) | $ | - | |||||||||||
July 31, 2015 | $ | 21,000 | 2035 | $ | 4,000 | $ | ( 4,000 | ) | $ | ( 4,000 | ) | $ | - | |||||||||||
October 31, 2015 | $ | 8,000 | 2036 | $ | 1,600 | $ | (1,600 | ) | $ | (1,600 | ) | $ | - |
Period Ending | Estimated NOL carry-forward | NOL expires | Estimated tax benefit from NOL | Valuation allowance | Change in valuation allowance | Net tax asset | ||||||||||||||||||
July 31, 2008 | $ | 86,500 | 2028 | $ | 17,300 | $ | (17,300 | ) | $ | (17,300 | ) | $ | - | |||||||||||
July 31, 2009 | $ | 36,200 | 2029 | $ | 6,900 | $ | (6,900 | ) | $ | (6,900 | ) | $ | - | |||||||||||
July 31, 2010 | $ | 25,000 | 2030 | $ | 3,500 | $ | (3,500 | ) | $ | (3,500 | ) | $ | - | |||||||||||
July 31, 2011 | $ | 30,400 | 2031 | $ | 4,600 | $ | (4,600 | ) | $ | (4,600 | ) | $ | - | |||||||||||
July 31, 2012 | $ | 22,000 | 2032 | $ | 4,000 | $ | (4,000 | ) | $ | (4,000 | ) | $ | - | |||||||||||
July 31, 2013 | $ | 17,000 | 2033 | $ | 3,400 | $ | (3,400 | ) | $ | (3,400 | ) | $ | - | |||||||||||
July 31, 2014 | $ | 21,000 | 2034 | $ | 4,000 | $ | (4,000 | ) | $ | (4,000 | ) | $ | - | |||||||||||
July 31, 2015 | $ | 21,000 | 2035 | $ | 4,000 | $ | ( 4,000 | ) | $ | ( 4,000 | ) | $ | - | |||||||||||
January 31, 2016 | $ | 19,000 | 2036 | $ | 4,000 | $ | (4,000 | ) | $ | (4,000 | ) | $ | - |
2016 | 2015 | 2016 | 2015 | |||
Income tax benefit at statutory rate | (20%) | (20%) | (20%) | (20%) | ||
Deferred income tax calculation allowance | 20% | 20% | ||||
Deferred income tax valuation allowance | 20% | 20% | ||||
Reported tax rate | 0% | 0% | 0% | 0% |
July 31, 2011 | July 31, 2012 | July 31, 2013 | July 31, 2014 | October 31, 2015 |
4,553 | 4,583 | 4,606 | 4,615 | 4,688 |
- | statements concerning the benefits that we expect will result from our business activities and results of business development that we contemplate or have completed, such as increased revenues; and statements of our expectations, beliefs, future plans and strategies, anticipated developments and other matters that are not historical facts. These statements may be made expressly in this document or may be incorporated by reference to other documents that we will file with the SEC. You can find many of these statements by looking for words such as "believes," "expects," "anticipates," "estimates" or similar expressions used in this report or incorporated by reference in this report. |
PHOTOAMIGO, INC. | ||||
/s/ Robert Heckes | ||||
Dated: | By: Robert Heckes, Director, Chief Executive Officer, and Chief Financial Officer | |||
PHOTOAMIGO, INC. | ||||
/s/ Robert Heckes | ||||
Dated: | By: Robert Heckes, Director, Chief Executive Officer, and Chief Financial Officer | |||