þ | 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 Securities Exchange Act of 1934 |
Delaware | 37-1532842 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) |
19950 West Country Club Drive, | ||
Suite 100,Aventura, Florida | 33180 | |
(Zip Code) |
Large accelerated filer | o | Accelerated filer | o |
Non-accelerated filer | o | Smaller reporting company |
Page Number | ||||
PART I | FINANCIAL INFORMATION | |||
Item 1. | Financial Statements | 4 | ||
Balance Sheets as of | 4 | |||
Statements of | 5 | |||
Statements of Cash Flows for the | 6 | |||
Notes to the Financial Statements | 7 | |||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 10 | ||
Item 3. | Quantitative and Qualitative Disclosures about Market Risk | 10 | ||
Item 4. | Controls and Procedures | 10 | ||
PART II | OTHER INFORMATION | |||
Item 1. | Legal Proceedings | 11 | ||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 11 | ||
Item 3. | Defaults upon Senior Securities | 11 | ||
Item 4. | Reserved | 11 | ||
Item 5. | Other Information | 11 | ||
Item 6. | Exhibits | 11 | ||
SIGNATURES |
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | - | $ | - | ||||
TOTAL ASSETS | $ | - | $ | - | ||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||
LIABILITIES | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 928 | $ | 179 | ||||
Accrued liabilities | 10,000 | 17,500 | ||||||
Amount due to a related party | 54,493 | 25,145 | ||||||
TOTAL LIABILITIES | 65,421 | 42,824 | ||||||
STOCKHOLDERS’ DEFICIT | ||||||||
Preferred stock: par value of $0.001 per share | ||||||||
Authorized: 10,000,000 shares at September 30, 2013 and December 31, 2012 | ||||||||
Issued and outstanding: None at September 30, 2013 and December 31, 2012 | - | - | ||||||
Common stock: par value of $0.001 per share | ||||||||
Authorized: 250,000,000 shares at September 30, 2013 and December 31, 2012 | ||||||||
Issued and outstanding: 20,006,402 shares at September 30, 2013 and December 31, 2012 | 20,006 | 20,006 | ||||||
Additional paid-in-capital | 609,614 | 609,614 | ||||||
Accumulated deficit | (695,041 | ) | (672,444 | ) | ||||
TOTAL STOCKHOLDERS’ DEFICIT | (65,421 | ) | (42,824 | ) | ||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ | - | $ | - |
March 31, | December 31, | |||||||
2013 | 2012 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets |
Cash and cash equivalents | $ | - | $ | - | ||||
TOTAL CURRENT ASSETS / TOTAL ASSETS | $ | - | $ | - | ||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||
LIABILITIES | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 179 | $ | 179 | ||||
Accrued liabilities | 22,059 | 17,500 | ||||||
Amount due to a related party | 25,145 | 25,145 | ||||||
TOTAL CURRENT LIABILITIES / TOTAL LIABILITIES | 47,383 | 42,824 | ||||||
STOCKHOLDERS’ DEFICIT | ||||||||
Preferred stock: par value of $0.001 per share | ||||||||
Authorized: 10,000,000 shares at March 31, 2013 and December 31, 2012 | ||||||||
Issued and outstanding: 0 shares at March 31, 2013 and December 31, 2012 | - | - | ||||||
Common stock: par value of $0.001 per share | ||||||||
Authorized: 250,000,000 shares at March 31, 2013 and December 31, 2012 | ||||||||
Issued and outstanding: 20,006,402 shares at March 31, 2013 and December 31, 2012 | 20,006 | 20,006 | ||||||
Additional paid-in-capital | 609,614 | 609,614 | ||||||
Accumulated deficit | (677,003 | ) | (672,444 | ) | ||||
TOTAL STOCKOLDERS’ DEFICIT | (47,383 | ) | (42,824 | ) | ||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ | - | $ | - |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
Three months ended March 31, | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
2013 | 2012 | As Restated | ||||||||||||||||||||||
As Restated | ||||||||||||||||||||||||
Administrative expenses | $ | (4,559 | ) | $ | (6,959 | ) | $ | 11,449 | $ | 6,821 | $ | 22,597 | 23,259 | |||||||||||
Loss before income taxes | (4,559 | ) | (6,959 | ) | ||||||||||||||||||||
Loss before taxes | 11,449 | 6,821 | 22,597 | 23,259 | ||||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net loss | (4,559 | ) | (6,959 | ) | $ | 11,449 | $ | 6,821 | $ | 22,597 | $ | 23,259 | ||||||||||||
Earnings per share | ||||||||||||||||||||||||
-Basic and diluted | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||||
Weighted average number of shares outstanding | ||||||||||||||||||||||||
-Basic and diluted | 20,006,402 | 20,006,402 | 20,006,402 | 20,006,402 | 20,006,402 | 20,006,402 |
Three months ended March 31, | ||||||||
2013 | 2012 | |||||||
As Restated | ||||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (4,559 | ) | $ | (6,959 | ) | ||
Changes in operating assets and liabilities: | ||||||||
Accounts payable | - | 308 | ||||||
Accrued liabilities | 4,559 | 5,983 | ||||||
Net cash flows used in operating activities | - | (668 | ) | |||||
Cash flows from investing activities | - | - | ||||||
Cash flows from financing activities | - | - | ||||||
Net decrease in cash and cash equivalents | - | (668 | ) | |||||
Cash and cash equivalents – beginning of period | - | 668 | ||||||
Cash and cash equivalents – end of period | $ | - | $ | - | ||||
Supplemental disclosures for cash flow information: | ||||||||
Cash paid for interest | $ | - | $ | - | ||||
Cash paid for income taxes | $ | - | $ | - |
Nine months ended September 30, | ||||||||
2013 | 2012 | |||||||
As Restated | ||||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (22,597 | ) | (23,259 | ) | |||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | - | (1,425 | ) | |||||
Accounts payable | 749 | 603 | ||||||
Accrued liabilities | (7,500 | ) | 5,000 | |||||
Amount due to a related party | 29,348 | 18,413 | ||||||
Net cash flows used by operating activities | - | (668 | ) | |||||
Cash flows from investing activities | - | - | ||||||
Cash flows from financing activities | - | - | ||||||
Net decrease in cash | - | (668 | ) | |||||
Cash and cash equivalents – beginning of period | - | 668 | ||||||
Cash and cash equivalents – end of period | $ | - | $ | - | ||||
Supplemental disclosures for cash flow information: | ||||||||
Cash paid for interest | $ | - | $ | - | ||||
Cash paid for income taxes | $ | - | $ | - |
Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding at January 1, 2013 | 152,599 | $ | 0.001 | 0.8 | $ | - | ||||||||||
Issued | - | - | - | - | ||||||||||||
Exercised | - | - | - | - | ||||||||||||
Forfeited/cancelled | - | - | - | - | ||||||||||||
- | ||||||||||||||||
Outstanding at September 30, 2013 | 152,599 | $ | 0.001 | 0.5 | $ | - | ||||||||||
Exercisable at September 30, 2013 | 152,599 | $ | 0.001 | 0.5 | $ | - |
Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding at January 1, 2013 | 152,599 | $ | 0.001 | 0.80 | $ | - | ||||||||||
Issued | - | - | - | - | ||||||||||||
Exercised | - | - | - | - | ||||||||||||
Forfeited/cancelled | - | - | - | - | ||||||||||||
Outstanding at March 31, 2013 | 152,599 | $ | 0.001 | 0.55 | $ | - | ||||||||||
Exercisable at March 31, 2013 | 152,599 | $ | 0.001 | 0.55 | $ | - |
Warrants Outstanding | Warrants Exercisable | |||||||||||||||||||||||||||||||||||||||||||
Weighted- | ||||||||||||||||||||||||||||||||||||||||||||
Average | Weighted- | Weighted- | ||||||||||||||||||||||||||||||||||||||||||
Remaining | Average | Average | ||||||||||||||||||||||||||||||||||||||||||
Warrants Outstanding | Warrants Exercisable | Contractual | Exercise | Exercise | ||||||||||||||||||||||||||||||||||||||||
Exercise price | Exercise price | Shares | Weighted- Average Remaining Contractual Term (in years) | Weighted- Average Exercise Price | Shares | Weighted- Average Exercise Price | Exercise price | Shares | Term (in years) | Price | Shares | Price | ||||||||||||||||||||||||||||||||
$ | 0.001 | 152,599 | 0.55 | $ | 0.001 | 152,599 | $ | 0.001 | 0.001 | 152,599 | 0.5 | $ | 0.001 | 152,599 | $ | 0.001 |
As Originally | As | |||||||
Reported | Restated | |||||||
Administrative expenses | $ | (23,259 | ) | $ | (23,259 | ) | ||
Gain from extinguishment of debt | 178,589 | - | ||||||
Income (loss) before income taxes | 155,330 | (23,259 | ) |
As Originally Reported | As Restated | |||||||
Administrative expenses | $ | (6.959 | ) | $ | (6,959 | ) | ||
Gain from extinguishment of debt | 178,589 | - | ||||||
Income (loss) before income taxes | 171,630 | (6,959 | ) | |||||
Statement of Cash Flows for the Three Months Ended March 31, 2012 | ||||||||
Net income (loss) | $ | 171,630 | $ | (6,959 | ) | |||
Adjustments to reconcile net income to net cash used by operating activities: | ||||||||
Gain from extinguishment of debt | (178,589 | ) | - | |||||
Changes in operating assets and liabilities: | ||||||||
Accounts payable | 308 | 308 | ||||||
Accrued liabilities | 5,983 | 5,983 | ||||||
Net cash flows used in operating activities | $ | (668 | ) | $ | (668 | ) |
Net income (loss) | $ | 155,330 | $ | (23,259 | ) | |||
Adjustments to reconcile net income to net cash used by operating activities: | ||||||||
Gain from extinguishment of debt | (178,589 | ) | - | |||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | (1,425 | ) | (1,425 | ) | ||||
Accounts payable | 603 | 603 | ||||||
Accrued liabilities | 5,000 | 5,000 | ||||||
Amount due to a related party | 18,413 | 18,413 | ||||||
Net cash flows used by operating activities | (668 | ) | (668 | ) |
By: | /s/Jordan Weingarten | ||
Jordan | |||
Chief Executive Officer and Chief Financial Officer (Principal Executive Officer and Principal Financial Officer) | |||