x | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended November 30, 2011 |
o | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT |
Nevada | 7380 | 68-0680465 | ||
(State or jurisdiction of incorporation or organization) | (Primary Standard Industrial Classification Code Number) | (IRS Employer Identification No.) |
Large accelerated filer o | Accelerated filer o |
Non-accelerated filer o | Smaller reporting company x |
November 30, | May 31, | |||||||
2011 | 2011 | |||||||
(Unaudited) | ||||||||
CURRENT ASSETS | ||||||||
Cash | $ | 255 | $ | 291 | ||||
Total Current Assets | 255 | 291 | ||||||
TOTAL ASSETS | $ | 255 | $ | 291 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable | $ | 2,484 | $ | 177 | ||||
Interest payable | 704 | - | ||||||
Notes payable - related party | 17,605 | - | ||||||
Accounts payable - related party | 8,800 | 17,605 | ||||||
Total Current Liabilities | 29,593 | 17,782 | ||||||
STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||
Preferred stock, 50,000,000 shares authorized at par value of $0.0001, no shares issued and outstanding | - | - | ||||||
Common stock, 100,000,000 shares authorized at par value of $0.0001, 4,804,000 shares issued and outstanding | 480 | 480 | ||||||
Additional paid-in capital | 40,120 | 40,120 | ||||||
Deficit accumulated during the development stage | (69,938 | ) | (58,091 | ) | ||||
Total Stockholders' Equity (Deficit) | (29,338 | ) | (17,491 | ) | ||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ | 255 | $ | 291 |
From Inception | ||||||||||||||||||||
on April 23, 2010 | ||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | through | ||||||||||||||||||
November 30, | November 30, | November 30, | ||||||||||||||||||
2011 | 2010 | 2011 | 2010 | 2011 | ||||||||||||||||
REVENUES | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
COST OF SALES | - | - | - | - | - | |||||||||||||||
GROSS MARGIN | - | - | - | - | - | |||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||
Professional fees | 3,517 | 11,415 | 11,107 | 26,704 | 60,888 | |||||||||||||||
General and administrative | 18 | 3,128 | 36 | 5,970 | 8,346 | |||||||||||||||
Total Operating Expenses | 3,535 | 14,543 | 11,143 | 32,674 | 69,234 | |||||||||||||||
INCOME (LOSS) FROM | ||||||||||||||||||||
LOSS FROM OPERATIONS | (3,535 | ) | (14,543 | ) | (11,143 | ) | (32,674 | ) | (69,234 | ) | ||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||||||||||
Interest expense | (528 | ) | - | (704 | ) | - | (704 | ) | ||||||||||||
Total other income (expense) | (528 | ) | - | (704 | ) | - | (704 | ) | ||||||||||||
INCOME (LOSS) BEFORE | ||||||||||||||||||||
LOSS BEFORE INCOME TAXES | (4,063 | ) | (14,543 | ) | (11,847 | ) | (32,674 | ) | (69,938 | ) | ||||||||||
CURRENT INCOME TAX EXPENSE (BENEFIT) | - | - | - | - | - | |||||||||||||||
PROVISION FOR INCOME TAXES | - | - | - | - | - | |||||||||||||||
NET LOSS | $ | (4,063 | ) | $ | (14,543 | ) | $ | (11,847 | ) | $ | (32,674 | ) | $ | (69,938 | ) | |||||
BASIC AND DILUTED LOSS PER COMMON SHARE | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.01 | ) | ||||||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 4,804,000 | 4,804,000 | 4,804,000 | 4,804,000 |
INCOME NOW CONSULTING | |||||||||||||||
(A Development Stage Company) | |||||||||||||||
Statements of Cash Flows | |||||||||||||||
(Unaudited) |
From Inception | ||||||||||||
on April 23, 2010 | ||||||||||||
For the Six Months Ended | Through | |||||||||||
November 30, | November 30, | |||||||||||
2011 | 2010 | 2011 | ||||||||||
OPERATING ACTIVITIES | ||||||||||||
Net loss | $ | (11,847 | ) | $ | (32,674 | ) | $ | (69,938 | ) | |||
Adjustments to reconcile net loss to net cash used by operating activities: | - | - | - | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Prepaid expenses | - | 6,050 | - | |||||||||
Accrued interest payable | 704 | - | 704 | |||||||||
Accounts payable | 2,307 | 1,470 | 2,484 | |||||||||
Net Cash Used in Operating Activities | (8,836 | ) | (25,154 | ) | (66,750 | ) | ||||||
INVESTING ACTIVITIES | - | - | - | |||||||||
Net Cash Provided by (Used in) Investing Activities | - | - | - | |||||||||
FINANCING ACTIVITIES | ||||||||||||
Proceeds from common stock issued | - | - | 40,600 | |||||||||
Proceeds from related party payables | 8,800 | - | 26,405 | |||||||||
Net Cash Provided by Financing Activities | 8,800 | - | 67,005 | |||||||||
NET INCREASE (DECREASE) IN CASH | (36 | ) | (25,154 | ) | 255 | |||||||
CASH AT BEGINNING OF PERIOD | 291 | 29,841 | - | |||||||||
CASH AT END OF PERIOD | $ | 255 | $ | 4,687 | $ | 255 | ||||||
SUPPLEMENTAL DISCLOSURES OF | ||||||||||||
CASH FLOW INFORMATION: | ||||||||||||
CASH PAID FOR: | ||||||||||||
Interest | $ | - | $ | - | $ | - | ||||||
Income Taxes | $ | - | $ | - | $ | - |
On July 31, 2011, the Company entered into a Promissory Note with a related party. The Promissory Note evidenced $17,605 loaned to the Company with interest at the rate of 12% per annum and was due and payable on August 15, 2011. The Promissory Note was paid by a director of the Company and the $17,605 is now payable to the director with interest at the rate of 12% per annum. The Company has accrued $704 of interest on the loan as of November 30, 2011.
Various expenses of the Company, including general and administrative expenses and professional fees, have been paid for or made by a related party. The related party payable totals $8,800 at November 30, 2011, bears no interest, is unsecured and due upon demand.
· | To further develop an interactive web-based program that will benefit non-profit organizations, schools and clubs, giving our clients the opportunity to maximize their fundraising efforts. | |
· | To execute our web-based marketing campaign and to create interest in our services and product. | |
· | To establish a brand name that will be associated with user-friendly interactive program and database management. |
Legal, Accounting and Transfer Agent Fees | $ | 30,000 | ||
Program Development | $ | 10,000 | ||
Website Development | $ | 8,000 | ||
Marketing and Advertising | $ | 6,000 | ||
Office Rent | $ | 1,000 | ||
Administration | $ | 10,000 | ||
Total | $ | 65,000 |
EXHIBIT NO. | DESCRIPTION OF EXHIBIT | |
3.1(1) | Articles of Incorporation | |
3.2(1) | Bylaws | |
10.1 (2) | Independent Contractor Agreement | |
31* | Certificate of the Chief Executive Officer and Principal Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32* | Certificate of the Chief Executive Officer and Principal Accounting Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
INCOME NOW CONSULTING | |||
DATED: December 13, 2011 | By: | /s/ Issam Abud | |
Issam Abud | |||
President, Chief Executive Officer | |||
(Principal Executive Officer, | |||
Principal Accounting Officer and | |||
Principal Financial Officer), | |||
and Director |