DELAWARE
|
|
98-0412432
|
(State
of Incorporation)
|
(Primary
Standard Classification Code)
|
(IRS
Employer ID No.)
|
Title
of Each Class Of Securities to be Registered
|
Amount
to be
Registered
|
Proposed
Maximum
Aggregate
Offering
Price
per
share
|
Proposed
Maximum
Aggregate
Offering
Price
|
Amount
of
Registration
fee
|
|
|
|
|
|
Common
Stock, par value $0.0001
|
1,450,000
|
$.10
|
$145,000
|
$15.03
|
SUMMARY
INFORMATION
|
|
RISK
FACTORS
|
|
USE
OF PROCEEDS
|
|
DETERMINATION
OF OFFERING PRICE
|
|
DILUTION
|
|
PENNY
STOCK CONSIDERATIONS
|
|
SELLING
SECURITY HOLDERS
|
|
PLAN
OF DISTRIBUTION
|
|
LEGAL
PROCEEDINGS
|
|
DIRECTORS,
EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS
|
|
SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
|
|
DESCRIPTION
OF SECURITIES
|
|
INTEREST
OF NAMED EXPERTS AND COUNSEL
|
|
DISCLOSURE
OF COMMISSION POSITION OF INDEMNIFICATION FOR SECURITIES ACT
LIABILITIES
|
|
ORGANIZATION
WITHIN LAST FIVE YEARS
|
|
DESCRIPTION
OF BUSINESS
|
|
MANAGEMENT
DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS
|
|
DESCRIPTION
OF PROPERTY
|
|
CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS
|
|
MARKET
FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
|
|
EXECUTIVE
COMPENSATION
|
|
FINANCIAL
STATEMENTS
|
|
|
For
the Six Months Ended
June
30, 2006
|
For
the Year Ended December 31,
|
For
the period February 23, 2004 to December 31,
|
From
Inception (February 23, 2004) to June 30,
|
|
|
2006
(unaudited)
|
2005
(unaudited)
|
2005
|
2004
|
2006
|
STATEMENT
OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
-
|
-
|
-
|
-
|
-
|
Total
Operating Expenses
|
26,360
|
28,404
|
42,475
|
109,466
|
178,301
|
Total
Other Income (expenses)
|
(854)
|
(1,131)
|
(9,009)
|
(615)
|
(10,478)
|
Net
Loss
|
(27,214)
|
(29,535)
|
(51,484)
|
(110,081)
|
(188,779)
|
|
For
the Period Ended
June
30, 2006
(unaudited)
|
For
the Year Ended
December
31, 2005
|
BALANCE
SHEET DATA
|
|
|
|
|
|
Cash
|
1,630
|
2,335
|
Total
Assets
|
6,823
|
8,540
|
Total
Liabilities
|
33,691
|
42,772
|
Stockholders’
Equity (Deficiency)
|
(26,868)
|
(34,232)
|
Name
of selling stockholder
|
Shares
of Stock
owned
prior
to
offering
|
Shares
of
Common
stock
to be
sold
|
Shares
of
common
stock
owned
after
Offering
|
Percent
of
common
owned
after
offering (1)
|
Anslow,
Richard I.
|
250,000
|
100,000
|
150,000
|
*
|
Baste,
Randy
|
5,000
|
5,000
|
0
|
*
|
Blackwood,
Jr., Robert A.
|
5,000
|
5,000
|
0
|
*
|
Bratcher,
Don
|
15,250,000
|
100,000
|
15,150,000
|
28.33%
|
Braziel,
John R.
|
5,000
|
5,000
|
0
|
*
|
Carden,
Jimmy (4)
|
1,250,000
|
100,000
|
1,150,000
|
2.15%
|
Compton,
John M.
|
5,000
|
5,000
|
0
|
*
|
DeWese,
Randy O.
|
5,000
|
5,000
|
0
|
*
|
DeWese,
Richard
|
5,000
|
5,000
|
0
|
*
|
Eubanks
III, Robert M.
|
5,000
|
5,000
|
0
|
*
|
France,
Mindy
|
5,000
|
5,000
|
0
|
*
|
Good
III, Henry
|
300,000
|
100,000
|
200,000
|
*
|
Good,
David M.
|
5,000
|
5,000
|
0
|
*
|
Good,
Dr. Henry
|
10,000
|
10,000
|
0
|
*
|
Halinski,
Jr., Richard T.
|
5,000
|
5,000
|
0
|
*
|
Islom,
Amanda
|
5,000
|
5,000
|
0
|
*
|
Jaclin,
Gregg E.
|
250,000
|
100,000
|
150,000
|
*
|
Joyce,
Jr., William D.
|
1,005,000
|
100,000
|
905,000
|
1.69%
|
Kemp,
William R.
|
5,000
|
5,000
|
0
|
*
|
Kennedy,
Brad
|
5,000
|
5,000
|
0
|
*
|
Leathers,
Joan
|
250,000
|
100,000
|
150,000
|
*
|
Moore,
Eunice
|
1,250,000
|
100,000
|
1,150,000
|
2.15%
|
Moore,
Gary
|
15,250,000
|
100,000
|
15,150,000
|
28.33%
|
Moore,
Randy
|
5,000
|
5,000
|
0
|
*
|
Nesslerodt,
D.A.
|
5,000
|
5,000
|
0
|
*
|
Reddy,
R. N.
|
10,000
|
10,000
|
0
|
*
|
Rife,
Dan
|
5,000
|
5,000
|
0
|
*
|
Sands,
Charlotte
|
275,000
|
100,000
|
175,000
|
*
|
Sands,
Spencer
|
25,000
|
25,000
|
0
|
*
|
Sluess,
Belinda
|
500,000
|
100,000
|
400,000
|
*
|
Snyder,
Dale H.
|
5,000
|
5,000
|
0
|
*
|
Thommann,
Ralph
|
5,000
|
5,000
|
0
|
*
|
Torti,
Dick
|
15,000,000
|
100,000
|
14,900,000
|
27.86%
|
Torti,
Richy
|
1,250,000
|
100,000
|
1,150,000
|
2.15%
|
Umar,
Emre
|
5,000
|
5,000
|
0
|
*
|
Watts,
Judy
|
5,000
|
5,000
|
0
|
*
|
Webb,
James V.
|
5,000
|
5,000
|
0
|
*
|
-
|
has
had a material relationship with us other than as a shareholder at
any
time within the past three years; or
|
-
|
has
ever been one of our officers or directors or an officer or director
of
our predecessors or affiliates
|
-
|
are
broker-dealers or affiliated with
broker-dealers.
|
1.
|
Eunice
Moore is the mother of Gary Moore
|
2.
|
Amanda
Islom is the niece of Gary Moore
|
3.
|
Spencer
Sands is the nephew of Gary Moore
|
4.
|
Randy
Moore is the cousin of Gary Moore
|
5.
|
Jimmy
Carden is the uncle of Gary Moore
|
6.
|
Charlotte
Sands is the sister of Gary Moore
|
7.
|
Richie
Torti is the son of Dick Torti
|
8.
|
Richard
Dewese is the stepson of Dick Torti
|
9.
|
Randy
Dewese is the stepson of Dick Torti
|
o
|
ordinary
brokers transactions, which may include long or short
sales,
|
o
|
transactions
involving cross or block trades on any securities or market where
our
common stock is trading,
|
|
market
where our common stock is trading,
|
o
|
through
direct sales to purchasers or sales effected through
agents,
|
o
|
any
combination of the foregoing.
|
Name
|
Age
|
Position
|
Date
Appointed
|
|
|
|
|
Gary
Moore
|
52
|
President;
Chief Executive Officer; Director
|
September
8, 2004
|
Don
Bratcher
|
54
|
Vice
President; Chief Financial Officer; Director
|
September
8, 2004
|
Dick
Torti
|
52
|
Vice
President
|
October
15, 2004
|
Title
of Class
|
Name
and Address of Beneficial Owner
|
Amount
and Nature of Beneficial Owner
|
Percent
of Class(1)
|
|
|
|
|
Common
Stock
|
Gary
Moore
1
Inwood Cr.
Little
Rock, AR 72211
|
17,250,000
(2)
|
32.26%
|
Common
Stock
|
Don
Bratcher
23
Hampshire Circle
Little
Rock, AR 72212
|
15,250,000
|
28.52%
|
Common
Stock
|
Dick
Torti
68
River Ridge Rd
Little
Rock, AR 72227
|
15,000,000
|
28.05%
|
|
|
|
|
Officers
and Directors
As
a Group (3)
|
|
47,000,000
|
88.83%
|
|
Number
of securities to be issued upon exercise of outstanding options,
warrants and rights
|
Weighted-average
exercise price of outstanding options, warrants and
rights
|
Number
of securities remaining available for future issuance under equity
compensation plans (excluding securities reflected in column
(a))
|
Plan
Category
|
(a)
|
(b)
|
(c)
|
|
|
|
|
Equity
compensation Plans approved by Security holders
|
None
|
|
|
|
|
|
|
Equity
compensation Plans not approved By security holders
|
None
|
|
|
|
ANNUAL
COMPENSATION
|
LONG-TERM
COMPENSATION
|
|
Name
|
Year
|
Salary
|
Restricted
Stock
Awards ($)
|
|
|
|
|
Gary
Moore
|
2005
|
$0
|
$0
|
Chief
Executive Officer
|
2004
|
$0
|
$0
|
PAGE
|
1
|
CONDENSED
CONSOLIDATED BALANCE SHEET AS OF JUNE 30, 2006 (UNAUDITED)
)(Restated)
|
|
|
|
PAGE
|
2
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND SIX MONTHS
ENDED
JUNE 30, 2006 (Restated) AND 2005 AND FOR THE PERIOD FROM FEBRUARY
23,
2004 (INCEPTION) TO JUNE 30, 2006 (UNAUDITED) (Restated)
|
|
|
|
PAGE
|
3
|
CONDENSED
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ DEFICIENCY FOR THE
PERIOD FROM FEBRUARY 23, 2004 (INCEPTION) TO JUNE 30, 2006 (UNAUDITED)
)(Restated)
|
|
|
|
PAGE
|
4
|
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE
30,
2006 AND 2005 AND FOR THE PERIOD FROM FEBRUARY 23, 2004 (INCEPTION)
TO
JUNE 30, 2006 (UNAUDITED)
|
|
|
|
PAGES
|
5
-
10
|
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2006
(UNAUDITED) )(Restated)
|
|
|
|
ASSETS
|
||||
|
|
|||
CURRENT
ASSETS
|
|
|||
Cash
|
$
|
1,630
|
||
Prepaid
expense
|
250
|
|||
Total
Current Assets
|
1,880
|
|||
|
||||
PROPERTY
AND EQUIPMENT, NET
|
4,193
|
|||
|
||||
OTHER
ASSETS
|
||||
Deposits
|
750
|
|||
Total
Other Assets
|
750
|
|||
|
||||
TOTAL
ASSETS
|
$
|
6,823
|
||
|
||||
LIABILITIES
AND STOCKHOLDERS’ DEFICIENCY
|
||||
|
||||
CURRENT
LIABILITIES
|
||||
Accounts
payable and accrued expenses
|
$
|
11,587
|
||
Stockholder
loans
|
22,104
|
|||
|
||||
TOTAL
LIABILITIES
|
33,691
|
|||
|
||||
STOCKHOLDERS’
DEFICIENCY
|
||||
Common
stock, $0.0001 par value, 100,000,000 shares authorized,
53,480,000
shares issued and outstanding
|
5,350
|
|||
Additional
paid in capital
|
156,561
|
|||
Accumulated
deficit during development stage
|
(188,779
|
)
|
||
Total
Stockholders’ Deficiency
|
(26,868
|
)
|
||
|
||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIENCY
|
$
|
6,823
|
|
For
the Three Months Ended June 30, 2006 (Restated)
|
For
the Three Months Ended
June
30, 2005
|
For
the Six Months Ended
June
30, 2006 (Restated)
|
For
the Six Months Ended
June
30, 2005
|
For
the Period from February 23, 2004 (Inception) to June 30, 2006
(Restated)
|
|||||||||||
|
|
|
|
|
|
|||||||||||
REVENUE
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
|
||||||||||||||||
OPERATING
EXPENSES
|
||||||||||||||||
General
and administrative
|
16,675
|
12,766
|
26,360
|
28,404
|
178,301
|
|||||||||||
Total
Operating Expenses
|
16,675
|
12,766
|
26,360
|
28,404
|
178,301
|
|||||||||||
|
||||||||||||||||
LOSS
FROM OPERATIONS
|
(16,675
|
)
|
(12,766
|
)
|
(26,360
|
)
|
(28,404
|
)
|
(178,301
|
)
|
||||||
|
||||||||||||||||
OTHER
INCOME (EXPENSE)
|
||||||||||||||||
Other
income
|
-
|
-
|
-
|
-
|
31
|
|||||||||||
Loss
on disposal of assets
|
-
|
-
|
-
|
-
|
(6,893
|
)
|
||||||||||
Interest
expense
|
(26
|
)
|
(1,119
|
)
|
(854
|
)
|
(1,131
|
)
|
(3,616
|
)
|
||||||
Total
Other (Income) Expense
|
(26
|
)
|
(1,119
|
)
|
(854
|
)
|
(1,131
|
)
|
(10,478
|
)
|
||||||
|
||||||||||||||||
LOSS
BEFORE PROVISION FOR INCOME TAXES
|
(16,701
|
)
|
(13,885
|
)
|
(27,214
|
)
|
(29,535
|
)
|
(188,779
|
)
|
||||||
|
||||||||||||||||
Provision
for Income Taxes
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
|
||||||||||||||||
NET
LOSS
|
$
|
(16,701
|
)
|
$
|
(13,885
|
)
|
$
|
(27,214
|
)
|
$
|
(29,535
|
)
|
$
|
(188,779
|
)
|
|
|
||||||||||||||||
Net
Loss Per Share - Basic and Diluted
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
|
||||||||||||||||
Weighted Average Number of Common Shares Outstanding - Basic and
Diluted
|
53,440,440
|
52,165,870
|
52,846,851
|
51,454,033
|
49,451,632
|
|
Common
Stock
|
Additional
Paid-In
|
Accumulated
Deficit During Development
|
|
||||||||||||
|
Shares
|
Amount
|
Capital
|
Stage
|
Total
|
|||||||||||
|
|
|
|
|
|
|||||||||||
Common
stock issued to founders for cash ($0.00002 per share)
|
45,000,000
|
$
|
4,500
|
$
|
(3,600
|
)
|
$
|
-
|
$
|
900
|
||||||
|
||||||||||||||||
Common
stock issued for legal services ($0.02 per share)
|
500,000
|
50
|
9,950
|
-
|
10,000
|
|||||||||||
|
||||||||||||||||
Common
stock issued for services ($0.02 per share)
|
2,500,000
|
250
|
49,750
|
-
|
50,000
|
|||||||||||
|
||||||||||||||||
Common
stock issued for cash ($0..02 per share)
|
2,280,000
|
230
|
45,370
|
-
|
45,600
|
|||||||||||
|
||||||||||||||||
In-kind
contribution of interest on stockholder loans
|
-
|
-
|
646
|
-
|
646
|
|||||||||||
|
||||||||||||||||
Net
loss for the period from February 23, 2004 (inception) to December
31,
2004
|
-
|
-
|
-
|
(110,081
|
)
|
(110,081
|
)
|
|||||||||
|
||||||||||||||||
Balance,
December 31, 2004
|
50,280,000
|
5,030
|
102,116
|
(110,081
|
)
|
(2,935
|
)
|
|||||||||
|
||||||||||||||||
Common
stock issued for services ($0.02 per share)
|
500,000
|
50
|
9,950
|
-
|
10,000
|
|||||||||||
|
||||||||||||||||
Common
stock issued for cash ($0.02 per share)
|
500,000
|
50
|
9,950
|
-
|
10,000
|
|||||||||||
|
||||||||||||||||
In-kind
contribution of interest on stockholder loans
|
-
|
-
|
1,787
|
-
|
1,787
|
|||||||||||
|
||||||||||||||||
Common
stock issued in reverse merger
|
500,000
|
250
|
(1,650
|
)
|
-
|
(1,600
|
)
|
|||||||||
|
||||||||||||||||
Net
loss, 2005
|
-
|
-
|
-
|
(51,484
|
)
|
(51,484
|
)
|
|||||||||
|
||||||||||||||||
Balance,
December 31, 2005
(Restated)
|
51,780,000
|
5,180
|
122,153
|
(161,565
|
)
|
(34,232
|
)
|
|||||||||
|
||||||||||||||||
Stock
issued for cash ($0.02 per share)
|
1,700,000
|
170
|
33,830
|
-
|
34,000
|
|||||||||||
|
||||||||||||||||
In-kind
contribution of interest on stockholder loans
|
-
|
-
|
578
|
-
|
578
|
|||||||||||
|
||||||||||||||||
Net
loss for the six months ended June 30, 2006
|
-
|
-
|
-
|
(27,214
|
)
|
(27,214
|
)
|
|||||||||
|
||||||||||||||||
BALANCE,
JUNE 30, 2006 (Restated)
|
53,480,000
|
$
|
5,350
|
$
|
156,561
|
$
|
(188,779
|
)
|
$
|
(26,868
|
)
|
|
For
the Six Months Ended June 30, 2006
|
For
the Six Months Ended June 30, 2005
|
For
the Period from February 23, 2004 (Inception) to June 30,
2006
|
|||||||
|
|
|
|
|||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|||||||
Net
loss
|
$
|
(27,214
|
)
|
$
|
(29,535
|
)
|
$
|
(188,779
|
)
|
|
Adjustments
to reconcile net loss to net cash provided by (used in) operating
activities:
|
||||||||||
Depreciation
|
462
|
1,563
|
4,205
|
|||||||
Loss
on disposal of property and equipment
|
-
|
-
|
6,893
|
|||||||
In-kind
contribution of interest on stockholder loans
|
578
|
1,056
|
3,011
|
|||||||
Stock
issued for payment of services end expenses
|
-
|
10,000
|
70,000
|
|||||||
Changes
in operating assets and liabilities:
|
||||||||||
Deposits
|
-
|
-
|
(750
|
)
|
||||||
Prepaid
expenses
|
550
|
26,000
|
(250
|
)
|
||||||
Accounts
payable and accrued expenses
|
3,400
|
2,574
|
9,987
|
|||||||
Net
Cash Provided By (Used In) Operating Activities
|
(22,224
|
)
|
11,658
|
(95,683
|
)
|
|||||
|
||||||||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||
Proceeds
from sale of property and equipment
|
-
|
-
|
3,425
|
|||||||
Purchase
of property and equipment
|
-
|
-
|
(18,716
|
)
|
||||||
Net
Cash Provided By (Used In) Investing Activities
|
-
|
-
|
(15,291
|
)
|
||||||
|
||||||||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||
Proceeds
from issuance of loan payable - related party
|
-
|
13,633
|
66,420
|
|||||||
Repayment
of loan payable - related party
|
(12,481
|
)
|
(26,000
|
)
|
(44,316
|
)
|
||||
Proceeds
from issuance of common stock
|
34,000
|
-
|
90,500
|
|||||||
Net
Cash Provided By (Used In) Financing Activities
|
21,519
|
(12,367
|
)
|
112,604
|
||||||
|
||||||||||
NET
INCREASE (DECREASE) IN CASH
|
(705
|
)
|
(709
|
)
|
1,630
|
|||||
|
||||||||||
CASH
AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
2,335
|
1,544
|
-
|
|||||||
|
||||||||||
CASH
AND CASH EQUIVALENTS AT END OF PERIOD
|
$
|
1,630
|
$
|
835
|
$
|
1,630
|
||||
|
||||||||||
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||||
|
||||||||||
Cash
paid for interest
|
$
|
276
|
$
|
74
|
$
|
605
|
||||
|
||||||||||
Cash
paid for taxes
|
$
|
-
|
$
|
-
|
$
|
-
|
(1)
|
The
balance sheet consists of the net assets of the acquirer at historical
cost and the net assets of the acquiree at historical
cost.
|
(2)
|
The
statement of operations includes the operations of the acquirer
for the
periods presented and the operations of the acquiree from the date
of the
merger.
|
Computers
and equipment
|
5
years
|
Furniture
and fixtures
|
7
years
|
Office
furniture and fixtures
|
$
|
4,727
|
Computer
equipment
|
|
1,247
|
Total
Property
|
$
|
5,794
|
Less:
Accumulated depreciation
|
|
1,781
|
|
|
|
Property
and equipment, net
|
$
|
4,193
|
PAGE
|
1
|
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
|
|
|
|
PAGE
|
2
|
CONSOLIDATED
BALANCE SHEET AS OF DECEMBER 31, 2005 (Restated)
|
|
|
|
PAGE
|
3
|
STATEMENTS
OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2005 CONSOLIDATED
(Restated), FOR THE PERIOD FROM FEBRUARY 23, 2004 (INCEPTION) TO
DECEMBER
31, 2004 AND FOR THE PERIOD FROM FEBRUARY 23, 2004 (INCEPTION)
TO DECEMBER
31, 2005 CONSOLIDATED
|
|
|
|
PAGE
|
4
|
STATEMENT
OF CHANGES IN STOCKHOLDERS’ DEFICIENCY FOR THE PERIOD FROM FEBRUARY 23,
2004 (INCEPTION) TO DECEMBER 31, 2005 CONSOLIDATED
(Restated)
|
|
|
|
PAGE
|
5
|
STATEMENTS
OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2005 CONSOLIDATED,
FOR THE
PERIOD FROM FEBRUARY 23, 2004 (INCEPTION) TO DECEMBER 31, 2004
AND FOR THE
PERIOD FROM FEBRUARY 23, 2004 (INCEPTION) TO DECEMBER 31, 2005
CONSOLIDATED
|
|
|
|
PAGES
|
6
-
10
|
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Restated)
|
|
|
|
ASSETS
|
||||
CURRENT
ASSETS
|
||||
Cash
|
$
|
2,335
|
||
Total
Current Assets
|
2,335
|
|||
|
||||
PROPERTY
AND EQUIPMENT, NET
|
4,655
|
|||
|
||||
OTHER
ASSETS
|
||||
Deposits
|
750
|
|||
Prepaid
expense
|
800
|
|||
Total
Other Assets
|
1,550
|
|||
|
||||
TOTAL
ASSETS
|
$
|
8,540
|
||
|
||||
LIABILITIES
AND STOCKHOLDERS’ DEFICIENCY
|
||||
|
||||
CURRENT
LIABILITIES
|
||||
Accounts
payable and accrued expenses
|
$
|
8,187
|
||
Stockholder
loans
|
34,585
|
|||
|
||||
TOTAL
LIABILITIES
|
42,772
|
|||
|
||||
STOCKHOLDERS’
DEFICIENCY
|
||||
Common
stock, $0.0001 par value, 100,000,000 shares authorized, 51,780,000
shares
issued and outstanding
|
5,180
|
|||
Additional
paid in capital
|
121,153
|
|||
Accumulated
deficit during development stage
|
(161,565
|
)
|
||
Total
Stockholders’ Deficiency
|
(34,232
|
)
|
||
|
||||
TOTAL
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY
|
$
|
8,540
|
|
For
the Year Ended December 31, 2005
(Consolidated)(Restated)
|
For
the
Period
from February 23, 2004 (Inception) to December 31, 2004
|
For
the Period from February 23, 2004 (Inception) to December 31,
2005
(Consolidated)(Restated)
|
|||||||
|
|
|
|
|||||||
REVENUES
|
$
|
-
|
$
|
-
|
$
|
-
|
||||
|
||||||||||
OPERATING
EXPENSES
|
||||||||||
General
and administrative
|
42,475
|
109,466
|
151,941
|
|||||||
Total
Operating Expenses
|
42,475
|
109,466
|
151,941
|
|||||||
|
||||||||||
LOSS
FROM OPERATIONS
|
(42,475
|
)
|
(109,466
|
)
|
(151,941
|
)
|
||||
|
||||||||||
OTHER
INCOME (EXPENSE)
|
||||||||||
Other
income
|
-
|
31
|
31
|
|||||||
Loss
on disposal of assets
|
(6,893
|
)
|
-
|
(6,893
|
)
|
|||||
Interest
expense
|
(2,116
|
)
|
(646
|
)
|
(2,762
|
)
|
||||
Total
Other Income (Expense)
|
(9,009
|
)
|
(615
|
)
|
(9,624
|
)
|
||||
|
||||||||||
NET
LOSS BEFORE PROVISION FOR INCOME TAXES
|
(51,484
|
)
|
(110,081
|
)
|
(161,565
|
)
|
||||
|
||||||||||
Provision
for Income Taxes
|
-
|
-
|
-
|
|||||||
|
||||||||||
NET
LOSS
|
$
|
(51,484
|
)
|
$
|
(110,081
|
)
|
$
|
(161,565
|
)
|
|
|
||||||||||
Net
loss per share - basic and diluted
|
-
|
-
|
-
|
|||||||
|
||||||||||
Weighted
average number of shares outstanding during the period - basic
and
diluted
|
51,197,808
|
45,603,685
|
48,620,384
|
|
Common
Stock
|
Additional
Paid-In
|
Accumulated
Deficit During Development
|
|
||||||||||||
|
Shares
|
Amount
|
Capital
|
Stage
|
Total
|
|||||||||||
|
|
|
|
|
|
|||||||||||
Common
stock issued to founders for cash ($0.001 per share)
|
45,000,000
|
$
|
4,500
|
$
|
(3,600
|
)
|
$
|
-
|
$
|
900
|
||||||
|
||||||||||||||||
Common
stock issued for legal services ($0.10 per share)
|
500,000
|
50
|
9,950
|
-
|
10,000
|
|||||||||||
|
||||||||||||||||
Common
stock issued for services ($0.10 per share)
|
2,500,000
|
250
|
49,750
|
-
|
50,000
|
|||||||||||
|
||||||||||||||||
Common
stock issued for cash ($0.10 per share)
|
2,280,000
|
230
|
45,370
|
-
|
45,600
|
|||||||||||
|
||||||||||||||||
In-kind
contribution of interest on stockholder loans
|
-
|
-
|
646
|
-
|
646
|
|||||||||||
|
||||||||||||||||
Net
loss for the period from February 23, 2004 (inception) to December
31,
2004
|
-
|
-
|
-
|
(110,081
|
)
|
(110,081
|
)
|
|||||||||
|
||||||||||||||||
Balance,
December 31, 2004
|
50,280,000
|
5,030
|
102,116
|
(110,081
|
)
|
(2,935
|
)
|
|||||||||
|
||||||||||||||||
Common
stock issued for services ($0.10 per share)
|
500,000
|
50
|
9,950
|
-
|
10,000
|
|||||||||||
|
||||||||||||||||
Common
stock issued for cash ($0.10 per share)
|
500,000
|
50
|
9,950
|
-
|
10,000
|
|||||||||||
|
||||||||||||||||
In-kind
contribution of interest on stockholder loans
|
-
|
-
|
1,787
|
-
|
1,787
|
|||||||||||
|
||||||||||||||||
Common
stock issued in reverse merger
|
500,000
|
50
|
(1,650
|
)
|
-
|
(1,600
|
)
|
|||||||||
|
||||||||||||||||
Net
loss, 2005
|
-
|
-
|
-
|
(51,484
|
)
|
(51,484
|
)
|
|||||||||
|
||||||||||||||||
BALANCE,
DECEMBER 31, 2005 (Consolidated)(Restated)
|
51,780,000
|
$
|
5,180
|
$
|
122,153
|
$
|
(161,565
|
)
|
(34,232
|
)
|
|
For
the Year Ended December 31, 2005
(Consolidated)
|
For
the
Period
from February 23, 2004 (Inception) to December 31, 2004
|
For
the
Period
from February 23, 2004 (Inception) to December 31, 2005
(Consolidated)
|
|||||||
|
|
|
|
|||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|||||||
Net
loss
|
$
|
(51,484
|
)
|
$
|
(110,081
|
)
|
$
|
(161,565
|
)
|
|
Adjustments
to reconcile net loss to net cash provided by (used in) operating
activities:
|
||||||||||
Depreciation
|
2,407
|
1,336
|
3,743
|
|||||||
Loss
on disposal of property and equipment
|
6,893
|
-
|
6,893
|
|||||||
In-kind
contribution of interest on stockholder loans
|
1,787
|
646
|
2,433
|
|||||||
Stock
issued for payment of services and expenses
|
10,000
|
60,000
|
70,000
|
|||||||
Changes
in operating assets and liabilities:
|
||||||||||
Deposits
|
650
|
1,400
|
750
|
|||||||
Prepaid
expenses
|
25,200
|
(26,000
|
)
|
(800
|
)
|
|||||
Increase
(decrease) in accounts payable and accrued expenses
|
5,728
|
859
|
6,587
|
|||||||
Net
Cash Provided By (Used In) Operating Activities
|
1,181
|
(74,640
|
)
|
(73,459
|
)
|
|||||
|
||||||||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||
Proceeds
from the sale of property and equipment
|
3,425
|
-
|
3,425
|
|||||||
Purchase
of property and equipment and website
|
-
|
(18,716
|
)
|
(18,716
|
)
|
|||||
Net
Cash Provided By (Used In) Investing Activities
|
3,425
|
(18,716
|
)
|
(15,291
|
)
|
|||||
|
||||||||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||
Proceeds
from issuance of loan payable - related party
|
18,020
|
48,400
|
66,420
|
|||||||
Repayment
of loan payable - related party
|
(31,835
|
)
|
-
|
(31,835
|
)
|
|||||
Proceeds
from issuance of common stock
|
10,000
|
46,500
|
56,500
|
|||||||
Net
Cash Provided By (Used In) Financing Activities
|
(3,815
|
)
|
94,900
|
91,085
|
||||||
|
||||||||||
NET
INCREASE IN CASH
|
791
|
1,544
|
2,335
|
|||||||
|
||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
1,544
|
-
|
-
|
|||||||
|
||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
2,335
|
1,544
|
2,335
|
|||||||
|
||||||||||
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||||
|
||||||||||
Cash paid during the period for interest
|
$
|
329
|
$
|
-
|
$
|
329
|
||||
|
||||||||||
Cash paid during the period for taxes
|
$
|
-
|
$
|
-
|
$
|
-
|
(1)
|
The
balance sheet consists of the net assets of the acquirer at historical
cost and the net assets of the acquiree at historical
cost.
|
(2)
|
The
statement of operations includes the operations of the acquirer
for the
periods presented and the operations of the acquiree from the
date of the
merger.
|