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<div> <div><a name="_Toc264293075"></a> <div style="WIDTH: 681px"><!--StartFragment--> <p style="FONT-SIZE: 11pt; MARGIN: 0px; text-align: justify"> <strong>5. GOING CONCERN</strong></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 11pt; LINE-HEIGHT: 12pt; MARGIN: 0px; text-align: justify"> Generally accepted accounting principles in the United States of America contemplate the continuation of the Company as a going concern. However, the Company had a net loss for the year ended March 31, 2011, of $8,163. Additionally it has accumulated operating losses since its inception and has limited business operations, which raises substantial doubt about the Company's ability to continue as a going concern. The continuation of the Company is dependent upon the continuing financial support of investors and stockholders of the Company. The Company intends to attempt to acquire additional operating capital through private equity offerings to the public and existing investors to fund its business plan. However, there is no assurance that equity or debt offerings will be successful in raising sufficient funds to assure the eventual profitability of the Company. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.</p> <!--EndFragment--></div> </div> </div>
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<div> <div><a name="_Toc264293075"></a> <div style="WIDTH: 681px"><!--StartFragment--> <p style="FONT-SIZE: 11pt; MARGIN: 0px; text-align: justify"> <strong>1. ORGANIZATION</strong></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 11pt; MARGIN: 0px; text-align: justify">The Company was incorporated under the laws of the State of Nevada on December 14, 2001, with authorized 50,000,000 shares of $.001 par value common stock and 10,000,000 shares of $.001 par value preferred stock. There are no shares of the preferred stock issued and outstanding and the terms have not been defined. The Company's fiscal year end is March 31. Since December 14, 2001, the Company has been in the development stage. Initially, the Company developed a "turn key" retail coffee kiosk design with the intention of operating retail kiosk(s) in the Las Vegas, Nevada area, and elsewhere. Although, and the Company began marketing the concept, it was determined that this venture would not be successful the Company sought other business opportunities. In September, 2004, the Company entered into business coaching through the acquisition of K-Com Business Coaching Corp. The Company operated this business until January 30, 2006. There have been no operations since that time.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 11pt; MARGIN: 0px; text-align: justify">On September 29, 2004, the Company entered into a plan of reorganization whereby they acquired 100% ownership in K-Com Business Coaching Corp., a Utah Corporation, in exchange for 1,200,000 shares of common stock.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 11pt; MARGIN: 0px; text-align: justify">On January 30, 2006, the Company dissolved its wholly-owned subsidiary, K-Com Business Coaching Corp. All of the assets and liabilities of K-Com were absorbed by the Company and are reflected in its financial statements for the year ended March 31, 2006, and are recorded at book value.</p> <!--EndFragment--></div> </div> </div>
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Actual results could vary from the estimates that were assumed in preparing these financial statements.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 11pt; MARGIN: 0px; text-align: justify"> <u>Financial Instruments</u></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 11pt; MARGIN: 0px; text-align: justify">The carrying amounts of financial instruments are considered by management to be their estimated fair values due to their short term maturities.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 11pt; MARGIN: 0px; text-align: justify">On January 30, 2006, the Company dissolved its wholly-owned subsidiary, K-Com Business Coaching Corp. All of the assets and liabilities of K-Com were absorbed by the Company and are reflected in its financial statements for the year ended March 31, 2006, and are recorded at book value.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 11pt; MARGIN: 0px; text-align: justify"> <u>Income Taxes</u></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 11pt; MARGIN: 0px; text-align: justify">The Company utilizes the liability method of accounting for income taxes. Under the liability method deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax bases of the assets and liabilities and are measured using the enacted tax rates and laws that will be in effect, when the differences are expected to reverse. An allowance against deferred tax assets is recognized, when it is more likely than not, that such tax benefits will not be realized.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 11pt; MARGIN: 0px; text-align: justify">On March 31, 2011, the Company had a net operating loss available for carry forward of $494,029. The tax benefit of approximately $148,000 from the loss carryforward has been fully offset by a valuation reserve because the use of the future tax benefit is doubtful since the Company has been unable to project an estimated future operating profit. The loss carryforward expires beginning in the years 2024 through 2031.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 11pt; MARGIN: 0px; text-align: justify"> <u>Concentration of Credit Risk</u></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 11pt; MARGIN: 0px; text-align: justify">There are no financial instruments that potentially subject the Company to significant concentration of credit risks.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 11pt; MARGIN: 0px; text-align: justify"> <u>Revenue Recognition</u></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 11pt; MARGIN: 0px; text-align: justify"> Revenue is recognized on the sale and delivery of a product or the completion of services provided.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 11pt; MARGIN: 0px; text-align: justify"> <u>Advertising and Market Development</u></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 11pt; MARGIN: 0px; text-align: justify">The Company expenses advertising and market development costs as incurred.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 11pt; MARGIN: 0px; text-align: justify"> <u>Recent Accounting Pronouncements</u></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 11pt; MARGIN: 0px; text-align: justify">The Company has reviewed recent accounting pronouncements and does not expect that the adoption of the recent accounting pronouncements will have a material impact on its financial statements.</p> <!--EndFragment--></div> </div> </div>
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