0001165527-12-000538.txt : 20120524 0001165527-12-000538.hdr.sgml : 20120524 20120524114356 ACCESSION NUMBER: 0001165527-12-000538 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120524 DATE AS OF CHANGE: 20120524 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AvWorks Aviation Corp CENTRAL INDEX KEY: 0001315718 STANDARD INDUSTRIAL CLASSIFICATION: BOOKS: PUBLISHING OR PUBLISHING AND PRINTING [2731] IRS NUMBER: 980427526 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-51159 FILM NUMBER: 12866191 BUSINESS ADDRESS: STREET 1: 4700 HIATUS ROAD, SUITE 252 CITY: SUNRISE STATE: FL ZIP: 33351 BUSINESS PHONE: 954-749-0484 MAIL ADDRESS: STREET 1: 4700 HIATUS ROAD, SUITE 252 CITY: SUNRISE STATE: FL ZIP: 33351 FORMER COMPANY: FORMER CONFORMED NAME: DATAMILL MEDIA CORP. DATE OF NAME CHANGE: 20100924 FORMER COMPANY: FORMER CONFORMED NAME: SMITTEN PRESS LOCAL LORE & LEGENDS INC DATE OF NAME CHANGE: 20050127 10-Q/A 1 g5994a1.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q/A (Amendment No. 1) (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 2012 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission File Number: 000-27795 AVWORKS AVIATION CORP. (Exact name of issuer as specified in charter) Nevada 98-0427526 (State or other jurisdiction of (I.R.S. Employer I.D. No.) incorporation or organization) 4700 Hiatus Road, Suite 252, Sunrise, Florida 33351 (Address of principal executive offices) (954) 749-0484 (Issuer's telephone number, including area code) Check whether the Issuer (1) has filed all reports required to be filed by section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes [X] No [ ] Indicate by check mark whether the registrant has submitted electronically and posted on its Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Sec.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ] Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X] State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 262,037,165 shares at May 22, 2012 Transitional Small Business Disclosure Format (Check one): Yes [ ] No [X] EXPLANATORY NOTE The purpose of this Amendment No. 1 to the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2012, filed with the Securities and Exchange Commission on May 22, 2012 (the "Form 10-Q"), is solely to furnish Exhibit 101 to the Form 10-Q. Exhibit 101 provides the financial statements and related notes from the Form 10-Q formatted in XBRL (Extensible Business Reporting Language). No other changes have been made to the Form 10-Q. This Amendment No. 1 to the Form 10-Q continues to speak as of the original filing date of the Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Form 10-Q. Pursuant to rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Act of 1934, as amended, and otherwise are not subject to liability under those sections. ITEM 6. EXHIBITS See Exhibit Index below for exhibits required by Item 601 of regulation S-K. 31.1* Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 32.1* Certification of the Chief Executive Officer and Chief Financial Officer pursuant to U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 101 Interactive Data Files pursuant to Rule 405 of Regulation S-T. ---------- * Previously filed 2 SIGNATURES In accordance with the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. AVWORKS AVIATION CORP. (f/k/a DATAMILL MEDIA CORP.) Date: May 24, 2012 /s/ Joel Young ------------------------------------- Joel Young Director, Chief Executive Officer and Chief Financial Officer 3 EX-101.INS 2 spli-20120331.xml 10-Q 2012-03-31 false AvWorks Aviation Corp 0001315718 --12-31 262037165 Smaller Reporting Company Yes No No 2012 Q1 4123 45100 20138 3653 92044 5000 97044 39581 115581 115581 0 262037 989896 -1208666 -61804 -18537 97044 0.001 10000000 0.001 500000000 262037165 262037165 <!--egx--><p style="MARGIN:0in 0in 0pt">Note 1 - Nature and Description of Business</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">We had been&nbsp; originally&nbsp; incorporated&nbsp; under the laws of Canada on&nbsp; January&nbsp; 15,</p> <p style="MARGIN:0in 0in 0pt">1990, under the name "Creemore Star Printing,&nbsp; Inc." We changed our name on June</p> <p style="MARGIN:0in 0in 0pt">15, 2003 to "Smitten Press: Local Lore and Legends, Inc." We domesticated in the</p> <p style="MARGIN:0in 0in 0pt">State of Nevada by filing&nbsp; Articles of&nbsp; Incorporation&nbsp; in Nevada on May 8, 2007,</p> <p style="MARGIN:0in 0in 0pt">and we were&nbsp; incorporated&nbsp; in the&nbsp; State of Nevada on May 8,&nbsp; 2007,&nbsp; as&nbsp; Smitten</p> <p style="MARGIN:0in 0in 0pt">Press:&nbsp; Local Lore and Legends,&nbsp; Inc. On April 30, 2010,&nbsp; our Board of Directors</p> <p style="MARGIN:0in 0in 0pt">approved a change in our name to DataMill Media Corp., effective at the close of</p> <p style="MARGIN:0in 0in 0pt">business&nbsp; on June 30,&nbsp; 2010.&nbsp; In June 2011,&nbsp; we&nbsp; completed&nbsp; our&nbsp; initial&nbsp; public</p> <p style="MARGIN:0in 0in 0pt">offering of 5,000,000&nbsp; shares of Common Stock and received&nbsp; $100,000 in proceeds</p> <p style="MARGIN:0in 0in 0pt">from the offering.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">We were a&nbsp; management&nbsp; consulting&nbsp; firm that planned to educate and assist small</p> <p style="MARGIN:0in 0in 0pt">businesses&nbsp; to&nbsp; improve&nbsp; their&nbsp; management,&nbsp; corporate&nbsp; governance,&nbsp;&nbsp; regulatory</p> <p style="MARGIN:0in 0in 0pt">compliance&nbsp; and&nbsp; other&nbsp; business&nbsp; processes,&nbsp; with a&nbsp; focus&nbsp; on&nbsp; capital&nbsp; market</p> <p style="MARGIN:0in 0in 0pt">participation.&nbsp; However,&nbsp; after we completed&nbsp; our initial&nbsp; public&nbsp; offering,&nbsp; we</p> <p style="MARGIN:0in 0in 0pt">explored a couple of&nbsp; opportunities to acquire&nbsp; operating&nbsp; companies in order to</p> <p style="MARGIN:0in 0in 0pt">enhance&nbsp; shareholder&nbsp; value.&nbsp; On&nbsp; September&nbsp; 2, 2011,&nbsp; we&nbsp; entered&nbsp; into a Share</p> <p style="MARGIN:0in 0in 0pt">Exchange&nbsp; Agreement with Young Aviation,&nbsp; LLC. On September 19, 2011, we amended</p> <p style="MARGIN:0in 0in 0pt">our Articles of&nbsp; Incorporation&nbsp; to (i) increase our authorized&nbsp; capital stock to</p> <p style="MARGIN:0in 0in 0pt">500,000,000&nbsp; shares of Common&nbsp; Stock and (ii)&nbsp; effect a 10 shares&nbsp; for one share</p> <p style="MARGIN:0in 0in 0pt">forward stock split. On October 3, 2011, we closed the Share Exchange Agreement,</p> <p style="MARGIN:0in 0in 0pt">which resulted in Young&nbsp; Aviation,&nbsp; LLC becoming a wholly-owned&nbsp; subsidiary.&nbsp; On</p> <p style="MARGIN:0in 0in 0pt">November 10, 2011, a majority of our shareholders&nbsp; approved a change in our name</p> <p style="MARGIN:0in 0in 0pt">to AvWorks&nbsp; Aviation&nbsp; Corp.,&nbsp; effective&nbsp; November 30,&nbsp; 2011,&nbsp; to reflect our new</p> <p style="MARGIN:0in 0in 0pt">business focus.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">Young Aviation,&nbsp; founded in 2004, is currently a diversified broker and supplier</p> <p style="MARGIN:0in 0in 0pt">of parts,&nbsp; components and products to the general aviation and aerospace markets</p> <p style="MARGIN:0in 0in 0pt">of the U.S.,&nbsp; Europe and Asia.&nbsp; "General&nbsp; aviation"&nbsp; is defined as all&nbsp; aviation</p> <p style="MARGIN:0in 0in 0pt">other than military and&nbsp; scheduled&nbsp; commercial&nbsp; airlines.&nbsp; Over 20% of our sales</p> <p style="MARGIN:0in 0in 0pt">revenue has been derived from international sales for the period from January 1,</p> <p style="MARGIN:0in 0in 0pt">2009 to date.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">Young&nbsp; Aviation&nbsp; services a broad&nbsp; range of&nbsp; clients&nbsp; such as&nbsp; aircraft&nbsp; leasing</p> <p style="MARGIN:0in 0in 0pt">companies,&nbsp; major&nbsp; airlines,&nbsp; repair&nbsp; stations,&nbsp; fixed-base&nbsp; operators,&nbsp; leasing</p> <p style="MARGIN:0in 0in 0pt">companies and after market suppliers.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">As a result of the Share Exchange Agreement, the Company acquired Young Aviation</p> <p style="MARGIN:0in 0in 0pt">and Joel A.&nbsp; Young&nbsp; became&nbsp; the&nbsp; President,&nbsp; Chief&nbsp; Executive&nbsp; Officer&nbsp; and sole</p> <p style="MARGIN:0in 0in 0pt">Director of the Company on October 3, 2011, when our prior management&nbsp; officials</p> <p style="MARGIN:0in 0in 0pt">resigned.&nbsp; In addition, as a result of acquiring Young Aviation, we ceased being</p> <p style="MARGIN:0in 0in 0pt">a "shell&nbsp; company"&nbsp; as that term is defined in Section&nbsp; 12b-2 of the&nbsp; Securities</p> <p style="MARGIN:0in 0in 0pt">Exchange Act of 1934.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The&nbsp; acquisition of Young Aviation,&nbsp; considered a reverse merger,&nbsp; resulted in a</p> <p style="MARGIN:0in 0in 0pt">change in control&nbsp; at the&nbsp; Company&nbsp; and new&nbsp; management&nbsp; decided to abandon&nbsp; our</p> <p style="MARGIN:0in 0in 0pt">former&nbsp; business of&nbsp; management&nbsp; consulting&nbsp; and focus solely on the business of</p> <p style="MARGIN:0in 0in 0pt">Young Aviation.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The Company accounted for the share exchange&nbsp; transaction as a&nbsp; recapitalization</p> <p style="MARGIN:0in 0in 0pt">of Young Aviation,&nbsp; LLC, as the members of the LLC obtained a majority&nbsp; interest</p> <p style="MARGIN:0in 0in 0pt">and management control of the Company.&nbsp; As a recapitalization of Young Aviation,</p> <p style="MARGIN:0in 0in 0pt">LLC, it is considered the accounting acquirer.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The Company is carrying on the business of Young Aviation,&nbsp; LLC as its sole line</p> <p style="MARGIN:0in 0in 0pt">of&nbsp; business.&nbsp; Young&nbsp; Aviation is a&nbsp; diversified&nbsp; broker and&nbsp; supplier of parts,</p> <p style="MARGIN:0in 0in 0pt">products and&nbsp; services to the&nbsp; worldwide&nbsp; aviation,&nbsp; aerospace,&nbsp; government&nbsp; and</p> <p style="MARGIN:0in 0in 0pt">defense&nbsp; markets.&nbsp; Young&nbsp; Aviation&nbsp; services a broad&nbsp; range of&nbsp; clients&nbsp; such as</p> <p style="MARGIN:0in 0in 0pt">aircraft&nbsp; leasing&nbsp; companies,&nbsp;&nbsp; major&nbsp; airlines,&nbsp; repair&nbsp; stations,&nbsp;&nbsp; fixed-base</p> <p style="MARGIN:0in 0in 0pt">operators, leasing companies and after market suppliers.</p> <p>&nbsp;</p> <!--egx--><pre>Note 2 - Summary of Significant Accounting Policies</pre><pre>&nbsp;</pre><pre>This summary of significant accounting policies is provided to assist the reader</pre><pre>in understanding the Company's financial&nbsp; statements.&nbsp; The financial&nbsp; statements</pre><pre>and notes thereto are representations of the Company's management. The Company's</pre><pre>management is responsible for their integrity and objectivity.&nbsp; These accounting</pre><pre>policies&nbsp; conform to&nbsp; accounting&nbsp; principles&nbsp; generally&nbsp; accepted&nbsp; in the United</pre><pre>States of America and have been&nbsp; consistently&nbsp; applied in the preparation of the</pre><pre>financial statements.</pre><pre>&nbsp;</pre><pre>Basis of Presentation - The accompanying financial statements have been prepared</pre><pre>in accordance with accounting principles generally accepted in the United States</pre><pre>of America for complete financial statements.</pre><pre>&nbsp;</pre><pre>Use of estimates - In preparing financial statements,&nbsp; management is required to</pre><pre>make estimates and&nbsp; assumptions&nbsp; that effect the reported&nbsp; amounts of assets and</pre><pre>liabilities&nbsp; and disclosure of contingent&nbsp; assets and liabilities at the date of</pre><pre>the&nbsp; consolidated&nbsp; financial&nbsp; statements&nbsp; and revenues&nbsp; and expenses&nbsp; during the</pre><pre>periods presented. Actual results may differ from these estimates.</pre><pre>&nbsp;</pre><pre>Significant&nbsp; estimates in the periods included in the accompanying&nbsp; consolidated</pre><pre>financial&nbsp; statements&nbsp; include an estimate of the deferred&nbsp; tax asset&nbsp; valuation</pre><pre>allowance, valuation of shares issued for services, and valuation of contributed</pre><pre>services.</pre><pre>&nbsp;</pre><pre>Principles of Consolidation - The consolidated&nbsp; financial statements include the</pre><pre>accounts of AvWorks&nbsp; Aviation Corp.&nbsp; (f/k/a Datamill Media Corp.) as of the date</pre><pre>the Share&nbsp; Exchange&nbsp; Agreement&nbsp; closed,&nbsp; October 3, 2011,&nbsp; and its&nbsp; wholly-owned</pre><pre>subsidiary,&nbsp;&nbsp; Young&nbsp; Aviation,&nbsp; LLC.&nbsp; All&nbsp; material&nbsp; intercompany&nbsp; balances&nbsp; and</pre><pre>transactions&nbsp; have been eliminated in&nbsp; consolidation.&nbsp; All financial and related</pre><pre>data has been retroactively adjusted in the accompanying&nbsp; consolidated financial</pre><pre>statements and footnotes to reflect the effect of the&nbsp; recapitalization of Young</pre><pre>Aviation and the presentation of consolidated historical financial data.</pre><pre>&nbsp;</pre><pre>The&nbsp; acquisition of Young Aviation,&nbsp; considered a reverse merger,&nbsp; resulted in a</pre><pre>change in control&nbsp; at the&nbsp; Company&nbsp; and new&nbsp; management&nbsp; decided to abandon&nbsp; our</pre><pre>former&nbsp; business of&nbsp; management&nbsp; consulting&nbsp; and focus solely on the business of</pre><pre>Young Aviation.&nbsp; The Company&nbsp; accounted for the share exchange&nbsp; transaction as a</pre><pre>recapitalization&nbsp; of Young&nbsp; Aviation,&nbsp; LLC, as the members of the LLC obtained a</pre><pre>majority interest and management&nbsp; control of the Company.&nbsp; As a recapitalization</pre><pre>of Young Aviation, LLC, it is considered the accounting acquirer.</pre><pre>&nbsp;</pre><pre>Reclassifications&nbsp; - Certain&nbsp; reclassifications&nbsp; have&nbsp; been&nbsp; made to prior&nbsp; year</pre><pre>amounts to conform to the current year presentation.</pre><pre>&nbsp;</pre><pre>As&nbsp; of&nbsp; March&nbsp; 31&nbsp; 2012,&nbsp; the&nbsp; Company's&nbsp; significant&nbsp; accounting&nbsp; policies&nbsp; and</pre><pre>estimates,&nbsp; which are detailed in the&nbsp; Company's&nbsp; Annual Report on Form 10-K for</pre><pre>the year ended December 31, 2011, have not changed materially.</pre><pre>&nbsp;</pre><pre>Selling and Marketing&nbsp; Expenses - Selling and marketing expenses are expensed as</pre><pre>incurred.&nbsp; These&nbsp; expenses were $9,561 and $3,954,&nbsp; respectively,&nbsp; for the three</pre><pre>month periods ended March 31, 2012 and 2011.</pre><pre>&nbsp;</pre><pre>General and Administrative&nbsp; Expenses - General and&nbsp; administrative&nbsp; expenses are</pre><pre>expensed as incurred.&nbsp; These expenses were $140,358 and $111,100,&nbsp; respectively,</pre><pre>for the three month periods ended March 31, 2012 and 2011.</pre> <!--egx--><pre>Note 3 - Balance Sheet Information</pre><pre>&nbsp;</pre><pre>Cash - Consisted of the following at March 31,</pre><pre>&nbsp;</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2011</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------</pre><pre>Checking and money market accounts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp; 6,945&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp; 4,123</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ========&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ========</pre><pre>&nbsp;</pre><pre>Accounts&nbsp; Receivable - The March 31, 2012 accounts receivable balance of $16,872</pre><pre>consists of the remaining 20% balance due from two customers.&nbsp; When products are</pre><pre>shipped to our large customers,&nbsp; the invoice amounts are normally&nbsp; factored with</pre><pre>our factoring agent,&nbsp; Paragon Financial Group, Inc. We are immediately&nbsp; advanced</pre><pre>80% of the amount of factored&nbsp; invoices&nbsp; with the&nbsp; remaining 20% paid to us when</pre><pre>collected by our agent.</pre><pre>&nbsp;</pre><pre>Advances Receivable-Related Party - During the years ended December 31, 2011 and</pre><pre>2010, the Company's&nbsp; Chief&nbsp; Executive&nbsp; Officer was advanced funds under a verbal</pre><pre>arrangement&nbsp; in the aggregate&nbsp; amount of $25,000 by the Company.&nbsp; These advances</pre><pre>were paid back to the Company in full during the three month&nbsp; period ended March</pre><pre>31, 2012.</pre><pre>&nbsp;</pre><pre>Other&nbsp; Current&nbsp; Assets - The&nbsp; amounts of $4,541 and $3,653 at March 31, 2012 and</pre><pre>2011,&nbsp; respectively,&nbsp; consist of a one month&nbsp; security&nbsp; deposit&nbsp; pursuant to the</pre><pre>terms of our lease agreement with our landlord,&nbsp; and a minor&nbsp; additional&nbsp; amount</pre><pre>representing the reserve amount held by our factoring agent on that date.</pre><pre>&nbsp;</pre><pre>Property and&nbsp; equipment&nbsp; are stated at cost,&nbsp; net of&nbsp; accumulated&nbsp; depreciation.</pre><pre>Expenditures&nbsp; for maintenance&nbsp; and repairs are expensed as incurred;&nbsp; additions,</pre><pre>renewals and betterments are capitalized. Depreciation of property and equipment</pre><pre>is provided using the&nbsp; straight-line&nbsp; method with estimated lives ranging from 3</pre><pre>to 5 years as follows at March 31,</pre><pre>&nbsp;</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2011</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------</pre><pre>Furniture and fixtures&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp; 147&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp; 147</pre><pre>Office equipment&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165</pre><pre>Computer software&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,675&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,675</pre><pre>Motor vehicle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,000</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,987&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,987</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------</pre><pre>Accumulated depreciation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,487&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,987</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------</pre><pre>Net property and equipment&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp; 4,500&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp; 5,000</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ========&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ========</pre><pre>&nbsp;</pre><pre>Depreciation&nbsp; expense for the three month&nbsp; periods ended March 31, 2012 and 2011</pre><pre>was $500 for each&nbsp; period,&nbsp; and was&nbsp; recorded&nbsp; as a general&nbsp; and&nbsp; administrative</pre><pre>expense. The use of our property and equipment determines if the depreciation is</pre><pre>recorded as cost of goods sold or as general and administrative expenses.</pre><pre>&nbsp;</pre><pre>Notes&nbsp; Payable - The Company&nbsp; had notes&nbsp; payable&nbsp; totaling&nbsp; $118,500 at March 31</pre><pre>2012.</pre><pre>&nbsp;</pre><pre>$20,000 Note: On August 15, 2011,&nbsp; an individual&nbsp; loaned the Company&nbsp; $20,000 in</pre><pre>exchange for a Promissory Note bearing&nbsp; interest at 5% for a term of six months.</pre><pre>As a result of the&nbsp; recapitalization&nbsp; and&nbsp; presentation&nbsp; of the&nbsp; Share&nbsp; Exchange</pre><pre>Agreement&nbsp; on the&nbsp; Company's&nbsp; financial&nbsp; statements,&nbsp; this note is&nbsp; presented at</pre><pre>December 31, 2011. In lieu of paying interest on the note,&nbsp; restricted shares of</pre><pre>the Company's common stock will be issued to the note-holder.&nbsp; The Note was paid</pre><pre>in full in April 2012.</pre><pre>&nbsp;</pre><pre>$6,000 Note: On November 22, 2011, an&nbsp; individual&nbsp; loaned the Company&nbsp; $6,000 in</pre><pre>exchange for a Promissory Note bearing interest at 10% for a term of six months.</pre><pre>The accrued&nbsp; interest&nbsp; payable&nbsp; balance on this note was $216 at march 31, 2011,</pre><pre>included&nbsp; in the Other&nbsp; Current&nbsp; Liabilities&nbsp; section of the&nbsp; Company's&nbsp; balance</pre><pre>sheet.</pre><pre>&nbsp;</pre><pre>$50,000 Note: On December 5, 2011, an individual&nbsp; loaned the Company&nbsp; $50,000 in</pre><pre>exchange for a Promissory Note bearing&nbsp; interest at 12% for a term of one month,</pre><pre>renewable&nbsp; each month if agreed upon by the parties.&nbsp; To date,&nbsp; the parties have</pre><pre>agreed to renew and extend the note each&nbsp; month.&nbsp; The accrued&nbsp; interest&nbsp; payable</pre><pre>balance on this note was $1933 at March 31, 2012,&nbsp; included in the Other Current</pre><pre>Liabilities section of the Company's balance sheet.</pre><pre>&nbsp;</pre><pre>$42,500&nbsp; Note:&nbsp; On February&nbsp; 2, 2012,&nbsp; an entity&nbsp; loaned the Company&nbsp; $42,500 in</pre><pre>exchange for a Promissory Note bearing interest at 8% for a term of nine months,</pre><pre>convertible&nbsp; after nine&nbsp; months at 50% of the market&nbsp; price of our&nbsp; shares.&nbsp; The</pre><pre>accrued&nbsp; interest&nbsp; payable&nbsp; balance&nbsp; on this&nbsp; note was $567 at March&nbsp; 31,&nbsp; 2012,</pre><pre>included&nbsp; in the Other&nbsp; Current&nbsp; Liabilities&nbsp; section of the&nbsp; Company's&nbsp; balance</pre><pre>sheet.</pre><pre>&nbsp;</pre><pre>Other Current Liabilities - The Company had other current liabilities consisting</pre><pre>of the following at March 31,</pre><pre>&nbsp;</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2011</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------</pre><pre>Accrued expenses&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 67,188&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 35,279</pre><pre>Accrued interest payable&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,769&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,302</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------</pre><pre>Total Other Current Liabilities&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 73,957&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 39,581</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ========&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;========</pre><pre>&nbsp;</pre> <!--egx--><p style="MARGIN:0in 0in 0pt">Note 4 - Stockholders' Deficit</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">Common stock</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The Company is authorized to issue up to 500,000,000 shares of common stock with</p> <p style="MARGIN:0in 0in 0pt">a par value of $0.001,&nbsp; under terms and&nbsp; conditions&nbsp; established by the Board of</p> <p style="MARGIN:0in 0in 0pt">Directors.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The Company had&nbsp; 262,037,165&nbsp; issued and&nbsp; outstanding&nbsp; common stock shares as of</p> <p style="MARGIN:0in 0in 0pt">March 31, 2012.&nbsp; Details of the issued and&nbsp; outstanding&nbsp; common stock shares are</p> <p style="MARGIN:0in 0in 0pt">shown below:</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount of</p> <p style="MARGIN:0in 0in 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Description&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares issued</p> <p style="MARGIN:0in 0in 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -----------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -------------</p> <p style="MARGIN:0in 0in 0pt">Shares issued and outstanding prior to Share</p> <p style="MARGIN:0in 0in 0pt">&nbsp;Exchange Agreement closing on October 3, 2011&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153,250,000</p> <p style="MARGIN:0in 0in 0pt">Share Exchange Agreement activity:</p> <p style="MARGIN:0in 0in 0pt">&nbsp;Cancellation of prior CEO's shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67,000,000)</p> <p style="MARGIN:0in 0in 0pt">&nbsp;Share issuance to Young Aviation members&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165,167,165</p> <p style="MARGIN:0in 0in 0pt">&nbsp;Shares issued for conversion of notes payable&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620,000</p> <p style="MARGIN:0in 0in 0pt">Shares issued pursuant to service agreements&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,000,000</p> <p style="MARGIN:0in 0in 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------------</p> <p style="MARGIN:0in 0in 0pt">Shares issued and outstanding as of March 31, 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262,037,165</p> <p style="MARGIN:0in 0in 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ============</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">Prior to the closing of the Share&nbsp; Exchange&nbsp; Agreement,&nbsp; AvWorks&nbsp; Aviation Corp.</p> <p style="MARGIN:0in 0in 0pt">(f/k/a Datamill Media Corp.) had 153,250,000&nbsp; shares of common stock outstanding</p> <p style="MARGIN:0in 0in 0pt">on a post&nbsp; forward&nbsp; split&nbsp; basis.&nbsp; As a&nbsp; condition&nbsp; to the&nbsp; closing of the Share</p> <p style="MARGIN:0in 0in 0pt">Exchange Agreement,&nbsp; Vincent Beatty,&nbsp; Datamill's President,&nbsp; on October 3, 2011,</p> <p style="MARGIN:0in 0in 0pt">surrendered&nbsp; 67,000,000&nbsp; (post forward split) shares of common stock held by Mr.</p> <p style="MARGIN:0in 0in 0pt">Beatty for cancellation and such shares were cancelled by their transfer agent.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">On&nbsp; October&nbsp; 3,&nbsp; 2011,&nbsp; Datamill&nbsp; acquired&nbsp; 100% of&nbsp; Young&nbsp; Aviation's&nbsp; member's</p> <p style="MARGIN:0in 0in 0pt">interests, pursuant to the Share Exchange Agreement in exchange for the issuance</p> <p style="MARGIN:0in 0in 0pt">by Datamill of&nbsp; 165,167,165&nbsp; shares of&nbsp; restricted&nbsp; common&nbsp; stock shares and the</p> <p style="MARGIN:0in 0in 0pt">issuance by Datamill of 620,000 shares of restricted common stock shares for the</p> <p style="MARGIN:0in 0in 0pt">conversion&nbsp; of notes&nbsp; payable.&nbsp; Following&nbsp; the&nbsp; closing&nbsp; of the&nbsp; Share&nbsp; Exchange</p> <p style="MARGIN:0in 0in 0pt">Agreement,&nbsp;&nbsp; Datamill&nbsp; had&nbsp; 252,037,165&nbsp;&nbsp; shares&nbsp; of&nbsp; common&nbsp; stock&nbsp; issued&nbsp; and</p> <p style="MARGIN:0in 0in 0pt">outstanding.&nbsp; Young Aviation became a wholly-owned&nbsp; subsidiary of Datamill.&nbsp; The</p> <p style="MARGIN:0in 0in 0pt">Shares were&nbsp; issued to ten&nbsp; individuals&nbsp; with the&nbsp; majority&nbsp; share&nbsp; (165,000,000</p> <p style="MARGIN:0in 0in 0pt">shares)&nbsp; issued to Joel A. Young,&nbsp; who is now the President and Chief&nbsp; Executive</p> <p style="MARGIN:0in 0in 0pt">Officer and our sole Director of the surviving entity</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">On October 5, 2011,&nbsp; the Company&nbsp; issued an aggregate of&nbsp; 10,000,000&nbsp; restricted</p> <p style="MARGIN:0in 0in 0pt">common stock shares&nbsp; pursuant to one year&nbsp; agreements&nbsp; with two&nbsp; individuals&nbsp; in</p> <p style="MARGIN:0in 0in 0pt">exchange&nbsp; for&nbsp; consulting&nbsp; and&nbsp; advisory&nbsp; services in relation to the&nbsp; Company's</p> <p style="MARGIN:0in 0in 0pt">accounting and compliance&nbsp; requirements and the provision of federal&nbsp; securities</p> <p style="MARGIN:0in 0in 0pt">advice to the Company and the preparation of required filings.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">In&nbsp; addition,&nbsp; on&nbsp; October&nbsp; 5,&nbsp; 2011,&nbsp; the&nbsp; Company&nbsp; approved&nbsp; and&nbsp; adopted&nbsp; the</p> <p style="MARGIN:0in 0in 0pt">Corporation's&nbsp; 2011 Employee and&nbsp; Consultant&nbsp; Stock&nbsp; Incentive Plan ("Plan") and</p> <p style="MARGIN:0in 0in 0pt">reserved 12,000,000 shares of its common stock for issuance under the Plan.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">Preferred stock</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The Company is authorized to issue&nbsp; 10,000,000&nbsp; shares of preferred&nbsp; stock,&nbsp; par</p> <p style="MARGIN:0in 0in 0pt">value $0.001 per share. Currently, there are no shares of preferred stock issued</p> <p style="MARGIN:0in 0in 0pt">and outstanding.</p> <p>&nbsp;</p> <!--egx--><p style="MARGIN:0in 0in 0pt">Note 5 - Going Concern</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">As reflected in the accompanying consolidated financial statements,&nbsp; the Company</p> <p style="MARGIN:0in 0in 0pt">had a net&nbsp; loss&nbsp; and net&nbsp; cash&nbsp; used&nbsp; in&nbsp; operations&nbsp; of&nbsp; $62,224&nbsp; and&nbsp; $59,816,</p> <p style="MARGIN:0in 0in 0pt">respectively,&nbsp; for the three month period ended March 31, 2012. In addition, the</p> <p style="MARGIN:0in 0in 0pt">Company&nbsp; had a working&nbsp; capital&nbsp; deficit&nbsp; of $85,261&nbsp; at March 31,&nbsp; 2012.&nbsp; These</p> <p style="MARGIN:0in 0in 0pt">matters raise&nbsp; substantial&nbsp; doubt about the&nbsp; Company's&nbsp; ability to continue as a</p> <p style="MARGIN:0in 0in 0pt">going&nbsp; concern.&nbsp; The ability of the&nbsp; Company to&nbsp; continue as a going&nbsp; concern is</p> <p style="MARGIN:0in 0in 0pt">dependent&nbsp; on&nbsp; the&nbsp; Company's&nbsp; ability&nbsp; to&nbsp; raise&nbsp; additional&nbsp; capital,&nbsp; further</p> <p style="MARGIN:0in 0in 0pt">implement its business plan and to generate additional revenues.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">Management&nbsp;&nbsp; believes&nbsp; that&nbsp; the&nbsp; actions&nbsp; presently&nbsp; being&nbsp; taken&nbsp; provide&nbsp; the</p> <p style="MARGIN:0in 0in 0pt">opportunity&nbsp; for the Company to continue as a going&nbsp; concern.&nbsp; The&nbsp; consolidated</p> <p style="MARGIN:0in 0in 0pt">financial&nbsp; statements do not include any adjustments&nbsp; that might be necessary if</p> <p>the Company is unable to continue as a going concern</p> <!--egx--><p style="MARGIN:0in 0in 0pt">Note 7 - Related Party Transactions</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">As described in Note 3, above, the Company advanced funds that were paid back by</p> <p style="MARGIN:0in 0in 0pt">the President and Chief Executive Officer of the Company, Joel Young.</p> <p>&nbsp;</p> <!--egx--><p style="MARGIN:0in 0in 0pt">Note 8 - Legal Matters</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The Company is not aware of any pending or&nbsp; threatened&nbsp; legal matters that would</p> <p style="MARGIN:0in 0in 0pt">have a material impact on our financial condition.</p> <p>&nbsp;</p> <!--egx--><p style="MARGIN:0in 0in 0pt">Note 9 - Subsequent Events</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">Other than the events&nbsp; noted below,&nbsp; the Company is not aware of any&nbsp; subsequent</p> <p style="MARGIN:0in 0in 0pt">events&nbsp; which&nbsp; would&nbsp; require&nbsp;&nbsp; recognition&nbsp;&nbsp; or&nbsp; disclosure&nbsp; in&nbsp; the&nbsp; financial</p> <p style="MARGIN:0in 0in 0pt">statements.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">On April 11, 2012, the Company issued a Promissory Note bearing interest at 12%,</p> <p style="MARGIN:0in 0in 0pt">convertible after one year at 50% of the market price of our shares,&nbsp; for a term</p> <p style="MARGIN:0in 0in 0pt">of one year in&nbsp; exchange&nbsp; for&nbsp; funds&nbsp; loaned&nbsp; to the&nbsp; Company&nbsp; in the&nbsp; amount of</p> <p style="MARGIN:0in 0in 0pt">$20,000.</p> <p>&nbsp;</p> <!--egx--><p style="MARGIN:0in 0in 0pt">Note 6 - Commitments and Contingencies</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">Operating Leases - The Company has been leasing&nbsp; corporate offices and warehouse</p> <p style="MARGIN:0in 0in 0pt">facilities in Sunrise,&nbsp; Florida since 2006.&nbsp; Commencing May 23, 2011 the Company</p> <p style="MARGIN:0in 0in 0pt">began leasing&nbsp; additional&nbsp; warehouse&nbsp; space.&nbsp; The current&nbsp; lease,&nbsp; including the</p> <p style="MARGIN:0in 0in 0pt">additional&nbsp; warehouse&nbsp; space,&nbsp; is valid through&nbsp; January 31, 2013 at the monthly</p> <p style="MARGIN:0in 0in 0pt">charge of $1,493 and can be renewed by the parties prior to the termination.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">On&nbsp; October 5, 2011,&nbsp; the&nbsp; Company&nbsp; entered&nbsp; into one year&nbsp; agreements&nbsp; with two</p> <p style="MARGIN:0in 0in 0pt">individuals for the provision of accounting,&nbsp; compliance and legal services. The</p> <p style="MARGIN:0in 0in 0pt">aggregate monthly cost for the services is $10,000 and the aggregate annual cost</p> <p style="MARGIN:0in 0in 0pt">for the services is $120,000.</p> <p>&nbsp;</p> 6945 4123 16872 19030 78838 0 4541 107196 4500 111696 73957 118500 76000 192457 192457 0 262037 989896 -1208666 -124028 -80761 111696 0.001 10000000 0.001 500000000 262037165 262037165 36346 32285 19612 20921 16734 11364 9561 3954 66930 11320 76491 15274 -59757 -3910 -2467 -232 -2467 -232 -62224 -4142 0.00 -0.01 174429802 325000 -62224 -4142 500 500 2158 -5408 -33738 0 -888 0 31909 9414 2467 1550 -59816 -1914 0 0 20138 4782 42500 0 62638 4782 2822 6696 387 6945 7083 0 0 0 0 0 0 0001315718 2011-01-01 2011-12-31 0001315718 2011-12-31 0001315718 2012-01-01 2012-03-31 0001315718 2012-05-22 0001315718 2012-03-31 0001315718 2011-01-01 2011-03-31 0001315718 2010-12-31 0001315718 2011-03-31 iso4217:USD shares iso4217:USD shares EX-101.SCH 3 spli-20120331.xsd 000080 - Disclosure - Balance Sheet Information link:presentationLink link:definitionLink link:calculationLink 000090 - Disclosure - Stockholders Deficit link:presentationLink link:definitionLink link:calculationLink 000110 - Disclosure - Commitments and Contingencies link:presentationLink link:definitionLink link:calculationLink 000060 - Disclosure - Nature and Description of Business link:presentationLink link:definitionLink link:calculationLink 000050 - Statement - STATEMENTS OF CASH FLOWS link:presentationLink link:definitionLink link:calculationLink 000040 - Statement - STATEMENTS OF OPERATIONS link:presentationLink link:definitionLink link:calculationLink 000020 - Statement - BALANCE SHEETS link:presentationLink link:definitionLink link:calculationLink 000070 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:definitionLink link:calculationLink 000100 - Disclosure - Going Concern link:presentationLink link:definitionLink link:calculationLink 000010 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 000120 - Disclosure - Related Party Transactions link:presentationLink link:definitionLink link:calculationLink 000130 - Disclosure - Legal Matters link:presentationLink link:definitionLink link:calculationLink 000030 - Statement - BALANCE SHEETS PARENTHETICALS link:presentationLink link:definitionLink link:calculationLink 000140 - Disclosure - Subsequent Events link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 4 spli-20120331_cal.xml EX-101.DEF 5 spli-20120331_def.xml EX-101.LAB 6 spli-20120331_lab.xml CASH FLOWS FROM FINANCING ACTIVITIES: Weighted Average Shares Outstanding Basic and diluted The average number of shares or units issued and outstanding that are used in calculating basic and diluted EPS Interest expense Common stock, shares issued Entity Current Reporting Status Increase in accrued interest payable Increase or decrease in accrued interest payable. CASH FLOWS FROM OPERATING ACTIVITIES: TOTAL ASSETS TOTAL ASSETS Entity Central Index Key Going Concern Net loss TOTAL LIABILITIES TOTAL LIABILITIES Notes payable Statement [Line Items] Legal Matters {1} Legal Matters The entire disclosure for legal proceedings, legal contingencies, litigation, regulatory and environmental matters and other contingencies. Stockholders Deficit {1} Stockholders Deficit Stockholders Deficit Nature and Description of Business Increase in other assets Additional paid in capital Document Fiscal Year Focus Non cash investing and finance Total ofnon cash investing and financing activities. General and administrative expenses OPERATING EXPENSES Sales Common stock, par value Proceeds from notes payable Officer advance receivable decrease Officer advance receivable decrease NET CASH PROVIDED BY INVESTING ACTIVITIES NET CASH PROVIDED BY INVESTING ACTIVITIES Changes in operating assets and liabilities: Depreciation. Cost of Sales Common stock, shares outstanding Accounts payable and accrued expenses Statement [Table] Entity Filer Category Subsequent Events {1} Subsequent Events Related Party Transactions {1} Related Party Transactions Going Concern {1} Going Concern Disclosure of accounting policy for reporting when there is a substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time (generally a year from the balance sheet date). Disclose: (a) pertinent conditions and events giving rise to the assessment of substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, (b) the possible effects of such conditions and events, (c) management's evaluation of the significance of those conditions and events and any mitigating factors, (d) possible discontinuance of operations, (e) management's plans (including relevant prospective financial information), and (f) information about the recoverability or classification of recorded asset amounts or the amounts or classification of liabilities. If management's plans alleviate the substantial doubt about the entity's ability to continue as a going concern, disclosure of the principal conditions and events that initially raised the substantial doubt about the entity's ability to continue as a going concern would be expected to be considered. Disclose whether operations for the current or prior years generated sufficient cash to cover current obligations, whether waivers were obtained from creditors relating to the company's default under the provisions of debt agreements and possible effects of such conditions and events, such as: whether there is a possible need to obtain additional financing (debt or equity) or to liquidate certain holdings to offset future cash flow deficiencies. Disclose appropriate parent company information when parent is dependent upon remittances from subsidiaries to satisfy its obligations. Summary of Significant Accounting Policies Nature and Description of Business {1} Nature and Description of Business Selling and marketing expenses Property and equipment, net Advances receivable related party Loss from Operations Loss from Operations LIABILITIES AND STOCKHOLDERS' DEFICIT Other current assets Document Fiscal Period Focus Entity Common Stock, Shares Outstanding Document and Entity Information Adjustments to reconcile net loss from operations to net cash used in operating activities: TOTAL CURRENT ASSETS TOTAL CURRENT ASSETS Inventory Entity Well-known Seasoned Issuer Commitments and Contingencies {1} Commitments and Contingencies CASH FLOWS FROM INVESTING ACTIVITIES: Decrease (increase) in accounts receivable Total Operating Expenses Total Operating Expenses Preferred stock, shares authorized TOTAL STOCKHOLDERS DEFICIT TOTAL STOCKHOLDERS DEFICIT TOTAL CURRENT LIABILITIES TOTAL CURRENT LIABILITIES Entity Public Float Balance Sheet Information Increase in accrued expenses Document Type Subsequent Events Related Party Transactions Summary of Significant Accounting Policies {1} Summary of Significant Accounting Policies Net Loss per share Basic and diluted Gross Profit Gross Profit Preferred stock, $0.001 par value, 10,000,000 shares authorized, none issued and outstanding Cash Commitment and Contingencies Income taxes CASH beginning of period CASH beginning of period CASH end of period Total Other Income (Expense) Total Other Income (Expense) BALANCE SHEETS PARENTHETICALS ABSTRACT CURRENT ASSETS: NET CASH PROVIDED BY FINANCING ACTIVITIES NET CASH PROVIDED BY FINANCING ACTIVITIES Increase in inventory Common stock, shares authorized CURRENT LIABILITIES: Entity Voluntary Filers Balance Sheet Information {1} Balance Sheet Information The entire disclosure for all balance sheet information of the reporting entity. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: NET CASH USED IN OPERATING ACTIVITIES NET CASH USED IN OPERATING ACTIVITIES Net Loss Net Loss Common stock, $0.001 par value, 500,000,000 shares authorized, 262,037,165 issued and outstanding at March 31, 2012 and December 31, 2011 STOCKHOLDERS DEFICIT Entity Registrant Name Legal Matters NET INCREASE IN CASH Income statement TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT Accumulated deficit ASSETS Document Period End Date Interest Cash paid for: OTHER INCOME (EXPENSE): Preferred stock, par value Accumulated deficit during development stage Accounts Receivable Current Fiscal Year End Date Amendment Flag EX-101.PRE 7 spli-20120331_pre.xml XML 8 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 9 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stockholders Deficit
12 Months Ended
Dec. 31, 2011
Stockholders Deficit  
Stockholders Deficit

Note 4 - Stockholders' Deficit

 

Common stock

 

The Company is authorized to issue up to 500,000,000 shares of common stock with

a par value of $0.001,  under terms and  conditions  established by the Board of

Directors.

 

The Company had  262,037,165  issued and  outstanding  common stock shares as of

March 31, 2012.  Details of the issued and  outstanding  common stock shares are

shown below:

 

                                                                     Amount of

              Description                                          shares issued

              -----------                                          -------------

Shares issued and outstanding prior to Share

 Exchange Agreement closing on October 3, 2011                      153,250,000

Share Exchange Agreement activity:

 Cancellation of prior CEO's shares                                 (67,000,000)

 Share issuance to Young Aviation members                           165,167,165

 Shares issued for conversion of notes payable                          620,000

Shares issued pursuant to service agreements                         10,000,000

                                                                   ------------

Shares issued and outstanding as of March 31, 2012                  262,037,165

                                                                   ============

 

Prior to the closing of the Share  Exchange  Agreement,  AvWorks  Aviation Corp.

(f/k/a Datamill Media Corp.) had 153,250,000  shares of common stock outstanding

on a post  forward  split  basis.  As a  condition  to the  closing of the Share

Exchange Agreement,  Vincent Beatty,  Datamill's President,  on October 3, 2011,

surrendered  67,000,000  (post forward split) shares of common stock held by Mr.

Beatty for cancellation and such shares were cancelled by their transfer agent.

 

On  October  3,  2011,  Datamill  acquired  100% of  Young  Aviation's  member's

interests, pursuant to the Share Exchange Agreement in exchange for the issuance

by Datamill of  165,167,165  shares of  restricted  common  stock shares and the

issuance by Datamill of 620,000 shares of restricted common stock shares for the

conversion  of notes  payable.  Following  the  closing  of the  Share  Exchange

Agreement,   Datamill  had  252,037,165   shares  of  common  stock  issued  and

outstanding.  Young Aviation became a wholly-owned  subsidiary of Datamill.  The

Shares were  issued to ten  individuals  with the  majority  share  (165,000,000

shares)  issued to Joel A. Young,  who is now the President and Chief  Executive

Officer and our sole Director of the surviving entity

 

On October 5, 2011,  the Company  issued an aggregate of  10,000,000  restricted

common stock shares  pursuant to one year  agreements  with two  individuals  in

exchange  for  consulting  and  advisory  services in relation to the  Company's

accounting and compliance  requirements and the provision of federal  securities

advice to the Company and the preparation of required filings.

 

In  addition,  on  October  5,  2011,  the  Company  approved  and  adopted  the

Corporation's  2011 Employee and  Consultant  Stock  Incentive Plan ("Plan") and

reserved 12,000,000 shares of its common stock for issuance under the Plan.

 

Preferred stock

 

The Company is authorized to issue  10,000,000  shares of preferred  stock,  par

value $0.001 per share. Currently, there are no shares of preferred stock issued

and outstanding.

 

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Balance Sheet Information
12 Months Ended
Dec. 31, 2011
Balance Sheet Information  
Balance Sheet Information
Note 3 - Balance Sheet Information
 
Cash - Consisted of the following at March 31,
 
                                                     2012                2011
                                                   --------            --------
Checking and money market accounts                 $  6,945            $  4,123
                                                   ========            ========
 
Accounts  Receivable - The March 31, 2012 accounts receivable balance of $16,872
consists of the remaining 20% balance due from two customers.  When products are
shipped to our large customers,  the invoice amounts are normally  factored with
our factoring agent,  Paragon Financial Group, Inc. We are immediately  advanced
80% of the amount of factored  invoices  with the  remaining 20% paid to us when
collected by our agent.
 
Advances Receivable-Related Party - During the years ended December 31, 2011 and
2010, the Company's  Chief  Executive  Officer was advanced funds under a verbal
arrangement  in the aggregate  amount of $25,000 by the Company.  These advances
were paid back to the Company in full during the three month  period ended March
31, 2012.
 
Other  Current  Assets - The  amounts of $4,541 and $3,653 at March 31, 2012 and
2011,  respectively,  consist of a one month  security  deposit  pursuant to the
terms of our lease agreement with our landlord,  and a minor  additional  amount
representing the reserve amount held by our factoring agent on that date.
 
Property and  equipment  are stated at cost,  net of  accumulated  depreciation.
Expenditures  for maintenance  and repairs are expensed as incurred;  additions,
renewals and betterments are capitalized. Depreciation of property and equipment
is provided using the  straight-line  method with estimated lives ranging from 3
to 5 years as follows at March 31,
 
                                                     2012                2011
                                                   --------            --------
Furniture and fixtures                             $    147            $    147
Office equipment                                        165                 165
Computer software                                     2,675               2,675
Motor vehicle                                        10,000              10,000
                                                   --------            --------
                                                     12,987              12,987
                                                   --------            --------
Accumulated depreciation                              8,487               7,987
                                                   --------            --------
Net property and equipment                         $  4,500            $  5,000
                                                   ========            ========
 
Depreciation  expense for the three month  periods ended March 31, 2012 and 2011
was $500 for each  period,  and was  recorded  as a general  and  administrative
expense. The use of our property and equipment determines if the depreciation is
recorded as cost of goods sold or as general and administrative expenses.
 
Notes  Payable - The Company  had notes  payable  totaling  $118,500 at March 31
2012.
 
$20,000 Note: On August 15, 2011,  an individual  loaned the Company  $20,000 in
exchange for a Promissory Note bearing  interest at 5% for a term of six months.
As a result of the  recapitalization  and  presentation  of the  Share  Exchange
Agreement  on the  Company's  financial  statements,  this note is  presented at
December 31, 2011. In lieu of paying interest on the note,  restricted shares of
the Company's common stock will be issued to the note-holder.  The Note was paid
in full in April 2012.
 
$6,000 Note: On November 22, 2011, an  individual  loaned the Company  $6,000 in
exchange for a Promissory Note bearing interest at 10% for a term of six months.
The accrued  interest  payable  balance on this note was $216 at march 31, 2011,
included  in the Other  Current  Liabilities  section of the  Company's  balance
sheet.
 
$50,000 Note: On December 5, 2011, an individual  loaned the Company  $50,000 in
exchange for a Promissory Note bearing  interest at 12% for a term of one month,
renewable  each month if agreed upon by the parties.  To date,  the parties have
agreed to renew and extend the note each  month.  The accrued  interest  payable
balance on this note was $1933 at March 31, 2012,  included in the Other Current
Liabilities section of the Company's balance sheet.
 
$42,500  Note:  On February  2, 2012,  an entity  loaned the Company  $42,500 in
exchange for a Promissory Note bearing interest at 8% for a term of nine months,
convertible  after nine  months at 50% of the market  price of our  shares.  The
accrued  interest  payable  balance  on this  note was $567 at March  31,  2012,
included  in the Other  Current  Liabilities  section of the  Company's  balance
sheet.
 
Other Current Liabilities - The Company had other current liabilities consisting
of the following at March 31,
 
                                                     2012                2011
                                                   --------            --------
Accrued expenses                                   $ 67,188            $ 35,279
Accrued interest payable                              6,769               4,302
                                                   --------            --------
Total Other Current Liabilities                    $ 73,957            $ 39,581
                                                   ========            ========
 
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BALANCE SHEETS (USD $)
Mar. 31, 2012
Dec. 31, 2011
CURRENT ASSETS:    
Cash $ 6,945 $ 4,123
Accounts Receivable 16,872 19,030
Inventory 78,838 45,100
Advances receivable related party 0 20,138
Other current assets 4,541 3,653
TOTAL CURRENT ASSETS 107,196 92,044
Property and equipment, net 4,500 5,000
TOTAL ASSETS 111,696 97,044
CURRENT LIABILITIES:    
Accounts payable and accrued expenses 73,957 39,581
Notes payable 118,500 76,000
TOTAL CURRENT LIABILITIES 192,457 115,581
TOTAL LIABILITIES 192,457 115,581
STOCKHOLDERS DEFICIT    
Preferred stock, $0.001 par value, 10,000,000 shares authorized, none issued and outstanding 0 0
Common stock, $0.001 par value, 500,000,000 shares authorized, 262,037,165 issued and outstanding at March 31, 2012 and December 31, 2011 262,037 262,037
Additional paid in capital 989,896 989,896
Accumulated deficit during development stage (1,208,666) (1,208,666)
Accumulated deficit (124,028) (61,804)
TOTAL STOCKHOLDERS DEFICIT (80,761) (18,537)
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT $ 111,696 $ 97,044
XML 14 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Nature and Description of Business
12 Months Ended
Dec. 31, 2011
Nature and Description of Business  
Nature and Description of Business

Note 1 - Nature and Description of Business

 

We had been  originally  incorporated  under the laws of Canada on  January  15,

1990, under the name "Creemore Star Printing,  Inc." We changed our name on June

15, 2003 to "Smitten Press: Local Lore and Legends, Inc." We domesticated in the

State of Nevada by filing  Articles of  Incorporation  in Nevada on May 8, 2007,

and we were  incorporated  in the  State of Nevada on May 8,  2007,  as  Smitten

Press:  Local Lore and Legends,  Inc. On April 30, 2010,  our Board of Directors

approved a change in our name to DataMill Media Corp., effective at the close of

business  on June 30,  2010.  In June 2011,  we  completed  our  initial  public

offering of 5,000,000  shares of Common Stock and received  $100,000 in proceeds

from the offering.

 

We were a  management  consulting  firm that planned to educate and assist small

businesses  to  improve  their  management,  corporate  governance,   regulatory

compliance  and  other  business  processes,  with a  focus  on  capital  market

participation.  However,  after we completed  our initial  public  offering,  we

explored a couple of  opportunities to acquire  operating  companies in order to

enhance  shareholder  value.  On  September  2, 2011,  we  entered  into a Share

Exchange  Agreement with Young Aviation,  LLC. On September 19, 2011, we amended

our Articles of  Incorporation  to (i) increase our authorized  capital stock to

500,000,000  shares of Common  Stock and (ii)  effect a 10 shares  for one share

forward stock split. On October 3, 2011, we closed the Share Exchange Agreement,

which resulted in Young  Aviation,  LLC becoming a wholly-owned  subsidiary.  On

November 10, 2011, a majority of our shareholders  approved a change in our name

to AvWorks  Aviation  Corp.,  effective  November 30,  2011,  to reflect our new

business focus.

 

Young Aviation,  founded in 2004, is currently a diversified broker and supplier

of parts,  components and products to the general aviation and aerospace markets

of the U.S.,  Europe and Asia.  "General  aviation"  is defined as all  aviation

other than military and  scheduled  commercial  airlines.  Over 20% of our sales

revenue has been derived from international sales for the period from January 1,

2009 to date.

 

Young  Aviation  services a broad  range of  clients  such as  aircraft  leasing

companies,  major  airlines,  repair  stations,  fixed-base  operators,  leasing

companies and after market suppliers.

 

As a result of the Share Exchange Agreement, the Company acquired Young Aviation

and Joel A.  Young  became  the  President,  Chief  Executive  Officer  and sole

Director of the Company on October 3, 2011, when our prior management  officials

resigned.  In addition, as a result of acquiring Young Aviation, we ceased being

a "shell  company"  as that term is defined in Section  12b-2 of the  Securities

Exchange Act of 1934.

 

The  acquisition of Young Aviation,  considered a reverse merger,  resulted in a

change in control  at the  Company  and new  management  decided to abandon  our

former  business of  management  consulting  and focus solely on the business of

Young Aviation.

 

The Company accounted for the share exchange  transaction as a  recapitalization

of Young Aviation,  LLC, as the members of the LLC obtained a majority  interest

and management control of the Company.  As a recapitalization of Young Aviation,

LLC, it is considered the accounting acquirer.

 

The Company is carrying on the business of Young Aviation,  LLC as its sole line

of  business.  Young  Aviation is a  diversified  broker and  supplier of parts,

products and  services to the  worldwide  aviation,  aerospace,  government  and

defense  markets.  Young  Aviation  services a broad  range of  clients  such as

aircraft  leasing  companies,   major  airlines,  repair  stations,   fixed-base

operators, leasing companies and after market suppliers.

 

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XML 16 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary of Significant Accounting Policies
12 Months Ended
Dec. 31, 2011
Summary of Significant Accounting Policies  
Summary of Significant Accounting Policies
Note 2 - Summary of Significant Accounting Policies
 
This summary of significant accounting policies is provided to assist the reader
in understanding the Company's financial  statements.  The financial  statements
and notes thereto are representations of the Company's management. The Company's
management is responsible for their integrity and objectivity.  These accounting
policies  conform to  accounting  principles  generally  accepted  in the United
States of America and have been  consistently  applied in the preparation of the
financial statements.
 
Basis of Presentation - The accompanying financial statements have been prepared
in accordance with accounting principles generally accepted in the United States
of America for complete financial statements.
 
Use of estimates - In preparing financial statements,  management is required to
make estimates and  assumptions  that effect the reported  amounts of assets and
liabilities  and disclosure of contingent  assets and liabilities at the date of
the  consolidated  financial  statements  and revenues  and expenses  during the
periods presented. Actual results may differ from these estimates.
 
Significant  estimates in the periods included in the accompanying  consolidated
financial  statements  include an estimate of the deferred  tax asset  valuation
allowance, valuation of shares issued for services, and valuation of contributed
services.
 
Principles of Consolidation - The consolidated  financial statements include the
accounts of AvWorks  Aviation Corp.  (f/k/a Datamill Media Corp.) as of the date
the Share  Exchange  Agreement  closed,  October 3, 2011,  and its  wholly-owned
subsidiary,   Young  Aviation,  LLC.  All  material  intercompany  balances  and
transactions  have been eliminated in  consolidation.  All financial and related
data has been retroactively adjusted in the accompanying  consolidated financial
statements and footnotes to reflect the effect of the  recapitalization of Young
Aviation and the presentation of consolidated historical financial data.
 
The  acquisition of Young Aviation,  considered a reverse merger,  resulted in a
change in control  at the  Company  and new  management  decided to abandon  our
former  business of  management  consulting  and focus solely on the business of
Young Aviation.  The Company  accounted for the share exchange  transaction as a
recapitalization  of Young  Aviation,  LLC, as the members of the LLC obtained a
majority interest and management  control of the Company.  As a recapitalization
of Young Aviation, LLC, it is considered the accounting acquirer.
 
Reclassifications  - Certain  reclassifications  have  been  made to prior  year
amounts to conform to the current year presentation.
 
As  of  March  31  2012,  the  Company's  significant  accounting  policies  and
estimates,  which are detailed in the  Company's  Annual Report on Form 10-K for
the year ended December 31, 2011, have not changed materially.
 
Selling and Marketing  Expenses - Selling and marketing expenses are expensed as
incurred.  These  expenses were $9,561 and $3,954,  respectively,  for the three
month periods ended March 31, 2012 and 2011.
 
General and Administrative  Expenses - General and  administrative  expenses are
expensed as incurred.  These expenses were $140,358 and $111,100,  respectively,
for the three month periods ended March 31, 2012 and 2011.
XML 17 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
BALANCE SHEETS PARENTHETICALS (USD $)
Mar. 31, 2012
Dec. 31, 2011
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 10,000,000 10,000,000
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 500,000,000 500,000,000
Common stock, shares issued 262,037,165 262,037,165
Common stock, shares outstanding 262,037,165 262,037,165
XML 18 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
3 Months Ended
Mar. 31, 2012
May 22, 2012
Document and Entity Information    
Entity Registrant Name AvWorks Aviation Corp  
Document Type 10-Q  
Document Period End Date Mar. 31, 2012  
Amendment Flag false  
Entity Central Index Key 0001315718  
Current Fiscal Year End Date --12-31  
Entity Common Stock, Shares Outstanding   262,037,165
Entity Filer Category Smaller Reporting Company  
Entity Current Reporting Status Yes  
Entity Voluntary Filers No  
Entity Well-known Seasoned Issuer No  
Document Fiscal Year Focus 2012  
Document Fiscal Period Focus Q1  
XML 19 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
STATEMENTS OF OPERATIONS (USD $)
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Sales $ 36,346 $ 32,285
Cost of Sales 19,612 20,921
Gross Profit 16,734 11,364
OPERATING EXPENSES    
Selling and marketing expenses 9,561 3,954
General and administrative expenses 66,930 11,320
Total Operating Expenses 76,491 15,274
Loss from Operations (59,757) (3,910)
OTHER INCOME (EXPENSE):    
Interest expense (2,467) (232)
Total Other Income (Expense) (2,467) (232)
Net Loss $ (62,224) $ (4,142)
Net Loss per share Basic and diluted $ 0.00 $ (0.01)
Weighted Average Shares Outstanding Basic and diluted 174,429,802 325,000
XML 20 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Related Party Transactions
12 Months Ended
Dec. 31, 2011
Related Party Transactions  
Related Party Transactions

Note 7 - Related Party Transactions

 

As described in Note 3, above, the Company advanced funds that were paid back by

the President and Chief Executive Officer of the Company, Joel Young.

 

XML 21 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments and Contingencies
12 Months Ended
Dec. 31, 2011
Commitment and Contingencies  
Commitments and Contingencies

Note 6 - Commitments and Contingencies

 

Operating Leases - The Company has been leasing  corporate offices and warehouse

facilities in Sunrise,  Florida since 2006.  Commencing May 23, 2011 the Company

began leasing  additional  warehouse  space.  The current  lease,  including the

additional  warehouse  space,  is valid through  January 31, 2013 at the monthly

charge of $1,493 and can be renewed by the parties prior to the termination.

 

On  October 5, 2011,  the  Company  entered  into one year  agreements  with two

individuals for the provision of accounting,  compliance and legal services. The

aggregate monthly cost for the services is $10,000 and the aggregate annual cost

for the services is $120,000.

 

XML 22 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Legal Matters
12 Months Ended
Dec. 31, 2011
Legal Matters  
Legal Matters

Note 8 - Legal Matters

 

The Company is not aware of any pending or  threatened  legal matters that would

have a material impact on our financial condition.

 

XML 23 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Events
12 Months Ended
Dec. 31, 2011
Subsequent Events  
Subsequent Events

Note 9 - Subsequent Events

 

Other than the events  noted below,  the Company is not aware of any  subsequent

events  which  would  require   recognition   or  disclosure  in  the  financial

statements.

 

On April 11, 2012, the Company issued a Promissory Note bearing interest at 12%,

convertible after one year at 50% of the market price of our shares,  for a term

of one year in  exchange  for  funds  loaned  to the  Company  in the  amount of

$20,000.

 

XML 24 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
STATEMENTS OF CASH FLOWS (USD $)
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (62,224) $ (4,142)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Depreciation. 500 500
Changes in operating assets and liabilities:    
Decrease (increase) in accounts receivable 2,158 (5,408)
Increase in inventory (33,738) 0
Increase in other assets (888) 0
Increase in accrued expenses 31,909 9,414
Increase in accrued interest payable 2,467 1,550
NET CASH USED IN OPERATING ACTIVITIES (59,816) (1,914)
CASH FLOWS FROM INVESTING ACTIVITIES:    
NET CASH PROVIDED BY INVESTING ACTIVITIES 0 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Officer advance receivable decrease 20,138 4,782
Proceeds from notes payable 42,500 0
NET CASH PROVIDED BY FINANCING ACTIVITIES 62,638 4,782
NET INCREASE IN CASH 2,822 6,696
CASH beginning of period 4,123 387
CASH end of period 6,945 7,083
Cash paid for:    
Interest 0 0
Income taxes 0 0
Non cash investing and finance $ 0 $ 0
XML 25 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Going Concern
12 Months Ended
Dec. 31, 2011
Going Concern  
Going Concern

Note 5 - Going Concern

 

As reflected in the accompanying consolidated financial statements,  the Company

had a net  loss  and net  cash  used  in  operations  of  $62,224  and  $59,816,

respectively,  for the three month period ended March 31, 2012. In addition, the

Company  had a working  capital  deficit  of $85,261  at March 31,  2012.  These

matters raise  substantial  doubt about the  Company's  ability to continue as a

going  concern.  The ability of the  Company to  continue as a going  concern is

dependent  on  the  Company's  ability  to  raise  additional  capital,  further

implement its business plan and to generate additional revenues.

 

Management   believes  that  the  actions  presently  being  taken  provide  the

opportunity  for the Company to continue as a going  concern.  The  consolidated

financial  statements do not include any adjustments  that might be necessary if

the Company is unable to continue as a going concern

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