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Cyberspace Vita, Inc.
0001381240
false
10-Q
--12-31
2012-09-30
2012
Q3
Smaller Reporting Company
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<p align="justify" style="line-height: 14pt; margin: 0px; font-size: 12pt;"><b><i>NOTE 1.   ORGANIZATION AND DESCRIPTION OF BUSINESS</i></b></p>
<div align="justify" style="line-height: 14pt; margin: 0px; font-size: 12pt;"> </div>
<p align="justify" style="margin: 0px;">The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation, have been included. Operating results for the three and nine months ended September 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012. For further information, refer to the financial statements and footnotes thereto included in the Form 10-K for the year ended December 31, 2011.</p>
<p align="justify" style="margin: 0px;"> </p>
<p align="justify" style="margin: 0px;"><b><i>Business description</i></b></p>
<div align="justify" style="margin: 0px;"> </div>
<p align="justify" style="margin: 0px;">The Company was incorporated under the laws of the State of Nevada on November 7, 2006.  The purpose for which the Corporation is organized is to engage in any lawful act or activity for which a corporation may be organized under the General Corporation Law of the State of Nevada including, without limitation, to provide sales of vitamins and mineral supplements on the Internet.</p>
<p align="justify" style="margin: 0px;"> </p>
<p align="justify" style="margin: 0px;">The Company has been in the development stage since its formation on November 7, 2006.  The Company has raised certain capital in an attempt to commence operation, however it has not done so.  The Company’s current business plan is to explore potential targets for a business combination with the Company through a purchase of assets, share purchase or exchange, merger or similar type of transaction. As we have not yet commenced principal operations we consider ourselves a shell company and a Development Stage Company as defined by ASC 915<i> “Development Stage Entities.”</i></p>
<div align="justify" style="margin: 0px;"> </div>
<p style="margin: 0px;">As used in these Notes to the Financial Statements, the terms the “Company”, “we”, “us”, “our” and similar terms refer to Cyberspace Vita, Inc.</p>
<p align="justify" style="margin: 0px;"></p>
<p align="justify" style="line-height: 14pt; margin: 0px; font-size: 12pt;"><b><i>NOTE 2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</i></b></p>
<div align="justify" style="line-height: 14pt; margin: 0px; font-size: 12pt;"> </div>
<p align="justify" style="margin: 0px;"><b>A.  USE OF ESTIMATES</b></p>
<div align="justify" style="margin: 0px;"> </div>
<p align="justify" style="margin: 0px;">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported  amounts  of assets  and  liabilities  and  disclosure  of contingent  assets and  liabilities at the date of the financial  statements and the  reported  amounts of revenues  and expenses  during the  reporting  period. Actual results could differ from those estimates.</p>
<p align="justify" style="margin: 0px;"> </p>
<p align="justify" style="margin: 0px;"><b>B. BASIC EARNINGS PER SHARE</b></p>
<div align="justify" style="margin: 0px;"> </div>
<p align="justify" style="margin: 0px;">The FASB issued SFAS No. 128, (ASC Topic 260) "Earnings Per Share", which specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock.  ASC 260 supersedes the provisions of APB No. 15, and requires the presentation of basic earnings (loss) per share and diluted earnings (loss) per share.</p>
<p align="justify" style="margin: 0px;"> </p>
<p align="justify" style="margin: 0px;">Basic net loss per share amounts is computed by dividing the net income by the weighted average number of common shares outstanding. Diluted earnings per share are the same as basic earnings per share due to the lack of dilutive items in the Company.  Common stock equivalents are excluded from the computation if their effect is anti-dilutive.  For all periods presented the Company has sustained losses, which would make use of equivalent shares anti-dilutive.</p>
<p align="justify" style="margin: 0px;"> </p>
<p align="justify" style="margin: 0px;"><b>C.  NEW ACCOUNTING PRONOUNCEMENTS</b></p>
<div align="justify" style="margin: 0px;"> </div>
<p align="justify" style="margin: 0px;">From time to time new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting.  The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations and cash flows when implemented.</p>
<p align="justify" style="line-height: 14pt; margin: 0px; font-size: 12pt;"><b><i>NOTE 3. GOING CONCERN</i></b></p>
<div align="justify" style="line-height: 14pt; margin: 0px; font-size: 12pt;"> </div>
<p align="justify" style="margin: 0px;">The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.  The Company had no revenues and generated net losses of $323,457 from Inception (November 7, 2006) to September 30, 2012. This condition raises substantial doubt about the Company's ability to continue as a going concern. The Company's continuation as a going concern is dependent on its ability to meet its obligations, to obtain additional financing as may be required and ultimately to attain profitability. 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. Accordingly, these factors raise substantial doubt as to the Company’s ability to continue as a going concern.</p>
<p align="justify" style="margin: 0px;"> </p>
<p align="justify" style="margin: 0px;">The Company is dependent on loans from its principal shareholders for continued funding.  There are no commitments or guarantees from any third party to provide such funding nor is there any guarantee that the Company will be able to access the funding it requires to continue its operations.</p>
<p align="justify" style="margin: 0px;"></p>
<p align="justify" style="line-height: 14pt; margin: 0px; font-size: 12pt;"><b><i>NOTE 4.  RELATED PARTY TRANSACTIONS</i></b></p>
<div align="justify" style="line-height: 14pt; margin: 0px; font-size: 12pt;"> </div>
<p align="justify" style="margin: 0px;">At September 30, 2012, the Company had loans and notes outstanding from a shareholder in the aggregate amount of $249,015, which represents amounts loaned to the Company to pay the Company’s expenses of operation. The notes bear interest at 6% per annum and are due on December 31, 2012.</p>
<p align="justify" style="margin: 0px;"> </p>
<p align="justify" style="margin: 0px;">Pursuant to a Services Agreement with Fountainhead Capital Management Limited (“FHM”), a shareholder who holds approximately 80.8% of the Company’s issued and outstanding common stock the Company is obligated to pay FHM a quarterly fee in the amount of $10,000, in cash or in kind, on the first day of each calendar quarter commencing May 5, 2008 and expiring on December 31, 2012. Total fees paid to FHM for the nine months ended September 30, 2012 were $30,000.</p>
<p style="line-height: 14pt; margin: 0px; font-size: 12pt;"><b><i>NOTE 5. INCOME TAXES</i></b></p>
<p style="margin-top: 6.667px; margin-bottom: 6.667px;">As a result of historical net operating losses, the Company currently provides a full valuation allowance against its net deferred tax assets.</p>
<p style="margin-top: 6.667px; margin-bottom: 6.667px;">As of September 30, 2012, the Company does not have any accrued interest or penalties related to uncertain tax positions. The Company’s policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. The Company does not have any interest or penalties related to uncertain tax positions in income tax expense for the three and nine months ended September 30, 2012 and 2011. The tax years 2008–2011 remain open to examination by the major taxing jurisdictions to which the Company is subject.</p>
<p align="justify" style="margin: 0px;"><br /> <b>A.  USE OF ESTIMATES</b></p>
<p align="justify" style="margin: 0px;"></p>
<p align="justify" style="margin: 0px;">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported  amounts  of assets  and  liabilities  and  disclosure  of contingent  assets and  liabilities at the date of the financial  statements and the  reported  amounts of revenues  and expenses  during the  reporting  period. Actual results could differ from those estimates.</p>
<p align="justify" style="margin: 0px;"></p>
<p align="justify" style="margin: 0px;"> </p>
<p align="justify" style="margin: 0px;"><b>C.  NEW ACCOUNTING PRONOUNCEMENTS</b></p>
<p align="justify" style="margin: 0px;"></p>
<p align="justify" style="margin: 0px;">From time to time new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting.  The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations and cash flows when implemented.</p>
<p align="justify" style="margin: 0px;"></p>
249015
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<p align="justify" style="margin: 0px;"><br /><b>B. BASIC EARNINGS PER SHARE</b></p>
<p align="justify" style="margin: 0px;"></p>
<p align="justify" style="margin: 0px;">The FASB issued SFAS No. 128, (ASC Topic 260) "Earnings Per Share", which specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock.  ASC 260 supersedes the provisions of APB No. 15, and requires the presentation of basic earnings (loss) per share and diluted earnings (loss) per share.</p>
<p align="justify" style="margin: 0px;"></p>
<p align="justify" style="margin: 0px;">Basic net loss per share amounts is computed by dividing the net income by the weighted average number of common shares outstanding. Diluted earnings per share are the same as basic earnings per share due to the lack of dilutive items in the Company.  Common stock equivalents are excluded from the computation if their effect is anti-dilutive.  For all periods presented the Company has sustained losses, which would make use of equivalent shares anti-dilutive.</p>
<p align="justify" style="margin: 0px;"></p>