10-Q
2012-09-30
false
White Dental Supply, Inc.
0001384365
--12-31
Smaller Reporting Company
Yes
Yes
Yes
2012
Q3
99450000
105865
1378
30
105865
1408
42500
42500
148365
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<!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b>Note 1 - Basis of presentation</b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The interim financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC).  Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>These statements reflect all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for fair presentation of the information contained therein.  It is suggested that these interim financial statements be read in conjunction with the audited financial statements of the Company for the period ended December 31, 2011 and notes thereto included in the Company's annual report on Form 10-K.  The Company follows the same accounting policies in the preparation of interim reports.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Results of operations for the interim periods are not indicative of annual results.</p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b>Note 2 - History and organization of the company</b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The Company was organized March 29, 2006 (Date of Inception) under the laws of the State of Nevada, as White Dental Supply, Inc.  The Company is authorized to issue 100,000,000 shares of its $0.001 par value common stock and 100,000,000 shares of its $0.001 par value preferred stock.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The business of the Company is to sell dental supplies through direct marketing and via the internet.  The Company has limited operations and in accordance with ASC 915-10, “Development Stage Entities”, the Company is considered a development stage company.</p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b>Note 3 - Going concern</b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font style='layout-grid-mode:line'>The Company’s financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company had an accumulated deficit of </font><font style='layout-grid-mode:line'>$226,159</font><font style='layout-grid-mode:line'> as of September 30, 2012. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.</p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt;margin-right:-.05in'><b>Note 4 -Accounting Policies and Procedures</b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u><font style='layout-grid-mode:line'>Basis of Presentation</font></u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font style='layout-grid-mode:line'>The financial statements present the balance sheets, statements of operations and cash flows of the Company. The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Use of estimates</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>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 revenue and expenses during the reporting period.  Actual results could differ from those estimates.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Loss per share</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Net loss per share is provided in accordance with ASC 260-10, “Earnings per Share”.  Basic loss per share is computed by dividing losses available to common stockholders by the weighted average number of common shares outstanding during the period.  Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. The Company had no dilutive common stock equivalents, such as stock options or warrants as of September 30, 2012.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Recent Accounting Pronouncements</u></p> <p style='margin:0in;margin-bottom:.0001pt'>The company evaluated all of the other recent accounting updates and deemed that they would not have a material effect on the financial position, results of operations or cash flows of the Company.</p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b>Note 5 - Debt and interest expense</b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Through September 30, 2012, a non-affiliated third-party loaned the Company an aggregate of $7,250 in cash.  The note bears no interest and is due upon demand.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="X-NONE">On </font>April 10, 2012<font lang="X-NONE">, the Company </font>issued <font lang="X-NONE">a </font>Promissory Note to one non-affiliated entity in the amount of $15,254<font lang="X-NONE">.  </font>The loan is due and payable in full on the earlier of April 9, 2013 or at the closing of a private placement offering that nets us a minimum of $2,000,000 in financing.  The loan bears an interest rate of 10% per annum, payable on maturity.  As of September 30, 2012, the principle balance owed on this loan is $15,254 and interest accrued thereupon was $723.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="X-NONE">On </font>April 10, 2012<font lang="X-NONE">, the Company </font>issued <font lang="X-NONE">a </font>Promissory Note to one non-affiliated entity in the amount of $82,373<font lang="X-NONE">.  </font>The loan is due and payable in full on the earlier of April 9, 2013 or at the closing of a private placement offering that nets us a minimum of $2,000,000 in financing.  The loan bears an interest rate of 10% per annum, payable on maturity. As of September 30, 2012, the principle balance owed on this loan is $82,373 and interest accrued thereupon was $3,904.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="X-NONE">On </font>April 10, 2012<font lang="X-NONE">, the Company </font>issued <font lang="X-NONE">a </font>Promissory Note to one non-affiliated entity in the amount of $74,746<font lang="X-NONE">.  </font>The loan is due and payable in full on the earlier of April 9, 2013 or at the closing of a private placement offering that nets us a minimum of $2,000,000 in financing.  The loan bears an interest rate of 10% per annum, payable on maturity.  As of September 30, 2012, the principle balance owed on this loan is $74,746 and interest accrued thereupon was $3,543.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>On July 25, 2012, the Company entered into an Intellectual Property Assignment Agreement.  (See note 8 to the financial statements for details concerning the Agreement).  In accordance with the terms and conditions contained therein, the Company has agreed to pay the Seller $8,000 in two installments: </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in'>1.     The first payment of $4,000 is due July 25, 2013, the first anniversary date of the Agreement, and is considered a current note payable.  </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in'>2.     The second and final payment of $4,000 is due July 25, 2014, the second anniversary date of the Agreement.  This second payment is considered a long-term note payable.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b>Note 6 - Stockholders’ deficit</b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The Company is authorized to issue 100,000,000 shares of its $0.001 par value common stock and 100,000,000 shares of its $0.001 par value preferred stock.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>On June 18, 2008, the Board of Directors authorized and declared a forward stock split to be affected in the form of a stock dividend, whereby eight new shares of common stock will be issued for each one existing share of common stock that is outstanding as of June 18, 2008, resulting in a total of nine post-split shares for each pre-split share outstanding, payable on July 17, 2008.  All references to share and per share information in the financial statements and related notes have been adjusted to reflect the stock split on a retroactive basis.   </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Through the September 30, 2012, the founding shareholder of the Company donated cash in the amount of $42,800.  The entire amount is considered donated capital and recorded as additional paid-in capital.</p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>As of September 30, 2012, there have been no other issuances of common stock.</p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b>Note 7 - Related party transactions</b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Since the inception of the Company, a shareholder, officer and director of the Company donated cash to the Company in the aggregate amount of $42,800.  This amount has been donated to the Company and is not expected to be repaid and is considered additional paid-in capital.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The Company does not lease or rent any property.  Office services are provided without charge by an officer and director of the Company.  Such costs are immaterial to the financial statements and, accordingly, have not been reflected therein.  The officers and directors of the Company are involved in other business activities and may, in the future, become involved in other business opportunities.  If a specific business opportunity becomes available, such persons may face a conflict in selecting between the Company and their other business interests.  The Company has not formulated a policy for the resolution of such conflicts.</p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b>Note 8 - Intellectual Property Assignment Agreement</b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>On July 25, 2012, the Company entered into and closed an Intellectual Property Assignment Agreement (“Agreement”) by and between the Company and Mr. Sebastian Barr, an individual (“Seller”).  In accordance with the Agreement, the Company acquired certain patents, prototypes and technical information the Seller (“Assets”), pertaining to child safety devices.  In exchange for the Assets, the Company agreed to pay the Seller an aggregate of $42,500, pursuant to the following schedule:</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'> </p> <p style='margin-left:.5in;text-align:justify;text-indent:-.25in;text-autospace:none'>1.     An initial payment of $10,000 paid to Sunbeam Packing Services, LLC upon execution of the Agreement;</p> <p style='margin-left:.5in;text-align:justify;text-autospace:none'> </p> <p style='margin-left:.5in;text-align:justify;text-indent:-.25in;text-autospace:none'>2.     $24,500 paid to the Seller upon execution of the Agreement</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.5in;line-height:115%'> </p> <p style='margin-left:.5in;text-align:justify;text-indent:-.25in;text-autospace:none'>3.     The balance of $8,000 shall be paid in two installments: $4,000 upon the first anniversary date of the Agreement and $4,000 upon the second anniversary date of the Agreement.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'>Additionally, the Company has agreed to pay to the Seller royalties of 2.5% of gross sales of products based on or directly derived from the Assets.  In the event the Company sells, assigns of otherwise transfers the Assets, the Company has agreed to pay the Seller 2.5% of the gross amount of the sale of the Assets.</p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b>Note 9 - Subsequent Events</b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The Company’s Management has reviewed all material events through the date of this report in accordance with ASC 855-10, and believes there are no material subsequent events to report.</p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u><font style='layout-grid-mode:line'>Basis of Presentation</font></u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font style='layout-grid-mode:line'>The financial statements present the balance sheets, statements of operations and cash flows of the Company. The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America.</font></p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Use of estimates</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>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 revenue and expenses during the reporting period.  Actual results could differ from those estimates.</p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Loss per share</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Net loss per share is provided in accordance with ASC 260-10, “Earnings per Share”.  Basic loss per share is computed by dividing losses available to common stockholders by the weighted average number of common shares outstanding during the period.  Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. The Company had no dilutive common stock equivalents, such as stock options or warrants as of September 30, 2012.</p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Recent Accounting Pronouncements</u></p> <p style='margin:0in;margin-bottom:.0001pt'>The company evaluated all of the other recent accounting updates and deemed that they would not have a material effect on the financial position, results of operations or cash flows of the Company.</p>
100000000
0.001
100000000
0.001
226159
7250
15254
0.1000
15254
723
82373
82373
3904
74746
74746
3543
8000
42800
42500
10000
24500
4000
4000
0.0250
0001384365
2012-07-01
2012-09-30
0001384365
2012-09-30
0001384365
2011-12-31
0001384365
2011-07-01
2011-09-30
0001384365
2012-01-01
2012-09-30
0001384365
2011-01-01
2011-09-30
0001384365
2006-03-29
2012-09-30
0001384365
2010-12-31
0001384365
2011-09-30
0001384365
2012-04-01
2012-09-30
0001384365
2012-04-10
0001384365
2012-07-25
0001384365
2006-03-30
2012-09-30
0001384365
2012-07-26
0001384365
2013-07-25
0001384365
2014-07-25
shares
iso4217:USD
iso4217:USD
shares
pure
The numbers in this column, for the year ended December 31, 2011, are derived from audited financials.