WATCHTOWER, INC.
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(Exact name of small business issuer as specified in its charter)
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Nevada
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98-0523909
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(State of incorporation)
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(IRS Employer ID Number)
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100 Henry Street, Brooklyn, New York 11201
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(Address of principal executive offices)
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(718) 624-5000
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(Issuer's telephone number)
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(Former name, former address and former fiscal year, if changed since last report)
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Large accelerated filer
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o
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Accelerated filer
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o |
Non-accelerated filer
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o
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Smaller reporting company
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x |
(Do not check if a smaller reporting company) |
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Page
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PART I
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Item 1. |
Financial Statements
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3 | |||
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
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9 | |||
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
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14 | |||
Item 4. |
Controls and Procedures
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14 | |||
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|||||
PART II
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|||||
Item 1. |
Legal Proceedings
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15 | |||
Item IA. |
Risk Factors
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15 | |||
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds
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15 | |||
Item 3. |
Defaults Upon Senior Securities
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15 | |||
Item 4. |
Mine Safety Disclosures
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16 | |||
Item 5. |
Other Information
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16 | |||
Item 6. |
Exhibits
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16 |
September 30,
2013
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December 31,
2012
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|||||||
(Unaudited) | ||||||||
ASSETS
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||||||||
Current Assets:
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||||||||
Cash and Cash Equivalents
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$ | 7,574 | $ | 9,245 | ||||
Total Current Assets
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7,574 | 9,245 | ||||||
Total Assets
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$ | 7,574 | $ | 9,245 | ||||
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY
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||||||||
Current Liabilities:
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||||||||
Accrued Expenses
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$ | 2,542 | $ | 3,161 | ||||
Accrued Interest- Related Party
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12,647 | 8,682 | ||||||
Loans Payable - Related Party
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119,474 | 99,474 | ||||||
Total Current Liabilities
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134,663 | 111,317 | ||||||
Commitments and Contingencies
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||||||||
Stockholders’ Deficiency:
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||||||||
Preferred Stock, $.0001 par value; 5,000,000 shares
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||||||||
authorized, none issued and outstanding
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- | - | ||||||
Common Stock, $.0001 par value; 500,000,000 shares
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||||||||
authorized, 12,400,000 shares issued and outstanding
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1,240 | 1,240 | ||||||
Additional Paid-In Capital
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54,560 | 54,560 | ||||||
Deficit Accumulated During the Development Stage
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(182,889 | ) | (157,872 | ) | ||||
Total Stockholders’ Deficiency
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(127,089 | ) | (102,072 | ) | ||||
Total Liabilities and Stockholders’ Deficiency
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$ | 7,574 | $ | 9,245 |
For the Nine Months Ended
September 30, |
For the Quarter Ended
September 30 |
For the Period
February 20, 2007September 30,
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||||||||||||||||||
2013
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2012
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2013
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2012
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2013
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||||||||||||||||
Net Revenues
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$
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-
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$
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-
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$
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-
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$
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-
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$
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-
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||||||||||
Costs and Expenses:
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||||||||||||||||||||
Professional Fees
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15,952
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15,608
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3,000
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350
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131,760
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|||||||||||||||
Consulting Fees
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- |
-
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-
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-
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14,500
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|||||||||||||||
General and Administrative Expenses
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5,100
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5,867
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1,366
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3,015
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50,732
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|||||||||||||||
Start Up Costs
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-
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-
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-
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-
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1,103
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|||||||||||||||
Total Costs and Expenses
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21,052
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21,475
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4,366
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3,365
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198,095
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|||||||||||||||
Operating Loss
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(21,052
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)
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(21,475
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)
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(4,366
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)
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(3,365
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)
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(198,095
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)
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||||||||||
Other Income (Expense):
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||||||||||||||||||||
Interest Expense
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(3,965
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)
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(3,055
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)
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(1,447
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)
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(1,127
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)
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(14,430
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)
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||||||||||
Extinguishment of Debt
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-
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-
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-
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-
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29,636
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|||||||||||||||
Total Other Income (Expense)
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(3,965
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)
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(3,055
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)
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(1,447
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)
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(1,127
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)
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15,206
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|||||||||||
Net Loss
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$
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(25,017
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)
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$
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(24,530
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)
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$
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(5,813
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)
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$
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(4,492
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)
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$
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(182,889
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)
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|||||
Basic and Diluted Loss Per Common Share
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$
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(.00
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)
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$
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(.00
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)
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$
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(.00
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)
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$
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(.00
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)
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||||||||
Weighted Average Common Shares Outstanding
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12,400,000
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12,400,000
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12,400,000
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12,400,000
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Common Stock
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Additional
Paid-In |
Deficit
AccumulatedDevelopment
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||||||||||||||||||
Shares
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Amount
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Capital
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Stage
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Total
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||||||||||||||||
Balance, February 20, 2007
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- | $ | - | $ | - | $ | - | $ | - | |||||||||||
Common Stock Issued to Founders
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||||||||||||||||||||
at $.0001 Per Share
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8,000,000 | 800 | - | - | 800 | |||||||||||||||
Common Stock Issued to Private Investors
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||||||||||||||||||||
at $.01 Per Share
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3,500,000 | 350 | 34,650 | - | 35,000 | |||||||||||||||
Common Stock Issued Pursuant to Public
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||||||||||||||||||||
Offering at $.05 Per Share, August 25, 2007
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||||||||||||||||||||
Net of Expenses of Offering
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900,000 | 90 | 19,910 | - | 20,000 | |||||||||||||||
Net Loss for the Period
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- | - | - | (15,202 | ) | ( 15,202 | ) | |||||||||||||
Balance, December 31, 2007
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12,400,000 | 1,240 | 54,560 | (15,202 | ) | 40,598 | ||||||||||||||
Net Loss for the Year Ended
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||||||||||||||||||||
December 31, 2008
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- | - | - | (60,174 | ) | ( 60,174 | ) | |||||||||||||
Balance, December 31, 2008
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12,400,000 | 1,240 | 54,560 | (75,376 | ) | ( 19,576 | ) | |||||||||||||
Net Income for the Year Ended
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||||||||||||||||||||
December 31, 2009
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- | - | - | 3,951 | 3,951 | |||||||||||||||
Balance, December 31, 2009
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12,400,000 | 1,240 | 54,560 | (71,425 | ) | ( 15,625 | ) | |||||||||||||
Net Loss for the Year Ended
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||||||||||||||||||||
December 31, 2010
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- | - | - | (26,770 | ) | ( 26,770 | ) | |||||||||||||
Balance, December 31, 2010
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12,400,000 | 1,240 | 54,560 | (98,195 | ) | ( 42,395 | ) | |||||||||||||
Net Loss for the Year Ended
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||||||||||||||||||||
December 31, 2011
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- | - | - | (28,970 | ) | ( 28,970 | ) | |||||||||||||
Balance, December 31, 2011
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12,400,000 | 1,240 | 54,560 | ( 127,165 | ) | ( 71,365 | ) | |||||||||||||
Net Loss for the Year Ended
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||||||||||||||||||||
December 31, 2012
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- | - | - | (30,707 | ) | (30,707 | ) | |||||||||||||
Balance December 31, 2012
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12,400,000 | 1,240 | 54,560 | (157,872 | ) | (102,072 | ) | |||||||||||||
Net Loss for the Nine Months Ended
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||||||||||||||||||||
September 30, 2013 (Unaudited)
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- | - | - | (25,017 | ) | ( 25,017 | ) | |||||||||||||
Balance, September 30, 2013 (Unaudited)
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12,400,000 | $ | 1,240 | $ | 54,560 | $ | (182,889 | ) | $ | ( 127,089 | ) |
For the Period
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||||||||||||
February 20, 2007
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||||||||||||
For the Nine Months Ended
September 30,
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(Inception) to
September 30,
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|||||||||||
2013
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2012
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2013
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||||||||||
Cash Flows from Operating Activities:
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||||||||||||
Net Loss
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$
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(25,017
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)
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$
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(24,530
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)
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$
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(182,889
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)
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|||
Adjustments to Reconcile Net Loss to Net
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||||||||||||
Cash (Used) in Operating Activities:
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||||||||||||
Extinguishment of Debt
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-
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-
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(29,636
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)
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||||||||
Changes in Assets and Liabilities:
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||||||||||||
Increase (Decrease) in Accrued Expenses
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(619
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)
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2,475
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2,545
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||||||||
Increase in Accrued Interest-Related Party
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3,965
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3,055
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14,430
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|||||||||
Net Cash (Used) in Operating Activities
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(21,671
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)
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(19,000
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)
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(195,550
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)
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||||||
Cash Flows from Investing Activities:
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-
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-
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-
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|||||||||
Cash Flows from Financing Activities:
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||||||||||||
Proceeds from Sale of Common Stock
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-
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-
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80,800
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|||||||||
Expenses of Public Offering
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-
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-
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(25,000
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)
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||||||||
Proceeds of Borrowings – Loans Payable
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-
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-
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27,850
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|||||||||
Proceeds of Borrowings – Loans Payable Related Party
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20,000
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20,000
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119,474
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|||||||||
Net Cash Provided by Financing Activities
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20,000
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20,000
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203,124
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|||||||||
Increase (Decrease) in Cash
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(1,671
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)
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1,000
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7,574
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||||||||
Cash – Beginning of Period
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9,245
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3,570
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-
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|||||||||
Cash – End of Period
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$
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7,574
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$
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4,570
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$
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7,574
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||||||
Supplemental Disclosures of Cash Flow Information:
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||||||||||||
Interest Paid
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$
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-
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$
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-
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$
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-
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||||||
Income Taxes Paid
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$
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-
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$
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-
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$
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-
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Exhibit No.
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Description
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31.1
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Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
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31.2
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Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
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32.1
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Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
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32.2
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Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
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101.INS
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XBRL Instance Document**
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101.SCH
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XBRL Taxonomy Extension Schema Document**
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase Document**
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase Document**
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101.LAB
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XBRL Taxonomy Extension Label Linkbase Document**
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase Document**
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*
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Filed herewith.
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**
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Furnished herewith.
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WATCHTOWER, INC.
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Dated: November 14, 2013
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By:
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/s/ Menachem M. Schneerson
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Name:
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Menachem M. Schneerson
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Title:
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President, Chief Executive Officer and Director
(Principal Executive Officer)
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Dated: November 14, 2013
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By:
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/s/ Shmaya Glick
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Name:
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Shmaya Glick
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Title:
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Treasurer, Secretary and Director
(Principal Financial and Accounting Officer)
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1.
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I have reviewed this quarterly report on Form 10-Q of Watchtower, Inc.(the “registrant”) for the quarter ended September 30, 2013;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer(s), and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a.
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b.
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c.
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d.
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer(s), and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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a.
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b.
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Dated: November 14, 2013
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By:
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/s/ Menachem M. Schneerson | |
Name: | Menachem M. Schneerson | ||
Title: |
President, Chief Executive Officer and Director
(Principal Executive Officer)
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1.
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I have reviewed this quarterly report on Form 10-Q of Watchtower, Inc.(the “registrant”) for the quarter ended September 30, 2013;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer(s), and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c.
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d.
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer(s), and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
a.
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b.
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Dated: November 14, 2013
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By:
|
/s/ Shmaya Glick | |
Name: | Shmaya Glick | ||
Title: |
Treasurer, Secretary and Director
(Principal Financial &Accounting Officer)
|
Dated: November 14, 2013
|
By:
|
/s/ Menachem M. Schneerson | |
Name: | Menachem M. Schneerson | ||
Title: |
President, Chief Executive Officer, and Director
(Principal Executive Officer)
|
Dated: November 14, 2013
|
By:
|
/s/ Shmaya Glick | |
Name: | Shmaya Glick | ||
Title: |
Treasurer, Secretary and Director
(Principal Financial and Accounting Officer)
|
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CONDENSED STATEMENT OF OPERATIONS (Unaudited) (USD $)
|
3 Months Ended | 9 Months Ended | 79 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
|
Condensed Statement Of Operations | |||||
Net Revenues | |||||
Costs and Expenses: | |||||
Professional Fees | 3,000 | 350 | 15,952 | 15,608 | 131,760 |
Consulting Fees | 14,500 | ||||
General and Administrative Expenses | 1,366 | 3,015 | 5,100 | 5,867 | 50,732 |
Start Up Costs | 1,103 | ||||
Total Costs and Expenses | 4,366 | 3,365 | 21,052 | 21,475 | 198,095 |
Operating Loss | (4,366) | (3,365) | (21,052) | (21,475) | (198,095) |
Other Income (Expense): | |||||
Interest Expense | (1,447) | (1,127) | (3,965) | (3,055) | (14,430) |
Extinguishment of Debt | 29,636 | ||||
Total Other Income (Expense) | (1,447) | (1,127) | (3,965) | (3,055) | 15,206 |
Net Loss | $ (5,813) | $ (4,492) | $ (25,017) | $ (24,530) | $ (182,889) |
Basic and Diluted Loss Per Common Share | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | |
Weighted Average Common Shares Outstanding | 12,400,000 | 12,400,000 | 12,400,000 | 12,400,000 |
Common Stock
|
9 Months Ended |
---|---|
Sep. 30, 2013
|
|
Notes to Financial Statements | |
NOTE 4. Common Stock | In February 2007 the Company issued 8,000,000 shares of common stock to the Founders of the Company for $800.
In April 2007 the Company sold 3,500,000 shares of common stock for $35,000 to private investors.
On August 24, 2007 the Company sold 900,000 shares of common stock pursuant to its public offering for gross proceeds of $45,000. Expenses of the public offering amounted to $25,000. |
Loans Payable - Related Party
|
9 Months Ended |
---|---|
Sep. 30, 2013
|
|
Notes to Financial Statements | |
NOTE 2. Loans Payable - Related Party | Loans payable to related party at September 30, 2013 bear interest at 5% per annum and are payable on demand. They consist of advances made by an individual who is the principal shareholder of the Company (see Note 5). Interest expense on these loans was $3,965 and $3,055 for the nine months ended September 30, 2013 and September 30, 2012, respectively. |
Change of Ownership and Management
|
9 Months Ended |
---|---|
Sep. 30, 2013
|
|
Notes to Financial Statements | |
NOTE 5. Change of Ownership and Management | On April 30, 2009, the principal shareholders of the Company entered into a Stock Purchase Agreement which provided for the sale of 8,000,000 shares of common stock of the Company (the "Purchased Shares") to Sholom Drizin (the "Purchaser"). The consideration paid for the Purchased Shares, which represent 64.52% of the issued and outstanding common stock of the Company, was $50,000. The Purchaser used his personal funds to purchase the Purchased Shares.
Effective as of April 30, 2009, in connection with the acquisition of the Purchased Shares, (i) Yisroel Guttfreund resigned from his position as officer and director of the Company, (ii) Yechezkel Klohr resigned from his positions as an officer and director of the Company and (iii) the Board of Directors of the Company elected (a) Menachem M. Schneerson as President, Chief Executive Officer and a director of the Company and (b) Shmaya Glick, as Secretary and Treasurer. |
Preferred Stock
|
9 Months Ended |
---|---|
Sep. 30, 2013
|
|
Notes to Financial Statements | |
NOTE 3. Preferred Stock | The Companys Board of Directors may, without further action by the Companys stockholders, from time to time, direct the issuance of any authorized but unissued or unreserved shares of preferred stock in series and at the time of issuance, determine the rights, preferences and limitations of each series. The holders of preferred stock may be entitled to receive a preference payment in the event of any liquidation, dissolution or winding-up of the Company before any payment is made to the holders of the common stock. Furthermore, the board of directors could issue preferred stock with voting and other rights that could adversely affect the voting power of the holders of the common stock. |
CONDENSED BALANCE SHEET (Unaudited) (Parenthetical) (USD $)
|
Sep. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Stockholders' Deficiency: | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized shares | 5,000,000 | 5,000,000 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, Authorized | 500,000,000 | 500,000,000 |
Common stock, Issued | 12,400,000 | 12,400,000 |
Common stock, outstanding | 12,400,000 | 12,400,000 |
Loans Payable - Related Party (Details Narrative) (USD $)
|
3 Months Ended | 9 Months Ended | 79 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
|
Proceeds of Borrowings - Loans Payable - Related Party | |||||
Interest rate on loans | 5.00% | 5.00% | |||
Interest Expense | $ 1,447 | $ 1,127 | $ 3,965 | $ 3,055 | $ 14,430 |
CONDENSED BALANCE SHEET (Unaudited) (USD $)
|
Sep. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Current Assets: | ||
Cash and Cash Equivalents | $ 7,574 | $ 9,245 |
Total Current Assets | 7,574 | 9,245 |
Total Assets | 7,574 | 9,245 |
Current Liabilities: | ||
Accrued Expenses | 2,542 | 3,161 |
Accrued Interest - Related Party | 12,647 | 8,682 |
Loans Payable - Related Party | 119,474 | 99,474 |
Total Current Liabilities | 134,663 | 111,317 |
Commitments and Contingencies | ||
Stockholders' Deficiency: | ||
Preferred Stock, $.0001 par value; 5,000,000 shares authorized, none issued and outstanding | ||
Common Stock, $.0001 par value; 500,000,000 shares authorized, 12,400,000 shares issued and outstanding | 1,240 | 1,240 |
Additional Paid-In Capital | 54,560 | 54,560 |
Deficit Accumulated During the Development Stage | (182,889) | (157,872) |
Total Stockholders' Deficiency | (127,089) | (102,072) |
Total Liabilities and Stockholders' Deficiency | $ 7,574 | $ 9,245 |
Organization and Basis of Presentation (Details Narrative) (USD $)
|
3 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | 79 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
Sep. 30, 2012
|
Dec. 31, 2007
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2008
|
Sep. 30, 2013
|
Feb. 19, 2007
|
|
Organization And Basis Of Presentation Details Narrative | ||||||||||||
Net Loss | $ 5,813 | $ 4,492 | $ 25,017 | $ 24,530 | $ 15,202 | $ 30,707 | $ 28,970 | $ 26,770 | $ (3,951) | $ 60,174 | $ 182,889 | |
Working capital deficiency | 127,089 | 127,089 | 127,089 | |||||||||
Stockholders' deficiency | 127,089 | 127,089 | (40,598) | 102,072 | 71,365 | 42,395 | 15,625 | 19,576 | 127,089 | |||
Borrowing for working capital from a related party | $ 10,000 |
Extinguishment of Debt
|
9 Months Ended |
---|---|
Sep. 30, 2013
|
|
Notes to Financial Statements | |
NOTE 6. Extinguishment of Debt | Indebtedness consisting of loans payable in the amount of $27,850 and related accrued interest of $1,786 was forgiven during 2009. |
Organization and Basis of Presentation
|
9 Months Ended |
---|---|
Sep. 30, 2013
|
|
Notes to Financial Statements | |
NOTE 1. Organization and Basis of Presentation | Watchtower, Inc. (the Company) was incorporated on February 20, 2007 under the laws of the State of Nevada.
The Company has not yet generated revenues from planned principal operations and is considered a development stage company. The Company originally intended to market and resell agricultural based bio-diesel fuels. The Company has since abandoned its business plan and is now seeking an operating company with which to merge or acquire. Accordingly, the Company is now considered a blank check company. There is no assurance, however, that the Company will achieve its objectives or goals.
In the opinion of the Companys management, the accompanying unaudited condensed financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the information set forth therein. These financial statements are condensed and therefore do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. These condensed financial statements should be read in conjunction with the Company's December 31, 2012 audited financial statements and notes thereto included in the annual report on Form 10-K as of such date.
Results of operations for interim periods are not necessarily indicative of the results of operations for a full year.
The Company is a development stage company and has not commenced planned principal operations. The Company had no revenues and incurred a net loss of $25,017 for the nine months ended September 30, 2013 and a net loss of $182,889 for the period February 20, 2007 (inception) to September 30, 2013. In addition, the Company has a working capital deficiency and stockholders deficiency of $127,089 at September 30, 2013. These factors raise substantial doubt about the Companys ability to continue as a going concern.
There can be no assurance that sufficient funds will be generated during the next year or thereafter from operations or that funds will be available from external sources such as debt or equity financings or other potential sources. The lack of additional capital could force the Company to curtail or cease operations and would, therefore, have a material adverse effect on its business. Furthermore, there can be no assurance that any such required funds, if available, will be available on attractive terms or that they will not have a significant dilutive effect on the Company's existing stockholders.
The Company is attempting to address its lack of liquidity by raising additional funds, either in the form of debt or equity or some combination thereof. During the nine months ended September 30, 2013 the Company borrowed $20,000 for working capital purposes from a related party. There can be no assurances that the Company will be able to raise the additional funds it requires.
The accompanying condensed financial statements do not include any adjustments related to the recoverability or classification of asset- carrying amounts or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern.
Certain items in these unaudited condensed financial statements have been reclassified to conform to the current period presentation. |
Document and Entity Information
|
9 Months Ended | |
---|---|---|
Sep. 30, 2013
|
Nov. 12, 2013
|
|
Document And Entity Information | ||
Entity Registrant Name | WATCHTOWER, INC., | |
Entity Central Index Key | 0001407041 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2013 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 12,400,000 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2013 |