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MySkin, Inc.
0001436161
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2012-03-31
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--12-31
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<p style="margin: 0"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Current Operations and Background</i></b>
— MySkin, Inc. (“MySkin” or the “Company”), a California corporation, was incorporated on November
15, 2007. We ceased to be a development stage enterprise effective January 1, 2008 as our planned principal operations had commenced.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">MySkin currently
offers management services to one medspa which provides skin resurfacing, skin rejuvenation, vein treatment, microdermabrasion,
hair reduction, chemical peels and other age-management services. Our management services include, but are not limited to, marketing,
providing working capital for inventory and accounts receivable, facilities, equipment, administration, personnel and management
expertise for medspas. Utilizing electronic medical records, vendor relationships and customer service protocols, we intend to
brand and replicate our management services with other doctors and practitioners in demographically selected metropolitan areas.
We currently lease the facility for our center and complete improvements in the facility that houses the medspa business. We will
own all of the equipment utilized in the medspa, and we provide all of the administrative and sales support on all non-medically
related areas. At this location MTA performs the advanced skin care professional services.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On March 1, 2009,
we entered into a Facilities and Management Services Agreement with Maria Teresa Agner, MD, Inc. (“MTA”) a California
profession corporation pursuant to which we granted MTA the rights to perform advanced skin services in our current center. MTA
is a related party as Marichelle Stoppenhagen, our president and principle shareholder, owns 49% of MTA. As a result, MTA is responsible
for hiring all physicians and nurse practitioners who operate in the medspa. Under this agreement, we pay all costs and expenses
reasonably related to the provision of our services, including but not limited to office rent, utilities and other occupancy costs,
compensation benefits and employment costs associated with all non-licensed personnel, general liability insurance, equipment lease
and maintenance costs, advertising and promotion, support personnel and contracted consultants, office supplies, and all such other
direct and indirect expenses reasonably incurred by Company, with respect to the provision of the Management Services for the Practice
(collectively, "Management Expenses"). Under this agreement, MTA is obligated to reimburse Management Expenses and pay
a monthly service fee equal to forty percent (40%) of gross collected revenue with a minimum amount of $2,500 per month (“Service
Fee”). Gross Collected Revenue shall be defined as the gross amount of all sums collected from the professional services
performed and medical supplies provided by or on behalf of doctor in the practice, and shall not include revenue collected by Company
from customers of Company for non-medical services or products provided. MTA has retained the services of Ms. Stoppenhagen, our
president, Maria Teresa Agner, MD to provide services at our facility.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Given sufficient
capital, we plan to expand our management services for other locations through partnering with physicians to manage new medspas,
failed medspas, and by managing new store locations near young retirement communities.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i> </i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i>Going Concern</i></b>
— The accompanying financial statements have been prepared assuming the Company will continue as a going concern. The Company
has suffered losses from operations since its inception and has an accumulated deficit of $127,022 and a stockholder’s equity
of $21,473 at March 31, 2012. The financial statements do not include any adjustments relating to the recoverability and classification
of recorded asset amounts or amounts and classifications of liabilities that might be necessary should the Company be unable to
continue its existence. The recovery of the Company’s assets is dependent upon continued operations of the Company.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition, the
recovery of the Company’s assets is dependent upon future events, the outcome of which is undetermined. The Company intends
to continue to attempts to raise additional capital, but there can be no certainty that such efforts will be successful.<b><i> </i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><i>Consolidation
Policy</i> The Company has only one contractual relationship with MTA which is the management services agreement. The Company evaluated
the various relationships between the parties to determine whether to consolidate MTA as a variable interest entity pursuant to
ASC 810, <i>Consolidation</i> . The Company determined that it was not the primary beneficiary of the interest and that it should
not consolidate MTA. The Company’s conclusion was based upon an analysis of the various relationships and California state
law restrictions on relationships between licensed professionals and businesses. To complete its analysis, management made assumptions
regarding the relevance of certain factors, including state law requirements, which were given significant weight. In the event
that state law should change, there should be material changes in the relationships or management’s judgment as to the relevance
of various factors should change, the Company might determine that consolidation would be appropriate.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i> </i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i>Basis of Presentation</i></b>
— The accompanying unaudited financial statements are presented in accordance with the requirements for Form 10-Q and Regulation
S-X. In the opinion of management, all adjustments (all of which were of a normal recurring nature) considered necessary to fairly
present the financial position, results of operations, and cash flows of the Company on a consistent basis, have been made.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">These results have
been determined on the basis of generally accepted accounting principles and practices applied consistently with those used in
the preparation of the Company's financial statements. Operating results for the three months ended March 31, 2012 are not necessarily
indicative of the results that may be expected for the year ending December 31, 2012.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company recommends
that the accompanying unaudited financial statements for the interim period be read in conjunction with the Company's financial
statements for the year ended December 31, 2011 included in the Company's Annual Report on Form 10-12G/A.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The accompanying
unaudited financial statements have been prepared in conformity with accounting principles generally accepted in the United States
of America.<b><i> </i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i> </i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i>Use of Estimates</i></b>
—The preparation of financial statements in conformity with generally accepted accounting principles in the United States
of America 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 style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i> </i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i>Cash and Cash
Equivalents</i></b> — The Company considers investments with original maturities of 90 days or less to be cash equivalents.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i> </i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i>Accounts Receivable
-</i></b> The Company extends credit to its customers. Collateral is generally not required. Credit losses are provided for in
the financial statements based on management’s evaluation of historical and current industry trends. Although the Company
expects to fully collect amounts due, actual collections may differ from estimated amounts. The Company estimates an allowance
for doubtful accounts based upon a percentage of revenue earned. When the Company expects that there is less than a 10% chance
of collection, the Company writes the receivable off to its allowance for doubtful accounts. The Company does not typically accrue
interest or fees on past due amounts.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i> </i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i>Inventory</i></b>
- Inventory is valued at the lower of cost or market. Cost is determined using standard costs, which approximates the first-in,
first-out method.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i> </i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i>Equipment</i></b>
— Equipment are stated at cost and are depreciated using the straight-line method over their estimated useful lives, ranging
from three to five years.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i> </i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i>Revenue Recognition</i></b>
— The Company’s revenues are derived from management services provided to MTA, a related party. The Company provides
nonmedical services and facilities based on contractual prices established in advance that extend continuously over a set time
for a fixed percentage of the contracting physician’s gross revenues (as defined in the Management Services Agreement.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify">The Company recognizes revenue
when the following criteria of revenue recognition are met: (1) persuasive evidence that an arrangement exists; (2) delivery has
occurred or services rendered; (3) the fee is fixed or determinable; and (4) collectability is reasonably assured.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">According to ASC 605-45-45, the revenue
is reported as gross revenue because the Company is the primary obligor, sets the sales price and bears the risk of collection
from the customers.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Our revenues our presented as the total
sales of services performed and the total products sold at the facility of products sold.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">Our cost
of goods sold equals the cost of services and products sold which is equal to MTA’s portion of the gross profit and the cost
of services, materials used in those services and products sold. The gross profit equals the Company’s management fee.</font><font style="font-size: 12pt">
</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i>Advertising
Costs ---</i></b> Advertising costs have primarily consisted of advertising materials and costs of trade shows the Company has
attended. All advertising costs have been expensed as incurred.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i> </i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i>Shipping and
Handling Costs</i></b> — The Company records revenue related to shipping and handling costs charged to customers in revenues.
The related expense is recorded in cost of sales in the accompanying statements of operations.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i> </i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i>Income Taxes</i></b>
— Income taxes are recorded using the asset and liability method. Under the asset and liability method, tax assets and liabilities
are recognized for the tax consequences attributable to differences between financial statement carrying amounts of existing assets
and liabilities and their respective tax bases. Future tax assets and liabilities are measured using the enacted tax rates expected
to apply when the asset is realized or the liability settled. The effect on future tax assets and liabilities of a change in tax
rates is recognized in income in the period that enactment occurs. To the extent that the Company does not consider it more likely
than not that a future tax asset will be recovered, it provides a valuation allowance against the excess. </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company follows
the provisions of ASC 740 Income taxes (ASC 740). As a result of the ASC 740, the Company makes a comprehensive review of its portfolio
of tax positions in accordance with recognition standards established by ASC 740. As a result of the implementation, the Company
recognized no material adjustments to liabilities or stockholders equity. When tax returns are filed, it is highly certain that
some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about
the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position
is recognized in the financial statements in the period during which, based on all available evidence, management believes it is
more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes,
if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not
recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon
settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the
amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets
along with any associated interest and penalties that would be payable to the taxing authorities upon examination.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Interest associated
with unrecognized tax benefits are classified as interest expense and penalties are classified in selling, general and administrative
expenses in the statements of income. The adoption of FIN 48 did not have a material impact on the Company’s financial statements.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i> </i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i>Net Loss Per
Share</i></b> — The Company computes net loss per share in accordance with ASC 260 Earnings per Share (ASC 260). Under the
provisions of ASC 260 , basic net loss per share includes no dilution and is computed by dividing the net loss available to common
stockholders for the period by the weighted average number of shares of common stock outstanding during the period. The dilution
loss per share takes into consideration shares of common stock outstanding (computed under basic net loss per share) and potentially
dilutive shares of common stock that are not anti-dilutive.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i> </i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i>Concentration
of Credit Risk</i></b> — Financial instruments that potentially subject the Company to credit risk consist of cash and accounts
receivable. The Company maintains its cash with high credit quality financial institutions; at times, such balances with any one
financial institution are not insured by the FDIC. Concentration of credit risk associated with accounts receivable is significant
due to the limited number of customers. The Company performs ongoing credit evaluations of its customers and generally requires
partial deposits.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i> </i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i>Financial
Instruments</i></b> —The Company’s financial instruments consist of cash, accounts receivable, accounts payable and
accrued expenses. The carrying values of cash, accounts receivable and accounts payable are representative of their fair values
due to their short-term maturities.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i> </i></b></p>
<p style="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 10pt"><b><i>Recently
Issued Accounting Pronouncements</i></b> — With the exception of those listed below, there have been no recent accounting
pronouncements or changes in accounting pronouncements that are of material significance, or have potential material significance,
on our financial position, results of operations or cash flows.</font><font style="font-size: 12pt"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">In May 2011,
the FASB issued Accounting Standards Update No. 2011-04, “Fair Value Measurement (Topic 820): Amendments to Achieve Common
Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. The amendments result in common fair value measurement
and disclosure requirements in U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards
(IFRSs), and do not require additional fair value measurements and are not intended to establish valuation standards or affect
valuation practices. The amendments in this update are effective during interim and annual periods beginning after December 15,
2011. Adoption of the new requirement is not expected to have an effect on the Company’s financial position, results of operations
or cash flow.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 6 – RELATED PARTY NOTE
PAYABLE</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In December 2011,
we entered into a Revolving Promissory Note (the “Note”) with Marichelle Stoppenhagen, our president. Under the terms
of the Note, Marichelle Stoppenhagen agreed to advance us, from time to time and at the request of the Company, amounts up to an
aggregate of $100,000 until December 31, 2012. All advances shall be paid on or before December 31, 2012 and interest shall accrue
from the date of any advances on any principal amount withdrawn, and on accrued and unpaid interest thereon, at the rate of six
percent (6%) per annum, compounded annually. As of March 31, 2012, there was zero owed under the note.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
5425
0
0
716
5659
7088
0
238
6141
-890
1429
-1378
0
0
0
1658
0
0
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 2 - CONCENTRATION OF CREDIT
RISK</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Although we are
directly affected by the economic well being of significant customers, we do not believe that significant credit risk exists at
March 31, 2012 and December 31, 2011. We perform ongoing evaluations of our customers.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company maintains
its cash balances in one financial institution that does not exceed amounts insured by the Federal Deposit Insurance Corporation
up to $250,000, per financial institution. As of March 31, 2012 and December 31, 2011, the Company had no deposits that exceeded
federally-insured amounts. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant
credit risk on cash.</p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 3 – EQUIPMENT</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 12pt/0.05pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Equipment, consists of the following at:</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">March 31,</td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">December 31,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2012</td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2011</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 56%">Equipment</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">109,705</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">109,705</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Less accumulated depreciation and amortization</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(76,318</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(70,662</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">33,387</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">39,043</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
-50000
0
5000000
0
0