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Bassline Productions, Inc
0001495028
10-Q
2012-09-30
false
--12-31
No
No
Yes
Smaller Reporting Company
Q3
2012
25000000
<p style="margin: 0pt"></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE
1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><u>Basis
of presentation</u></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
condensed 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. Certain information and footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and
regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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 condensed interim financial statements
be read in conjunction with the financial statements of the Company for the year ended December 31, 2011 and notes thereto included
in the Company’s 10-K annual report. The Company follows the same accounting policies in the preparation of interim reports.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Results
of operations for the interim period are not indicative of annual results.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Organization</u></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company was incorporated on May 11, 2010 (Date of Inception) under the laws of the State of Nevada, as Bassline Productions, Inc.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company has not commenced significant operations and, in accordance with ASC Topic 915, the Company is considered a development
stage company.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Nature
of operations</u></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company provides educators and semi professional entertainers the service of travel and production management to entertainment
venues and festivals throughout the United States of America.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Cash
and cash equivalents</u></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For
the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are
considered to be cash equivalents. The carrying value of these investments approximates fair value.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Website</u></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company capitalizes the costs associated with the development of the Company’s website pursuant to ASC Topic 350. Other costs
related to the maintenance of the website are expensed as incurred. Amortization is provided over the estimated useful lives of
3 years using the straight-line method for financial statement purposes. The Company has commenced amortization upon completion
of the Company’s fully operational website. Amortization expense for the three months ended September 30, 2012 and 2011 was
$70 and $70, respectively. Amortization expense for the nine months ended September 30, 2012 and 2011 was $211 and $211, respectively.</font></p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Stock-based
compensation</u></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company records stock based compensation in accordance with the guidance in ASC Topic 505 and 718 which requires the Company to
recognize expenses related to the fair value of its employee stock option awards.  This eliminates accounting for share-based
compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based
method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award. </font></p>
<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance
with FASB ASC 718-10 and the conclusions reached by the FASB ASC 505-50. Costs are measured at the estimated fair market value
of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable.
The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance
commitment or completion of performance by the provider of goods or services as defined by FASB ASC 505-50.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Revenue
Recognition</u></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">We
recognize revenue when all of the following conditions are satisfied: (1) there is persuasive evidence of an arrangement;
(2) the product or service has been provided to the customer; (3) the amount of fees to be paid by the customer is fixed
or determinable; and (4) the collection of our fees is probable.</font></p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company will record revenue when it is realizable and earned and the travel services have been rendered to the customers.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><u>Concentrations
of Revenue</u></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
2012, one customer accounted for 100% of revenue.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Advertising
Costs</u></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Advertising
costs are anticipated to be expensed as incurred; however there were no advertising costs included in general and administrative
expenses for the three and nine months ended September 30, 2012 and 2011.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Use
of estimates</u></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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 significantly from those estimates.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Fair
value of financial instruments</u></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Fair
value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as
of September 30, 2012. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair
values. These financial instruments include cash, prepaid expenses, bank overdraft and accounts payable. Fair values were assumed
to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate
fair values or they are payable on demand.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: normal 10pt Times New Roman, Times, Serif">Level
1:<b> </b></font><font style="font: 10pt Times New Roman, Times, Serif">The preferred inputs to valuation efforts are “quoted
prices in active markets for identical assets or liabilities,” with the caveat that the reporting entity must have access
to that market. Information at this level is based on direct observations of transactions involving the same assets and liabilities,
not assumptions, and thus offers superior reliability. However, relatively few items, especially physical assets, actually trade
in active markets.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: normal 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Fair
value of financial instruments</u></font></p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: normal 10pt Times New Roman, Times, Serif">Level
2</font>: <font style="font: 10pt Times New Roman, Times, Serif">FASB acknowledged that active markets for identical assets and
liabilities are relatively uncommon and, even when they do exist, they may be too thin to provide reliable information. To deal
with this shortage of direct data, the board provided a second level of inputs that can be applied in three situations.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: normal 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: normal 10pt Times New Roman, Times, Serif">Level
3: </font><font style="font: 10pt Times New Roman, Times, Serif">If inputs from levels 1 and 2 are not available, FASB acknowledges
that fair value measures of many assets and liabilities are less precise. The board describes Level 3 inputs as “unobservable,”
and limits their use by saying they “shall be used to measure fair value to the extent that observable inputs are not available.”
This category allows “for situations in which there is little, if any, market activity for the asset or liability at the
measurement date”. Earlier in the standard, FASB explains that “observable inputs” are gathered from sources other
than the reporting company and that they are expected to reflect assumptions made by market participants.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Recent
pronouncements</u></font></p>
<p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company has evaluated the recent accounting pronouncements
through October 2012 and believes that none of them will have a material effect on the company’s financial statements.</font></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Basis
of presentation</u></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
condensed 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. Certain information and footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and
regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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 condensed interim financial statements
be read in conjunction with the financial statements of the Company for the year ended December 31, 2011 and notes thereto included
in the Company’s 10-K annual report. The Company follows the same accounting policies in the preparation of interim reports.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Results
of operations for the interim period are not indicative of annual results.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Organization</u></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company was incorporated on May 11, 2010 (Date of Inception) under the laws of the State of Nevada, as Bassline Productions, Inc.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company has not commenced significant operations and, in accordance with ASC Topic 915, the Company is considered a development
stage company.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Nature
of operations</u></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company provides educators and semi professional entertainers the service of travel and production management to entertainment
venues and festivals throughout the United States of America.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Cash
and cash equivalents</u></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For
the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are
considered to be cash equivalents. The carrying value of these investments approximates fair value.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Website</u></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company capitalizes the costs associated with the development of the Company’s website pursuant to ASC Topic 350. Other costs
related to the maintenance of the website are expensed as incurred. Amortization is provided over the estimated useful lives of
3 years using the straight-line method for financial statement purposes. The Company has commenced amortization upon completion
of the Company’s fully operational website. Amortization expense for the three months ended September 30, 2012 and 2011 was
$70 and $70, respectively. Amortization expense for the nine months ended September 30, 2012 and 2011 was $211 and $211, respectively.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Stock-based
compensation</u></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company records stock based compensation in accordance with the guidance in ASC Topic 505 and 718 which requires the Company to
recognize expenses related to the fair value of its employee stock option awards.  This eliminates accounting for share-based
compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based
method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award. </font></p>
<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance
with FASB ASC 718-10 and the conclusions reached by the FASB ASC 505-50. Costs are measured at the estimated fair market value
of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable.
The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance
commitment or completion of performance by the provider of goods or services as defined by FASB ASC 505-50.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Revenue
Recognition</u></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">We
recognize revenue when all of the following conditions are satisfied: (1) there is persuasive evidence of an arrangement;
(2) the product or service has been provided to the customer; (3) the amount of fees to be paid by the customer is fixed
or determinable; and (4) the collection of our fees is probable.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company will record revenue when it is realizable and earned and the travel services have been rendered to the customers.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Concentrations
of Revenue</u></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
2012, one customer accounted for 100% of revenue.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Advertising
Costs</u></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Advertising
costs are anticipated to be expensed as incurred; however there were no advertising costs included in general and administrative
expenses for the three and nine months ended September 30, 2012 and 2011.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Use
of estimates</u></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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 significantly from those estimates.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Fair
value of financial instruments</u></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Fair
value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as
of September 30, 2012. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair
values. These financial instruments include cash, prepaid expenses, bank overdraft and accounts payable. Fair values were assumed
to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate
fair values or they are payable on demand.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: normal 10pt Times New Roman, Times, Serif">Level
1:</font><b> </b><font style="font: 10pt Times New Roman, Times, Serif">The preferred inputs to valuation efforts are “quoted
prices in active markets for identical assets or liabilities,” with the caveat that the reporting entity must have access
to that market. Information at this level is based on direct observations of transactions involving the same assets and liabilities,
not assumptions, and thus offers superior reliability. However, relatively few items, especially physical assets, actually trade
in active markets.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: normal 10pt Times New Roman, Times, Serif">Level
2</font>: <font style="font: 10pt Times New Roman, Times, Serif">FASB acknowledged that active markets for identical assets and
liabilities are relatively uncommon and, even when they do exist, they may be too thin to provide reliable information. To deal
with this shortage of direct data, the board provided a second level of inputs that can be applied in three situations.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: normal 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: normal 10pt Times New Roman, Times, Serif">Level
3: If inputs from levels 1 and 2 are not available, FASB acknowledges that fair value measures of many assets and liabilities
are less precise. The board describes Level 3 inputs as “unobservable,” and limits their use by saying they “shall
be used to measure fair value to the extent that observable inputs are not available.” This category allows “for situations
in which there is little, if any, market activity for the asset or liability at the measurement date”. Earlier in the standard,
FASB explains that “observable inputs” are gathered from sources other than the reporting company and that they are
expected to reflect assumptions made by market participants.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Recent
pronouncements</u></font></p>
<p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company has evaluated the recent accounting pronouncements
through October 2012 and believes that none of them will have a material effect on the company’s financial statements.</font></p>
161148
<p style="margin: 0pt"></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE
2 – GOING CONCERN</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates
the recoverability of assets and the satisfaction of liabilities in the normal course of business. As noted above, the Company
is in the development stage and, accordingly, has not yet generated revenues from operations. Since its inception, the Company
has been engaged substantially in financing activities and developing its business plan and incurring start up costs and expenses.
As a result, the Company incurred accumulated net losses from Inception (May 11, 2010) through the period ended September 30,
2012 of ($161,148). In addition, the Company’s development activities since inception have been financially sustained through
debt and equity financing.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The ability of the Company to
continue as a going concern is dependent upon its ability to raise additional capital from the sale of common stock and, ultimately,
the achievement of significant operating revenues. 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.</font></p>
<p style="margin: 0pt; text-align: justify"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE
3 – LINE OF CREDIT</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On
November 15, 2010, the Company executed a revolving credit line with a related party for up to $100,000. The related party was
an entity that is owned and controlled by a family member of one of the officers of the Company. The unsecured line of credit
bears interest at 6% per annum with principal and interest due on November 15, 2013. As of September 30, 2012, an amount of $93,076
has been used for general corporate purposes with a remaining balance of $6,924 available. As of September 30, 2012, the balance
of accrued interest was $8,297.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On
August 20, 2012, the related party agreed to assign the revolving credit line to a third party. The terms of the loan remain the
same. The line of credit was reclassified from a related party transaction to a third party transaction.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Interest
expense for the three month period ended September 30, 2012 and 2011 was $1,399 and $966, respectively. Interest expense for the
nine month period ended September 30, 2012 and 2011 was $4,078 and $2,287, respectively.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On
June 15, 2012, the Company executed a revolving credit line with a related party for up to $50,000. The unsecured line of credit
bears interest at 6% per annum with principal and interest due on June 16, 2015. As of September 30, 2012, an amount of $3,750
has been used for general corporate purposes with a remaining balance of $46,250 available. As of September 30, 2012, the balance
of accrued interest was $57.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Interest
expense for the three month period ended September 30, 2012 and 2011 was $57 and $0, respectively. Interest expense for the nine
month period ended September 30, 2012 and 2011 was $57 and $0, respectively.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On
July 30, 2012, the Company executed a revolving credit line with a related party for up to $50,000. The unsecured line of credit
bears interest at 6% per annum with principal and interest due on August 1, 2015. As of September 30, 2012, an amount of $7,750
has been used for general corporate purposes with a remaining balance of $42,250 available. As of September 30, 2012, the balance
of accrued interest was $76.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As
of September 30, 2012, the Company has a total of $200,000 in revolving lines of credit with two entities of which a total of
$104,576 is owed and there is a remaining balance of $95,424 available.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Interest expense for the three month period ended
September 30, 2012 and 2011 was $76 and $0, respectively. Interest expense for the nine month period ended September 30, 2012
and 2011 was $76 and $0, respectively.</font></p>
<p style="margin: 0pt; text-align: justify"></p>
93076
8297
1532
1610
4211
3812
8430
50000
3750
57
57
0
57
0
100000
50000
7750
76
200000
104576
76
0
76
0
<p style="margin: 0pt; text-align: justify"></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE
4 – STOCKHOLDERS’ EQUITY</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company is authorized to issue 100,000,000 shares of its $0.001 par value common stock and 10,000,000 shares of its $0.001 par
value preferred stock. The Company did not authorize terms and rights of preferred shares as of September 30, 2012.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On
August 23, 2011, the Company’s board of directors approved a 10-to-1 forward stock split with a record date of August 23,
2011. This event has been retroactively applied to these financial statements.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On
November 22, 2011, a former officer and director of the Company agreed to return and cancel 20,000,000 shares of common stock.
For accounting purposes, this transaction was accounted for as a reverse stock split. All shares and per share amounts have been
retroactively adjusted.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Common
Stock</u></b></font></p>
<p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During the nine months ended September 30, 2012, there
have been no other issuances of common stock.</font></p>
<p style="margin: 0pt; text-align: justify"></p>
100000000
100000000
0.001
25000000
0.001
20000000
<p style="margin: 0pt; text-align: justify"></p>
<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE
5 – WARRANTS AND OPTIONS</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As of September 30, 2012, there
were no warrants or options outstanding to acquire any additional shares of common stock.</font></p>
<p style="margin: 0pt; text-align: justify"></p>
<p style="margin: 0pt"></p>
<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE
6 – SUBSEQUENT EVENTS</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In October 2012, the Company received $6,000 from
the $50,000 revolving line of credit with a third party.</font></p>
<p style="margin: 0pt; text-align: justify"></p>
6000
0.001
0.001
10000000
10000000
0.001
0.001
25000000
25000000
892
3651
892
3651
305
516
1197
4167
278
278
113006
80344
113284
80344
-161148
-125238
-112087
-76177
1197
4167
12000
12000
70
70
211
211
539
70
900
504
1486
3784
9134
65611
42984
78876
160399
9274
66581
43699
80573
164722
-3
-3
-4
1532
1607
4211
3809
8426
-10806
-68188
-35910
-84382
-161148
25000000
22445652
25000000
20824176
211
211
539
278
4509
278
4211
3812
8430
-31210
-75850
-151901
-844
-844
29851
30000
105976
45061
49061
28451
75061
153637
-2759
-789
892
892
3651
6779
5990
104576
76125
8430
4219
25000
25000
24061
24061
-0.00
-0.00
-0.00
-0.00
-1400
-1400